ETI.L Share News (ETI)

Pub operator Enterprise Inns said it expected to maintain its positive momentum into the current financial year, despite a slight decline of beer orders in January.The group, which reported £36m pre-tax profits in 2014, compared with a £42m loss in 2013 due to exceptional costs of over £160m, said that like-for-like net income growth for its leased and tenanted estate increased by 0.3% in the 18 weeks to 31 January 2015.The FTSE 250 company said trading over Christmas had been positive, even though the volume of beer orders had "softened" in the first month of the year."We are pleased to have maintained the positive momentum delivered last year into the first 18 weeks of the current financial year and remain focused on continuing this progress," Simon Townsend, the group chief executive, said.Enterprise Inns said it was reviewing its capital investment plans after the House of Commons in November amended the Small Business, Enterprise and Employment Bill, which could provide a "market rent only" option for pubs.However, the group added it remained committed to invest £70m in the future."We continue to believe the tie offers the best operating model for the vast majority of our pubs with our interests closely aligned to those of our publicans," said Townsend."Whilst the planned legislation may require us to evolve our business model over the longer term, until the detail of the legislation is clear and enacted, we remain focused on providing exceptional local support to our publicans to aid their profitability which, in turn, will enhance our performance."Broker Numis said it was holding its forecast for full year earnings in 2015, which was in line with consensus, saying it estimated like-for-like net income would rise 0.5% and net debt would fall 4%."In our view, politicians are now unlikely to soften the Market Rent Only option," Numis said in a note on Thursday."Meaningful equity upside requires a clear plan to deal with this threat, and that plan should have consequences that the politicians had not intended."Enterprise Inns shares rose 0.73% to 110p at 10:56 on Thursday.