Ei Group announces steady results after 174 pub sell-off

Ei Group's finances held steady in the last financial year after the company's decision to let go of more than a hundred pubs from its portfolio.

In its annual report for the year ending 30 September 2018, the group posted pre-tax profits of £122m, up from £121m the previous year.

Meanwhile, underlying earnings held flat at £287m, in line with the previous year's results, despite the firm disposing of 174 pub sites across the period.

At the end of the year, Ei Group's portfolio included 3,718 pubs, down from 4,051 the previous year, along with 308 managed pubs and a further 47 trading as managed investments. Free-of-tie rent only commercial properties under the Ei umbrella numbered 412.

The company also expressed little concern regarding Brexit when considering the future of the brand. In his statement chairman Robert Walker said: "The board has regularly evaluated the potential impact of various outcomes on our business.

"Since most of our products and their ingredients are UK sourced and since the majority of our businesses are still wet-led, requiring less labour, we regard the likely impact as relatively small in nature. We remain confident in our ability to surmount any short-term problems."