Enterprise Inns prepared for economic storm despite drop in profits
Pub giant Enterprise Inns today insisted it will weather the current economic storm despite tumbling full-year profits.
The company, which has 7,763 pubs valued at £5.9b, revealed a 12.6% fall in pre-tax profit for the full year to 30 September 2008 to £263m (2007: £301m) in what Enterprise Inns chief executive Ted Tuppen dubbed a "very difficult year for the pub industry".
With turnover of £880m down 4% (2007: £921m) earnings before interest, tax depreciation, amortisation slipped 3% to £512m (2007: £528m).
Although Enterprise is currently saddled with more than £3b of debt, Tuppen described the results as solid and said the company remained in good shape to cope with the UK's slide into recession and falling consumer confidence.
"When consumer confidence returns, Enterprise will be well placed to return to delivering solid growth in shareholder value," he said.
Enterprise spent £9m in the year through rent concessions and special discount schemes to assist 1,453 struggling licensees and spent £68m improving its pub estate.
Cut in interest rates eases repayment pain>>
Landlord in hunger strike over rising beer prices>>
Licensees want beer-tie plans to be scrapped>>
By Chris Druce
E-mail your comments to Chris Druce here.
Caterersearch.com jobs
Looking for a new job? Find your next pub job here with Caterersearch.com jobs
|
|
