16th Jan 2007 07:00
Enterprise Inns PLC16 January 2007 Enterprise Inns plc AGM Statement 16 January 2007 At the AGM to be held today at 11.00am, Hubert Reid, Chairman of Enterprise Innsplc will make the following comments with regards to trading and the businesssince the start of the financial year, 1 October 2006. "Our strategy continues to focus upon building long term value for shareholdersthrough the ongoing improvement and development of our licensed estate and theoptimal use of the strong cash flow generated by the business. During the first quarter of our financial year, we have acquired 11 good qualitypubs for £7 million, disposed of 15 outlets for £7 million, at a profit overbook value of £3 million and invested £16 million, alongside our licensees, inimprovements to our existing estate. In addition, as reported at the time of ourpreliminary announcement, on 20th November 2006 we sold our entire Scottishestate of 137 pubs for a consideration of £115 million, generating a profit overbook value of £13 million. This commitment to constantly improving the quality of our pub estate, togetherwith the hard work and commitment of our licensees, continues to drive salesperformance ahead of the on-trade market and puts Enterprise Inns in a strongposition to benefit from the opportunities that will arise following theforthcoming ban on smoking in England and Wales. We are pleased that ourbusiness has traded well in the first quarter, with both earnings and cashgeneration in line with our expectations. We continue to make good progress with our share buy back programme. Havingpurchased 42.3 million shares at an average price of £9.29 in the year to 30thSeptember 2006, we have to date in this financial year purchased a further 16.2million shares at an average price of £12.20. This is in line with ourexpectation that subject to shareholder approval, overall market conditions andin the absence of material pub acquisitions, the level of returns to ourshareholders during the current financial year will be higher than last year." Enquiries:Emma Baines, Investor Relations Manager 0121 256 3050 or 07990 550210Ted Tuppen, Chief Executive 0121 256 3050David George, Chief Financial Officer 0121 256 3040 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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