19th Jan 2006 07:00
Enterprise Inns PLC19 January 2006 Enterprise Inns plc AGM STATEMENT At the AGM to be held today at 11.00 am, Hubert Reid, Chairman of EnterpriseInns plc will make the following comments with regards to trading and thebusiness since the start of the financial year, 1 October 2005: "Our strategy continues to focus upon building long term value for shareholdersthrough the ongoing development and improvement of our licensed estate and theoptimal use of the strong cash flow generated by the business. Last year we effectively integrated the Unique estate and dealt with theadditional workload imposed by licensing reform. The priority for the currentyear is to build upon that success, seeking to ensure that our pubs continue tooffer the best possible opportunities for our licensees to grow profits in amarket which is likely to remain challenging. We continue to work with our colleagues across the leisure industry to makeconstructive recommendations to Government in respect of their proposals to bansmoking in public places. Any regulations must be clear, workable and fair toall operators, employees and consumers and our strong preference remains theprovision of clearly defined and segregated smoking rooms, allowing choice forsmokers and non smokers alike, whilst providing proper protection for employees. If a total ban is inevitable, then it should be imposed across the board,including 20,000 private members clubs, in order to create a level playing fieldfor all those employed or operating within the hospitality and leisure industry.Furthermore, whatever legislation is proposed, it should be introduced to arealistic timetable which allows business and consumers alike to prepare forsuch a change. Thanks to the hard work and commitment of our licensees and driven by thecontinuing improvements to the quality of our pubs, our business performed wellin the first quarter, both in the run up to Christmas and the New Year and alsoin the critical restocking period at the beginning of January, with bothearnings and cash generation in line with our expectations. We have made good progress with the share buy back programme that we announcedin November and to date we have purchased 6.7 million shares at an average priceof £9.04 per share, in line with our intention to return at least £200 millionin the current financial year." Enquiries: Enterprise Inns plc Ted Tuppen Chief Executive 0121 256 3050David George Finance Director 0121 256 3040Emma Baines Assistant to Chief Executive 0121 256 3050 or 07990 550210 19th January 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
EI Group