Debt-laden Enterprise Inns has reported for the 6 month period to 31 March 2012.
The company currently operates 6143 pubs, having disposed of over 1000 pubs during the last two years, and appears to have stabilised performance in market conditions that remain difficult. However, the Jubilee celebrations, Olympics and European Football Championships should all assist short-term sales in the coming months.
Top line results:
- Like-for-like net income in substantive estate up 1.5%
- Like-for-like net income in total estate down 1.6% (compared to 5% decline last year)
- £89million of disposal proceeds has contributed to reduction in net debt to £2.9billion (from £3.1billion)
- Profit before tax and exceptionals down £10million to £64million
- Average income per pub up 3.2%
- £39million invested in pub improvements across over 1100 pubs during the period