Enterprise Inns plc (ETI.L) reported a loss before tax of 42 million pounds for the year ended 30 September 2013, compared to profit of 34 million pounds, last year. Loss after tax attributable to members of the parent company was 4 million pounds or 0.8 pence per share, compared to profit of 44 million pounds or 8.8 pence per share, a year ago.
On a pre-exceptional basis, pretax profit was 121 million pounds, compared to 137 million pounds, a year ago. Adjusted earnings per share was 19.0 pence, compared to 20.4 pence, previous year.
EBITDA before exceptional items was 313 million pounds, compared to 340 million pounds, primarily reflecting impact of the disposal programme.
Revenue declined to 639 million pounds, from 692 million pounds, last year.
The Board of Enterprise Inns currently believes that the best use of available cash is to continue to reduce debt to achieve a transfer of value to shareholders and as such will not resume the payment of dividends at this time.
The Group also announced that Ted Tuppen will be retiring as Chief Executive on 6th February 2014 and is expected to leave the company on 19th May 2014. He will be succeeded by Simon Townsend, currently Chief Operating Officer. The appointment of new Chief Executive will be effective from 6th February 2014.
Simon joined the Group in 1999, was appointed to the Board in 2000 and has been Chief Operating Officer for 7 years.
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