Enterprise Inns record flat pre-tax profit of £57m
Pub giant Enterprise Inns has announced flat sales and pre-tax profits across its estate of around 4,700 pubs, in its half-year results announced this morning.
Revenue grew marginally by 0.9% to £305m, while pre-tax-profit was steady at £57m. EBITDA fell by 1.3% to £142m, which, said the company, was "in line with expectations and reflecting the impact of planned disposals".
Following last year's decision to scale down its number of tenanted pubs, the company has announced the sale of 22 properties from its estate for £20m.
Pubs across the north of the country were said to face "a more challenging economic and trading environment", with all the line-for-like income growth coming from the south of England.
Simon Townsend, chief executive of Enterprise Inns, said: "We are continuing to make good progress. Our leased and tenanted business is maintaining its growth momentum while the rapid expansion of our managed operations and commercial property portfolio is on track and delivering results in line with our expectations.
"We are confident that the execution of our strategy is demonstrating a clear path to maximising long term shareholder value and our returns driven approach to allocating excess cash will deliver near term benefits to all our stakeholders."
Trade is forecast to benefit from the UEFA Euro 2016 football championships in June and July.
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