Enterprise Inns plc (ETI) has today published its scheduled trading update for the 18 weeks to 4 February 2017, provides a progress update on the strategic plan, and reveals its name change.
The group has made a good start to the financial year with Ei Publican Partnerships, its leased and tenanted estate, reporting like-for-like net income growth of 1.6% in the 18 weeks to 4 February 2017. 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 its publicans.
The execution of the firm's strategic plan for the business is progressing well. The firm expects 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 its managed house businesses is progressing in line with expectations, and the group continues to expect to have in the region of 250 managed houses operational by 30 September 2017.
The company is changing its name today from Enterprise Inns plc to Ei Group plc. This reflects the transformation of the firm'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.
It is expected that with effect from 8.00 am on 10 February 2017 the Company’s shares will trade under its new name of Ei Group plc.