LONDON (Alliance News) - Enterprise Inns PLC said it has made a strong start to its financial year with growth in like-for-like net income, ahead of its annual general meeting on Thursday.
The pub company said like-for-like net income in its leased and tenanted estate in the 19 weeks ended February 6 grew 1.6% year-on-year. This was due to a stabilisation of rental income and growing income from beer sales, it said.
Enterprise Inns added that its strategic plan is on track, as the trading performance and expansion of its managed house operations is progressing in line with its plans. It expects to have in excess of 100 managed houses in operation by September 30, and over 300 quality commercial properties.
"We are pleased to have made a strong start to the year, delivering continued growth of our leased and tenanted business, and this provides us with confidence that we are on track to deliver our expectations for the full financial year. Furthermore, we have made good progress executing our operational strategy while recruiting and developing the organisational capabilities necessary to achieve our strategic objectives," Chief Executive Simon Townsend said in a statement.
Shares in Enterprise Inns were trading down 0.8% at 72.15 pence early on Thursday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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