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 Partnerships as a result of continued stabilisation of rental income and growing income from beer sales, driven by targeted capital investment, operational support and commercial benefits provided to its publicans. The company said the execution of its strategic plan for the business is progressing well and it expects to be operating around 400 commercial properties by the financial year end. Of these, 181 traded throughout this reporting period and the prior period, delivering like-for-like net income growth of 2.1%.Enterprise Inn said it is changing its name to Ei Group, to reflect the transformation of the company's business from a single, predominantly leased and tenanted operation, to a portfolio of businesses comprising a variety of operating models and trading styles designed to optimise the value derived from the asset base. The name change is expected to be effective on Friday, subject to approval by the company's shareholders.At 0817 GMT, the shares were down 1.3% to 137.75p.