Shares Rise for Enterprise Inns Despite Flat Profits
The UK's largest pub group Enterprise Inns posted a annual profits of £122 million, a slight increase from last year's profit of £121 million.
In a statement released by the group it said it is restructuring the business, including selling unwanted assets, expanding its management operations and developing a commercial property division.
According to The Guardian, its like-for-like income rose by 0.8 per cent, and the first six weeks of the new financial year was on track with the new strategy. Shares rose by 3.7 per cent as a result.
During the year it sold 260 pubs for £75m, but wrote down the value of the rest of its estate by £163m.
It currently has plans to expand its portfolio of commercial property to 1,000 units by 2020.