Enterprise Inns has said it has delivered its eighth consecutive quarter of growth, as it announced ‘encouraging’ results for 44 weeks to 1 August 2015.
The company, which announced a new strategic plan earlier this year, said total leased and tenanted estate like-for-like net income had grown by 0.6%. In the third quarter ended 27 June 2015, like-for-like net income increased by 0.5% despite the comparative period from last year benefiting a sales boom caused by the FIFA World Cup.
Enterprise credited this to the continued stabilisation of rental income, and growing income from beer sales due to better consumer confidence, as well as good weather. The company said the execution of its strategic plan, announced on 12 May 2015, is on track. Since May it has increased the total number of managed pubs trading under its Bermondsey and Craft Union operations from 16 to 22. Its first Managed Expert pub will open in September, while the company is on track to have 30 managed houses operational by 30 September 2015. It also said it had grown its portfolio of commercial properties from 185 properties to 206.
Simon Townsend, chief executive officer, said: 'We are focused upon the successful execution of our strategic plans. The first priority is to ensure that our reinvigorated tied tenancy business continues to perform well.
'Trading performance is on track to be in line with our expectations for the full financial year. We have made good progress increasing the number of managed pubs in the estate and growing our portfolio of commercial properties. We are continuing to invest in the estate and to support our publicans.'
Townsend said the company is on track to invest around £70m across the total estate, with 43% of it to be directed towards income growth opportunities. It said that pub disposals were on track to deliver £75m in proceeds for the full year.