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Interim Results

Enterprise Inns after-tax profits up

17 May 2016 07:24

Pub group Enterprise Inns' after-tax profits increased to GBP33 million in the six months to the end of March from GBP4 million last time, primarily due to lower exceptional refinancing costs and property valuation movements.

EBITDA before exceptional items totalled GBP£142 million (H1 2015: GBP144 million), in line with expectations and reflecting the impact of planned disposals.

Profit before tax and exceptional items was unchanged at GBP57 million as interest savings from reduced debt offsets reduction in EBITDA.

Adjusted earnings per share rose by 2.2% to 9.2p (H1 2015: 9.0p).

Chief executive Simon Townsend said: "We are continuing to make good progress. Our leased and tenanted business is maintaining its growth momentum while the rapid expansion of our managed operations and commercial property portfolio is on track and delivering results in line with our expectations.

"We are confident that the execution of our strategy is demonstrating a clear path to maximising long term shareholder value and our returns driven approach to allocating excess cash will deliver near term benefits to all our stakeholders."

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Related Company: ETI

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