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Enterprise Inns trading in line after lifting H1 profit

Tue, 17th May 2016 16:18

(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 Partnerships' leased and tenanted like-for-like (LFL) net income rose 1.8% across the whole estate, from 0.6% a year earlier. Enterprise Commercial Properties' LFL net income gained 5.2%, from 5.0%."We remain confident that we will deliver positive like-for-like net income growth in our leased, tenanted and commercial estates for the full year," Enterprise said.The pub company had 75 managed pubs trading at 17 May, with 21 under its Bermondsey operation, 50 under its Craft Union operation and four within Enterprise Managed Investments"We have now partnered with three managed experts and have a strong pipeline of interest from other exceptional operators," Enterprise said.Looking ahead, it forecast trade to benefit from the UEFA Euro 2016 football championship in June and July, but it anticipated a period of disruption to follow the introduction of the Pubs Code."We are continuing to make good progress," said CEO Simon Townsend in a statement."Our leased and tenanted business is maintaining its growth momentum while the rapid expansion of our managed operations and commercial property portfolio is on track and delivering results in line with our expectations," he said."We are confident that the execution of our strategy is demonstrating a clear path to maximising long term shareholder value and our returns driven approach to allocating excess cash will deliver near term benefits to all our stakeholders."

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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

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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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