Enterprise Inns profit in line

Leased and tenanted pubs operator Enterprise Inns posted full year profit in line with expectations and said, given the current economic uncertainty, believes it is not appropriate to resume dividend payments.

Leased and tenanted pubs operator Enterprise Inns posted full year profit in line with expectations and said, given the current economic uncertainty, believes it is not appropriate to resume dividend payments.

Profit before tax and exceptional items fell to £137m in the year ended September 30th 2012 compared to £157m a year before. Revenue eased to £692m from £711m.

Like-for-like net income fell 1.2% compared to a 4.3% decline in 2011. Enterprise said its first target is to achieve like-for-like net income growth for the entire estate.

Enterprise said improving trade trends had continued across the group.

Otherwise the pub company said it will continue to use available cash to reduce debt, which fell by £266m to £2.7bn.

"We complete the 2012 financial year in good shape, having made progress in many areas and having invested significant sums into the quality of our estate and our internal resources to ensure that we are well placed to tackle the continuing volatility and challenge of the current market, said Chief Executive Ted Tuppen in a company statement.

"We are now focused on returning the business to growth, through a number of initiatives that we believe will continue to generate significant cash flows which we will use to reduce our debts," he added.

CJ

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

Don’t listen to the doom-mongers – the future is bright
Economy

Don’t listen to the doom-mongers – the future is bright

With volatile markets, raging inflation and industrial unrest, it may feel like things are bad and likely to get worse. But the end of the world is no…
15 Aug 2022
Are UK house prices set to fall? It’s not so simple
House prices

Are UK house prices set to fall? It’s not so simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
How solar panels could lower your energy bill
Energy

How solar panels could lower your energy bill

Solar-panel installation firms are reporting a four-fold increase in orders this year compared with 2021. Ruth Jackson-Kirby explains how solar can he…
14 Aug 2022