Enterprise Inns profit drops

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Pub operator Enterprise Inns served up an 11% decline in first half profit, in line with expectations, as it warned of a tough trading environment.

"Consumer leisure spend is likely to remain under pressure for some time," the group said in a company statement.

Profit before tax and exceptional items fell to £132m in the six months ended 31 March 2008 from £149m the year before. Sales for the period fell to £438m from £453m previously.

"As we approach the first anniversary of the smoking ban in pubs, the trading environment remains tough, with many costs rising," it added.

Enterprise Inns, which operates 7,785 pubs, has bought a further 40 pubs for £32m and sold 18 underperforming pubs and surplus land for £12m, it said.

An interim dividend of 5.8p has been offered, up 12% from last time.

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