Enterprise Inns

British pub operator Enterprise Inns Plc on Tuesday reported an impressive year-on-year increase of 62 per cent in pretax profit for the first six months of its financial year and claimed that it expected to achieve its full-year growth target.

Drinkers are taking pleasure from the great weather and viewing the World Cup which has given an improvement to Enterprise Inns.

Amidst the trading revision for the 42 weeks to the central of July, the bar groups expressed that it anticipates the full year outcome which might come in the line with prospects, with the growing drift since the half year results.

Moreover the average income per pub during the third quarter was aligned with the previous year in spite of the challenging situation and standard income per pub was just behind 2% in the last year.

UK’s second largest tenanted pub owner, Enterprise Inns has successfully signed a £625m refinancing deal with its bankers. The news helped raise its share price by 9% in the share market.

Even though the new arrangement will start next year in May 2011 after the current one is complete. The company has been able to raise £135m till the month of March but it is still under a debt of around £3.4bn, which is less than £3.56bn at the start of the year. The company’s half-yearly profits fell from £104m to £86m.

Investors at Enterprise Inns , the second largest pub firm in UK, hailed in a prosperous 2009 with large pint of lager, when the pub group announced that decline in sales at its high quality recession hit pubs had halved from 8% to 4% in the last quarter. Following on heels of the welcome news, the shares at Enterprise Inns rose by 11%.

Enterprise Inns PLC, Britain's pub company, said on Tuesday that it had fewer empty pubs, signifying improved trading conditions for the struggling sector.

Enterprise said only 90 pubs out of it's around 7,100 pubs were currently closed, down from over 100 in July, with lower demand for financial support from licensees.

This year so far Enterprise has sold 365 of its underperforming pubs and the company has spent 15 million pounds on support like rent concession and discounts.