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Annual Results

Enterprise Inns earnings fall

15 November 2016 07:26

Pub group Enterprise Inns reports EBITDA before exceptional items of £292 million for the year to the end of September - down from £296 million last time but in line with expectations and reflecting the impact of planned disposals.

Profit before tax and exceptional items was £122 million (2015: £122 million) as interest savings from reduced debt offset reduction in EBITDA. Other highlights:

- Profit after tax of £71 million (2015: £65 million loss), primarily due to lower exceptional refinancing costs and lower property charges arising from the annual estate valuation. This year's estate valuation increased by 0.1% (2015: down 2.7%) - Adjusted earnings per share# up to 19.6p (2015: 19.4p) - Strong cash generation enables further net debt reduction, to £2.2 billion (2015: £2.3 billion) - Smoother and extended debt maturity profile achieved through the partial refinancing of the 2018 corporate bonds, completed on 4 November, and a new revolving bank facility in place to 2020

Chief executive Simon Townsend said: "We are pleased to have delivered our financial objectives for the year, maintaining the growth momentum in our leased and tenanted business, while making significant progress in building our commercial property portfolio and managed operations and investments businesses. Our plan to transform the Group to best serve our publicans and their communities whilst maximising returns from each of our assets remains on track.

"Whilst there is the potential for some economic uncertainty in the months ahead, trading in the first six weeks of the new financial year has been in line with our expectations and we are confident that the actions we are taking to execute our strategic plans are the most appropriate response to changes in the regulatory and economic environment.

"Our proactive management of debt refinancing and our returns-driven approach to allocating excess cash will deliver both near and long-term benefits to all our stakeholders."

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