Pub operator Enterprise Inns "traded well" in its first financial quarter, and said it was in a strong position to benefit from the imminent smoking ban in England and Wales.
In an annual general meeting statement, Enterprise Inns chairman Hubert Reid said both earnings and cash generation for the first quarter were in line with the group's expectations.
He added that having invested in its pub estate it was ready to embrace the opportunities arising from the smoking ban.
Reid said: "During the first quarter of our financial year, we have acquired 11 good quality pubs for £7m, disposed of 15 outlets for £7m, at a profit over book value of £3m and invested £16m, alongside our licensees, in improvements to our existing estate."
Last November the company sold its entire Scottish estate of 137 pubs for £115m, generating a profit over book value of £13m.
Enterprise also said it continued to make good progress with its share buyback programme, having purchased a further 16.2 million shares at an average price of 1,220 pence since 30 September.
By Kerstin Kühn
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