Enterprise's stock slumps following 16 per cent dip in profits

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The Independent Online

Enterprise inns offered signs of more stability in its pubs estate after reporting a decline in the amount of financial aid set aside for struggling licensees.

But shares in Britain's second-largest leased and tenanted pubs operator, founded in 1991 by Ted Tuppen, still fell by 9 per cent to 99.3p as it posted a 16 per cent fall in underlying pre-tax profits of £175m for the year to 30 September.

Revenues fell 7 per cent to £758m. Enterprise, based in Solihull, West Midlands, sold 579 of its worst-performing pubs during the year, taking its total to 6,820.