Wednesday, January 27, 2010

Enterprise Inns: 4% drop in net income per pub

What a rubbish statement:

"a generally strong Christmas bringing an uplift in sales" Oh yeah? Where's the evidence?

"under-performing pubs." You don't have under-performing pubs do you? And you're selling off all the over-performing pubs as well, on a 'sell now worry about it later' basis aren't you? A basis whereby as beer volumes drop you won't have a margin left to provide the 6% yield you promised.

"an expected fall in the cost of financial assistance required as licensees managed to stabilise their businesses" It doesn't work like that.

"strong demand from good quality licensees seeking a pub." Whom?

"a reduction in the number of outlets under temporary management agreements" Where?

"pubs and consumers alike face the prospect of rising taxes and higher unemployment" Yup that's right we're all in it together Ted.

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