9 Feb 2017 07:00
9 February 2017
Enterprise Inns plc
AGM Trading update and
Notification of change of name
Trading in line with expectations - maintaining like-for-like net income growth.
Strategic evolution of business progressing well.
Enterprise Inns plc (ETI) publishes its scheduled trading update for the 18 weeks to 4 February 2017 and also provides an update on the progress made with regard to the implementation of its strategic plan. This update coincides with ETI's Annual General Meeting which will be held at 11.00am today at its registered office.
Trading performance
We have made a good start to the financial year with Ei Publican Partnerships, our leased and tenanted estate, reporting like-for-like net income growth of 1.6% in the 18 weeks to 4 February 2017. This steady improvement in performance has been achieved 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 our publicans.
Strategic evolution of business
The execution of our strategic plan for the business is progressing well. We expect to be operating in the region of 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%.
The trading performance and expansion of our managed house businesses is progressing in line with our expectations and we continue to expect to have in the region of 250 managed houses operational by 30 September 2017.
Notification of change of name
The Company is changing its name today from Enterprise Inns plc to Ei Group plc. This reflects 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.
It is expected that with effect from 8.00 am on 10 February 2017 the Company's shares will trade under its new name of Ei Group plc and the Company's London Stock Exchange Tradable Instrument Display Mnemonic will change to "EIG". The ISIN and SEDOL numbers for the Company's shares will remain unchanged.
Shareholders should note that, if they hold their shares in certificated form, existing share certificates should be retained as they will remain valid for all purposes. New share certificates issued after 10 February 2017 will bear the name Ei Group plc.
The Company's website address will be www.eigroupplc.com.
Simon Townsend, Chief Executive Officer, commented:
"We are pleased to have made a good start to the year, delivering continued like-for-like growth in our leased and tenanted business and an encouraging performance from our commercial property and managed house businesses. Despite potential headwinds from legislative cost increases and the new regulatory environment we remain confident that we are on track to deliver our expectations for the full financial year.
Furthermore, we have made good progress executing our operational strategy, in which the Group is evolving as a portfolio manager of operating assets. We believe the time is right to recognise that we now have strong, differentiated divisional businesses operating under a group umbrella and move forward under our new name of Ei Group plc."
Enquiries:
Simon Townsend, Chief Executive Officer 0121 272 5000
Neil Smith, Chief Financial Officer 0121 272 5000
Tulchan Communications, Jonathan Sibun/Peter Hewer 0207 353 4200
Forward-looking statements This announcement contains certain statements about the future outlook for ETI. Although we believe our expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.