Enterprise Inns sees improved summer trading

Enterprise Inns has reported an upturn in fortunes during the summer after a decline in income in the first half of the year.

The pub group, which has sold 365 of its 6,000 pubs raising £127m, said that like for like net income has fallen 4.2% in the first half of the year, but improved summer trading had meant net income was down just 2.7% for the 18 weeks to 3 August 2013.

Enterprise said it had been hit by poor winter weather along with the cessation of trading of its wines and spirits distributor Waverley.

It added that the improved figures were down to a falling rate of failures, along with the deployment of free Wi-Fi, improved food pricing and the availability of discounted Sky packages.

Addressing its debt, the company said: "We are pleased to report that our drawn bank borrowings net of cash are now at £217m, already below the level of the new bank facility of £220m which commences on expiration of the existing facilities on 15 December 2013. Our debt reduction strategy remains on track and we anticipate total net debt being reduced to £2.5b by the year end."

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