Enterprise Inns plc
Preliminary announcement
for the financial year ending 30 September 2010
16 November 2010
Enterprise Inns plc (ETI), the leading specialist operator of leased and tenanted pubs in the UK, today announces its results for the year ending 30 September 2010
Financial Highlights
- EBITDA* before exceptional items £405 million (2009: £450 million)
- Average net income per pub stable in second half, £63.9k for full year (2009: £65.0k)
- Like-for-like net income in substantive estate (94% of total net income) 2% down (2009: 3% down)
- £270 million proceeds from disposals, realising an exceptional profit of £52 million
- Net debt reduced by £374 million
Statutory Results
- Profit before tax and exceptional items £175 million (2009: £208 million)
- Profit after tax £26 million (2009: £6 million)
- Adjusted earnings per share# 25.9p (2009: 30.7p)
Operational Highlights
- 89% of estate let on substantive agreements, up from 83% at 30 September 2009
- Cessation of Temporary Management Agreement (TMA) programme
- Continuing improvements in quality of estate and customer offering
- New agreements provide additional flexibility to attract and retain the best licensees
* Earnings before interest, tax, depreciation and amortisation
# Excludes exceptional items
Commenting on the results, Ted Tuppen, Chief Executive said:
“We have delivered creditable results, hard won stability and genuine operational improvements in difficult circumstances. The economic environment is set to remain challenging and we do not underestimate the impact of the Government’s austerity measures and fiscal tightening which will affect both our licensees and their customers.
However, the past year has demonstrated the resilience of the best pub operators in the industry and we believe that the profile of our estate, combined with the professionalism and flair of our licensees leaves us well placed to face whatever challenges the year ahead may bring. We remain confident that the business is in a sound position to deliver positive returns to shareholders over the medium term, including the resumption of dividend payments.”
Enquiries:
Tulchan Communications, Andrew Honnor/ Mal Patel 0207 353 4200
Ted Tuppen, Chief Executive 0121 733 7700
David George, Chief Financial Officer 0121 733 7700
Emma Baines, Investor Relations Manager 07990 550210