Enterprise Inns reports fall in net income

Enterprise Inns reports fall in net income

Pub group Enterprise Inns has seen a fall in net income of 4.2% for the six months to 31 March 2013 as the company continues its debt reduction strategy.

Like-for-like net income for the same period in 2012 was down 1.6%.

Enterprise has brought its debt down to £2.7b from £2.9b last year and said it expects to reduce to £2.5b by the end of its financial year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was down 9.8% to £153m from £168m in the first half of 2012.

Commenting on the results, Ted Tuppen, chief executive described trading in the first half of the year as "particularly challenging".

He said: "The heavy snowfalls in January and the coldest spring for many years have not encouraged customers to venture out to their local pub. Against this backdrop we are satisfied with the results for the first half of the financial year and are encouraged that in recent weeks we have seen a recovery in trade.

"Our target continues to be the delivery of like-for-like net income growth across the entire estate during the second half of this year.

"Our strong cash generation from operations combined with the successful disposal programme enables us to maintain our strategy of debt reduction which will see total net debt reduced to £2.5b by the year end, a reduction of £0.8b over the last three years."

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