Enterprise Inns have risen 2.5 pence after the World Cup boosted sales at the tenanted pub company.
Like-for-like sales per pub were maintained at roughly 2 pct down for the 42 weeks to July 16th whilst sales of over 400 pubs generated proceeds of £124 million with an additional 102 pubs to for £29 million later this year.
This strategy is in line with management's drive to reduce net debts at the company although the lack of 'spark' in sales, left Hugh-Guy Lorriman cautious:
"The group talks about 'improving trends' and gives volume based metrics (such as percentage of pubs let on substantive agreements). However the significant point is that Enterprise Inns expects "to deliver results for the year in line with expectations." said the Seymour Pierce stockbroker, analyst.
"We leave our forecasts unchanged. The long awaited upturn in trading, to get back to positive real like for likes and hence upgrades in forecasts, is yet to materialise and this is needed in order for us to believe that ETI can return to being treated as a more normal equity story. We retain our cautious stance on Enterprise Inns." he said.
Shares in the pub group are trading for 97.05 (+3.05p) on the FTSE 250 at 11:05 today.