Enterprise strategic plan on track

Claire Dodd

Claire Dodd

11 August 2016

Enterprise Inns has said its strategic plan is on-track, and that Brexit doesn't appear to have impacted trading – announcing its latest results today.

Like-for-like net income in its leased and tenanted business was up 1.9% in the 44 weeks to 30 July 2016.

Enterprise also said expansion plans for its managed house division were progressing well, with 100 managed sites set to be operational by the end of September. Its portfolio of commercial properties is set to reach 300 properties by the end of the financial year, it added.

Enterprise's five-year strategy, announced in May 2015, intendeds to mitigate the impact of the new Pubs Code on the predominately leased and tenanted pub business. The company plans to build a managed estate of 750-850 pubs, and a commercial property business of around 900-1,000 sites by 2020.

Simon Townsend, chief executive officer, said: 'We are pleased to have maintained our trading momentum through the second half of the year to date.'

He added: 'The consequences of Brexit may be far-reaching, but to date we've seen no discernible impact on consumer spending and no consequential impact on our trading performance.'

'Whilst mindful of the potential for some economic uncertainty in the months ahead, we are confident in our strategy and the actions we are taking to grow value for shareholders, and we remain on track to deliver our financial and strategic expectations for the year,' concluded Townsend.

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