23rd Sep 2005 07:00
Enterprise Inns PLC23 September 2005 Trading Statement "Enterprise Inns plc (ETI), which will be announcing its preliminary results forthe year ending 30th September 2005 on 22nd November 2005, provides an update ontrading. ETI is pleased to announce that the business has continued to perform well andthe Board expects that both profit before tax and earnings per share will becomfortably in line with its expectations. Licensing reform has been a major task for both licensees and the ETI team overthe past few months. ETI has invested significant resources in preparing pubplans and providing advice and training for licensees. More importantly, theoperations team have spent a substantial amount of time with licensees, workingwith them to ensure that their pub businesses are able to maximise theopportunities that the new licensing regime will bring. Despite misleadingreporting in some sections of the press, these opportunities will not involve 24hour drinking across our pub estate, but simply some flexibility and a fewadditional hours at appropriate times to allow licensees better to serve thedemands of their customers. The business has traded well and we estimate that average operating profit perpub has once again increased by over 8% compared to the prior year, reflectingthe hard work of our licensees and our continuing commitment to improving thequality and average earnings potential of our pubs. Following consultations with shareholders, the Board has formulated a policy forreturning surplus cash generated by the business to shareholders throughincreased dividends and a share buy back programme, details of which will begiven at the time of the preliminary results. Enquiries Emma Baines Assistant to Chief Executive 0121 256 3050 or 07990 550210Ted Tuppen Chief Executive 0121 256 3030David George Finance Director 0121 256 3040 23rd September 2005" This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
EI Group