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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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18 Mar 2016 21:40

Sector movers: Sentiment cools towards homebuilders

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15 Mar 2016 11:37

BUZZ-UK Budget: Liberum latest to warn of interest tax change

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2 Mar 2016 17:25

Paddy Power Betfair, Mediclinic, Informa And Morrisons Join FTSE 100

16 Feb 2016 11:43

DIRECTOR DEALINGS: Enterprise Inns Non-Executive Buys Shares

15 Feb 2016 13:04

FTSE 250 movers: Fidessa and pub companies lead rise

(ShareCast News) - UK midcaps were chasing their blue chip brethren higher on Monday as bargain hunters regained confidence. By late afternoon the FTSE 250 was 1.9% higher at 15,725.05. Enterprise Inns frothed higher after investors took courage from chairman Robert Walker shelling out just over £50

15 Feb 2016 12:07

DIRECTOR DEALINGS: Enterprise Inns Chairman Ups Interest

12 Feb 2016 11:21

DIRECTOR DEALINGS: Enterprise Inns Non-Executive Buys Shares

12 Feb 2016 11:04

Friday newspaper share tips: Confidence over Informa's future earning

(ShareCast News) - The Times' Tempus is confident about Informa's future and the ability to raise earnings again, though acknowledged some investors might be tempted to take profits. The business intelligence, exhibitions, events and academic publishing group celebrated its 2015 results on Thursday,

11 Feb 2016 12:19

LONDON MARKET MIDDAY: Gold Price Rises Amid Market Stress

11 Feb 2016 10:39

WINNERS & LOSERS SUMMARY: DCC And Gold Miners Buck Down Market

11 Feb 2016 09:37

BROKER RATINGS SUMMARY: Panmure Gordon Raises DCC To Buy After Update

11 Feb 2016 08:23

Enterprise Inns Makes "Strong Start" To Current Financial Year

11 Feb 2016 07:45

Enterprise Inns on track for full year expectations as income grows

(ShareCast News) - Enterprise Inns has seen like-for-like net income in its leased and tenanted estate grow 1.6% for the 19 weeks to 6 February 2016. In a trading update on Thursday, the FTSE 250 company said it is a result of stabilising rental income, growing income from beer sales and driven by t

5 Feb 2016 16:05

AGM, EGM Calendar - Week Ahead

5 Feb 2016 15:07

Friday broker round-up

(ShareCast News) - Enterprise Inns: Barclays downgrades to underweight with a target of 80p. Thomas Cook: HSBC reiterates hold with a target price of 100p and JP Morgan keeps at overweight with a 170p target. Victrex: Deutsche Bank keeps at hold, 2000p target, UBS maintains neutral with a target

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Enterprise Inns net income up, share buyback announced

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