Enterprise Inns plc
Preliminary announcement for the financial year ended 30 September 2015
"Further operational progress and strategic execution on track"
Enterprise Inns plc (ETI or Enterprise), the largest pub owner in the UK, today announces its results for the year ended 30 September 2015.
*Earnings before interest, tax, depreciation and amortisation
#Excluding exceptional items
Commenting on the results, Simon Townsend, Chief Executive Officer said:
We are pleased to report further operational progress and a second, successive full year of like-for-like growth in net income across our leased, tenanted and free-of-tie estate. This has been achieved by maintaining a relentless focus on the many operational activities and initiatives with which we are supporting our publicans to improve their profitability. Trading in the first six weeks of the new financial year has been in line with our expectations and continues to maintain our growth momentum.
While the market in which our pubs operate remains highly competitive, and as we prepare for the implementation of new legislation in 2016, we are encouraged by the continuing momentum of our business, reflecting the exceptional efforts of our publicans and the strength of our relationships with them.
The implementation of our strategic plan is on track, providing us with greater flexibility with which to optimise returns from each of our assets and deliver greater value to our shareholders. Our managed house estate is being successfully expanded and our commercial property portfolio continues to grow in both scale and quality in line with our plans.
We have attracted some outstanding talent to help us execute our new strategy. They bring a wealth of experience to complement the quality, loyalty and determination of the existing Enterprise team which, combined with the skills and expertise of our publicans, gives us confidence in the Group’s prospects.