Enterprise profits dip 11%

May 14, 2008: The impact of exceptional items saw Enterprise Inns' profit before tax drop 11% to £132 million in the six months to March 31.

However, chief executive Ted Tuppen insisted these were "solid results".

"The trading environment is tough and consumer leisure spend is likely to remain under pressure for some time," he said.

"Despite this, our licensees continue to tackle today’s market with vigour and entrepreneurial flair, gaining market share and working with great purpose to make their businesses successful.

"We remain confident that by demonstrating our commitment to quality, co-operation and determination throughout the business, we will continue to deliver performance ahead of the market and solid growth in shareholder value.”

Enterprise has permission to convert Real Investment Trust status, which would be tax efficient for the firm, but will look into the move further before making any recommendation on conversion to its shareholders.