Enterprise Inns trading on track

Pub operator Enterprise Inns "traded well" in the first half of its financial year, and said that both operating and pre-tax profit for the six months to 31 March would be in line with its expectations.

In a trading update, the company said that, since the AGM statement made in January, the business has continued to perform well adding that it remains confident of creating long term value for shareholders.

Enterprise Inns added that it will continue its share buy-back programme in the second half of the year.

"We have made further progress with our share buy-back programme and, in the past six months, have purchased 70.4 million shares at an average price of £6.32 per share, therefore returning a further £445m to shareholders," said the company.

Last November the company sold its entire Scottish estate of 137 pubs for £115m, generating a profit over book value of £13m.

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by Kerstin Kuhn

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