LONDON (Alliance News) - Enterprise Inns PLC on Tuesday announced a share buyback programme as it reported growth in like-for-like net income in the first half of its financial year.
The pub company said like-for-like net income in the leased and tenanted estate grew by 1.5% in the 25 weeks ended March 19.
Based upon current trading and the good progress it said it is making against its strategic objectives, Enterprise Inns said it expects the business to generate GBP25 million of excess cash flow in the current financial year, which it will use to fund a share buyback.
"We are confident that the delivery of our strategy will provide a clear path to maximising shareholder value," Chief Executive Sue Townsend said in a statement.
"We remain on track to meet our expectations for the full financial year," she added.
Shares in Enterprise Inns were trading up 3.6% at 86.00 pence early on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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