11 Aug 2016 07:00
11 August 2016
Enterprise Inns plc
Trading update
Maintaining positive trading performance with strategic plan on track
Enterprise Inns plc (ETI) reports an encouraging trading performance with like-for-like net income in its leased and tenanted business up 1.9% in the 44 weeks to 30 July 2016 and all aspects of the strategic plan on track.
The trading performance and expansion of our managed house operations is progressing well 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 in the region of 300 such properties by the financial year-end.
Simon Townsend, Chief Executive Officer, commented:
"We are pleased to have maintained our trading momentum through the second half of the year to date. The consequences of Brexit may be far-reaching but to date we have seen no discernible impact on consumer spending and no consequential impact on our trading performance. Whilst mindful of the potential for some economic uncertainty in the months ahead, we are confident in our strategy and the actions we are taking to grow value for shareholders, and we remain on track to deliver our financial and strategic expectations for the year."
Change to future reporting
In the current year ETI has published a quarterly Interim Management Statement (IMS) at the beginning of February and August on a voluntary basis. With effect from 1 January 2017, ETI will provide a short trading update in February, to coincide with its Annual General Meeting, but will no longer publish an IMS in August.
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.