Enterprise Inns said on Thursday that it is on track to deliver its expectations for the full year as it announced a change of name to Ei Group.
Pub owner Enterprise Inns announced its results for the year to 30 September on Tuesday, with EBITDA before exceptional items of £292m, down slightly from £296m a year earlier, which was in line with expectations and reflecting the impact of planned disposals.
A rise in UK retail footfall in May provided some rare good news for the embattled sector, as the best monthly high street performance for three years outweighed a decline for shopping centres.
Enterprise Inns said second-half trading is in line with its expectations, despite being hurt by the timing of the Easter weekend and after improving its first-half pre-tax profit to £40m, from £10m.
Pub group Enterprise Inns rallied on Tuesday as it reported growth in like-for-like net income and announced a share buyback programme.
Homebuilders were under the cosh at the end of the week, dragged lower by a negative reaction to the latest trading statement out of Berkeley Group.
UK midcaps were chasing their blue chip brethren higher on Monday as bargain hunters regained confidence. By late afternoon the FTSE 250 was 1.9% higher at 15,725.05.
The Times' Tempus is confident about Informa's future and the ability to raise earnings again, though acknowledged some investors might be tempted to take profits.
Enterprise Inns has seen like-for-like net income in its leased and tenanted estate grow 1.6% for the 19 weeks to 6 February 2016.
Enterprise Inns: Barclays downgrades to underweight with a target of 80p.
Nomura reiterated its 'buy' rating and target price of 1150p on BG Group after the company reported a rise in full-year earnings.
Barclays downgraded Enterprise Inns to 'underweight' from 'equalweight' and slashed the price target to 80p from 155p.
Enterprise Inns swung to a loss for the year as revenue declined and the pub group incurred charges related to the revaluation of the estate.
Investors raised a glass to Enterprise Inns after serving third-quarter results that sparkled with the ongoing benefits of its new strategy, with like-for-like net income bubbling 0.5% higher in the face of a strong World Cup-boosted period last year.
Enterprise Inns's chairman Robert Walker purchased new shares in the company one day after Numis upgraded the stock as it expects the new strategy to enhance the level and quality of earnings from 2017.
Numis upgraded Enterprise Inns to 'buy' from 'add' and raised the price target to 160p from 150p, saying it expects the new strategy to enhance the level and quality of earnings from 2017.
UK stocks rebounded on Wednesday, driven by the Bank of England pushing back rate-hike predictions and a dip in unemployment. Sector-wise, property, energy and engineering stocks extended gains, while travel and utilities dipped.
UK stocks suffered steep declines on Tuesday as volatility in sovereign debt markets and ongoing fears about Greece sent shares 1.4% lower, with Easyjet leading the fallers on a cautious outlook.
UK stocks dropped sharply on Tuesday as a sell-off on sovereign debt markets and ongoing fears about Greece's finances hammered sentiment.
UK stocks plunged into the red on Tuesday morning on concerns about Greece and bond-market volatility, while blue chip budget airline Easyjet disappointed investors with its full-year outlook.