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Enterprise Inns net income up, share buyback announced

Tue, 22nd Mar 2016 13:29

(ShareCast News) - Pub group Enterprise Inns rallied on Tuesday as it reported growth in like-for-like net income and announced a share buyback programme.In a trading update for the 25 weeks to 19 March, the company said LFL net income grew 1.5% in the leased and tenanted estate, which was ahead of analysts' expectations.Enterprise said that based on current trading and "the good progress" the group is making against its strategic objectives, the business should generate £25m of excess cash flow in the current financial year which it intends to use to fund a share buyback.Chief executive officer Simon Townsend said: "It is close to a year since we announced our new strategic plan for the business and we are making good progress. Our leased and tenanted business, Enterprise Publican Partnerships, continues to deliver like-for-like net income growth and the expansion of our managed operations and commercial property portfolio is on track."The announcement of a share buyback programme demonstrates our approach and underlines our confidence. We remain on track to meet our expectations for the full financial year and look forward to outlining the progress we have made in more detail later today."Numis, which rates the stock at 'buy', said £25m of share buybacks at 83p per share would be 5%-earnings accretive by its estimates.At 1340 GMT, Enterprise Inns shares were up 7.8% to 89.50p.
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9 Feb 2017 08:03

Enterprise Inns on track for full year, changes name to Ei Group

(ShareCast News) - Enterprise Inns said on Thursday that it is on track to deliver its expectations for the full year as it announced a change of name to Ei Group. In a trading update for the 18 weeks to 4 February, the company reported like-for-like net income growth of 1.6% in the Ei Publican Part

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9 Feb 2017 07:41

Enterprise Inns Changes Name To Ei Group Amid Income Improvement

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2 Feb 2017 16:07

UK Shareholder Meetings Calendar - Next 7 Days

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14 Dec 2016 20:59

CORRECTED-UPDATE 3-Heineken in bid battle for Punch Taverns

(Corrects to show Heineken splitting portfolio with investment partner Patron; paragraphs 1, 10, 11) * Heineken, Patron vs Alan McIntosh in $400 mln takeover * Heineken already has a pub business with good margins * Suitors have until Jan. 11 to make official bids By Marti

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17 Nov 2016 08:19

LONDON BRIEFING: Focus On Fed Chair Yellen Remarks After Trump Win

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15 Nov 2016 09:57

Enterprise Inns serves up results in line with last year

(ShareCast News) - Pub owner Enterprise Inns announced its results for the year to 30 September on Tuesday, with EBITDA before exceptional items of £292m, down slightly from £296m a year earlier, which was in line with expectations and reflecting the impact of planned disposals. The company's profit

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24 Oct 2016 07:45

Enterprise Inns Launches Bond Tender Offer Amid Refinancing (ALLISS)

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11 Aug 2016 08:27

Enterprise Inns On Track For Full Year As Second Half Progresses Well

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11 Jul 2016 11:28

DIRECTOR DEALINGS: Enterprise Inns Non-Executive Buys 25,000 Shares

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13 Jun 2016 10:04

Respite for high street as retail footfall rallies in May, BRC-Springboard shows

(ShareCast News) - A rise in UK retail footfall in May provided some rare good news for the embattled sector, as the best monthly high street performance for three years outweighed a decline for shopping centres. Total footfall last month was 0.3% higher than the same month last year, according to B

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17 May 2016 16:18

Enterprise Inns trading in line after lifting H1 profit

(ShareCast News) - Enterprise Inns said second-half trading is in line with its expectations, despite being hurt by the timing of the Easter weekend and after improving its first-half pre-tax profit to £40m, from £10m. Its revenues improved marginally to £305m, from £302m. Enterprise Publican Partn

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17 May 2016 07:26

Enterprise Inns Confident Ahead Of Euro 2016 As Interim Profit Rises

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10 May 2016 15:10

Earnings, Trading Statements Calendar - Week Ahead

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22 Mar 2016 08:12

Enterprise Inns Announces Share Buyback On Good First-Half Trading

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