Trading statement1 Apr 2009 08:07
"Pub chain Enterprise Inns said trading has been steady since January despite the bad weather in February, helping lift the shares by 9.25p to 67.75p. Like for like sales for the half-year to March will be below the same period last year due to the trading impact of the Easter holiday, Enterprise said. Trading in January was relatively strong, February was hit by two weeks of bad weather and was one day shorter than last year and March has been steady. "Despite very difficult trading conditions in the first half, the majority of our pubs continue to trade remarkably well," it added though its support for struggling tenants is still running at 1.4 million pounds per month. "There have been some ratings downgrades across the industry recently, affecting both the securitised bonds and the corporate bonds. None of the downgrades affecting ETI has implications for the ETI business in terms of covenants or costs to the business," it added. "We believe that an improvement in credit markets is to be expected at some time in the next three years and that as a result Enterprise's chances of succeeding with its refinancing, while not free of risk, are better than the pricing implies," commented broker KBC Peel Hunt."
I love these statements - say nothing - what is their profit or lack of!?