World Cup boosts Enterprise Inns in Q3

The World Cup helped pub firm Enterprise Inns to enjoy an ‘encouraging' third quarter, as the company unveiled a 1.3% increase in like-for-like net income for the 44 weeks to 2 August 2014.

Despite England's poor performance in the tournament in June, Enterprise, which operates over 5,000 leased and tenanted pubs, said it saw its like-for-like net income rise 2.1% in the third quarter.

Meanwhile, the company said that the first five weeks of its fourth quarter had produced trading in line with last year, against a more challenging comparative period. As a result, like-for-like the company has seen net income growth of 1.5% for the first 18 weeks of the second half of its financial year.

The company added that it hoped to have reduced net debt to £2.4b by the year end, and that £70m of asset disposals would be used to fund its capital investment programme.

Simon Townsend, chief executive officer, said: "We are pleased to report continued progress for the business with the delivery of our fourth consecutive quarter of like-for-like net income growth. The final quarter of the year will be measured against tougher comparatives but we are encouraged by the start we have made and remain comfortable with our full year expectations.

"We are focused on constantly improving the quality of our pubs, continuing to direct an increased proportion of capital investment toward initiatives which will grow income, while reducing the level of business failures and supporting our publicans to grow their businesses. Through these initiatives we believe that our progress will be maintained."