Enterprise Inns maintains LFL net income growth

Enterprise Inns maintained like-for-like net income growth in the 18 weeks to 4 February and will change its name to Ei Group from today.

An update ahead of today's annual general meeting said: "We have made a good start to the financial year with Ei Publican Partnerships, our leased and tenanted estate, reporting like-for-like net income growth of 1.6% in the 18 weeks to 4 February.

"This steady improvement in performance has been achieved as a result of continued stabilisation of rental income and growing income from beer sales, driven by targeted capital investment, operational support and commercial benefits provided to our publicans."

It added: "The execution of our strategic plan for the business is progressing well.

"We expect to be operating in the region of 400 commercial properties by the financial year end.

"Of these, 181 traded throughout this reporting period and the prior period, delivering like-for-like net income growth of 2.1%.

"The trading performance and expansion of our managed house businesses is progressing in line with our expectations and we continue to expect to have in the region of 250 managed houses operational by 30 September 2017."

The company said the change of name to Ei Group reflected the transformation of the company's business from a single, predominantly leased and tenanted operation, to a portfolio of businesses comprising a variety of operating models and trading styles designed to optimise the value derived from the asset base.