11 Feb 2016 07:00
11 February 2016
Enterprise Inns plc
AGM Trading update
Strong trading with improved like-for-like net income growth.
Implementation of strategic plan on track
Enterprise Inns plc (ETI) publishes its scheduled trading update for the 19 weeks to 6 February 2016 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 strong start to the financial year with like-for-like net income in the leased and tenanted estate growing by 1.6% for the 19 weeks to 6 February 2016. This performance has been achieved as a result of stabilising rental income, growing income from beer sales and driven by the provision of operational support and commercial benefits to our publicans.
Strategy implementation on track
The execution of our strategic plan for the business, announced on 12 May 2015, is on track. The trading performance and expansion of our managed house operations is progressing in line with our plans and we expect to have in excess of 100 managed houses operational by 30 September 2016. In addition we continue to grow our portfolio of quality commercial properties and expect to have over 300 such properties by the financial year end.
Simon Townsend, Chief Executive Officer, commented:
"We are pleased to have made a strong start to the year, delivering continued growth of our leased and tenanted business, and this provides us with confidence that we are on track to deliver our expectations for the full financial year. Furthermore, we have made good progress executing our operational strategy while recruiting and developing the organisational capabilities necessary to achieve our strategic objectives."
Enquiries:
Tulchan Communications, Jonathan Sibun/Peter Hewer 0207 353 4200
Simon Townsend, Chief Executive Officer 0121 733 7700
Neil Smith, Chief Financial Officer 0121 733 7700
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.