Enterprise Inns' profits slip

22 November 2011 by
Enterprise Inns' profits slip

Leased and tenanted pub giant Enterprise Inns has seen its pre-tax profits slip 10% to £157m for the year to 30 September 2011.

The decline came despite average net income per pub rising 1% to £64,200 for the full year, up from £63,600 last year.

Chief executive Ted Tuppen said: "At the start of the year we set ourselves the task of stabilising the operational performance of the business while continuing to reduce our exposure to the banking market. We have made good progress on both fronts. The performance of our substantive estate, which makes up 90% of our estate by number, 95% by income, has continued to improve and we have reduced net debt by £302 million.

"While trading conditions are likely to remain challenging, we expect that the quality of our pub estate and the resilience of our publicans will ensure that the like-for-like performance in the substantive estate continues to improve."

In the past three years, Enterprise has been attempting to improve the quality of its pub estate through investment and disposals, at the same time as reducing its massive bank debt. The company now has 6,361 properties, valued at £4.6b. Its debt now stands at just over £3b, following a £302m reduction this year.

MP clashes with Ted Tuppen over pub rent assessments >>

Caterer and Hotelkeeper 100 - Top pub executives >>

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

Tabletalk
Tabletalk
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.catererandhotelkeeper.com/tabletalk

Catererandhotelkeeper.com jobs

Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs

Blogs on Catererandhotelkeeper.com ](http://www.catererandhotelkeeper.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[E-newsletters](http://www.catererandhotelkeeper.com/email-newsletters.htm)[ For the latest hospitality news, sign up for our E-newsletters
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking