Enterprise Inns reports stable pre-tax profit of £55m

Enterprise Inns has reported like-for-like income growth of 1.1% during the first six months of its financial year, alongside maintaining a pre-tax profit of £55m.

Net profit increased to £37m from £25m during the first half of 2013, assisted by lower exceptional property charges.

Simon Townsend, chief executive officer of Enterprise Inns, said: "I am pleased to be able to report positive progress for the business with like-for-like net income growth in the first half of the year and am particularly encouraged to see this translate into growth in earnings per share.

"Our focus continues to be on the implementation of actions that will sustain our improving trading performance and drive value for our publicans, which include the further enhancement of our pub estate and the provision of exceptional local support."

Looking ahead to the second half of the year, Townsend said the pub company would be measured against tougher comparatives, but he expects the business will achieve its target of like-for-like net income growth for the full financial year

Enterprise Inns' total debt at 31 March 2014, the end of the reporting period, was £2.5m, down from £2.7m the previous year. The company aims to reduce this further using the strong operational cash flow of the business.

Enterprise Inns currently operates a portfolio of 5,500 pubs.