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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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20 Nov 2014 17:19

Thursday tips round-up: Enterprise Inns, Punch Taverns, ICAP

Change is good, but not quite what UK MPs have in mind. Their vote in favour of ending the so-called 'beer-tie' is a great idea. In effect, it will allow large pub operators to purchase their beer from wherever they like, instead of being forced to buy it from the likes of Enterprise Inns or Punch T

19 Nov 2014 14:42

UK pub firms hit by move to curb power over tenants

* Shares in pub owners fall after parliament vote * Move to give tenants more freedom on beer buying By Neil Maidment and William James LONDON, Nov 19 (Reuters) - British pub groups suffered on Wednesday after lawmakers backed a move to hand publicans more control over where the

19 Nov 2014 12:30

Broker tips: Pub companies, IMI, National Grid

Analysts at Barclays have said a de-rating of UK pub stocks is "very likely" after MPs voted to scrap the 'beer tie', meaning that tenants are now allowed an independent rent review and will be able to buy beer on the open market. "If this passes through the House of Lords and becomes law, this coul

19 Nov 2014 10:56

Beer tie vote creates 'significant uncertainty' for pubcos, says Barclays

Analysts at Barclays have said a de-rating of UK pub stocks is "very likely" after MPs voted to scrap the 'beer tie', meaning that tenants are now allowed an independent rent review and will be able to buy beer on the open market. The government was defeated in a Commons vote on Tuesday with MPs vot

19 Nov 2014 09:54

BUZZ-UK pub operators: slump after vote for flexible "beer-tie" deals

** Listed British pub operators saw as much as 330 mln pounds ($516.22 mln) wiped off their market value after lawmakers unexpectedly voted to give people who lease pubs from big companies more freedom about where they buy their beer. ** Enterprise Inns falls as much as 17 pct, the worst of

19 Nov 2014 07:13

Pub firms say beer tie vote may spark closures and job losses

It has been hailed as a historic vote that could secure the future of the British pub, but Parliament's decision to scrap the restrictive 'beer tie', which links pub landlords' rent and supplies to their parent pub companies, might have "serious unintended consequences" on the industry, according to

18 Nov 2014 16:47

British lawmakers back increased rights for pub tenants

LONDON, Nov 18 (Reuters) - British lawmakers on Tuesday voted to give publicans more power in tie-ups with big pub group landlords by adding a so called 'market rent only' option into new government reforms. Almost half of the UK's 50,000 pubs are run by tenants under "beer-tie" agreements,

18 Nov 2014 09:01

Enterprise Inns cautious on "fragile" UK recovery amid flat FY profits

Pub group Enterprise Inns posted flat annual profits and said it was staying cautious in the face of a "fragile" UK economic recovery. Pub group Enterprise Inns posted flat annual profits and said it was staying cautious in the face of a "fragile" UK economic recovery. Enterprise, which runs both l

14 Nov 2014 06:16

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