Up 130% over the last year.
Anyone else watching this one.

Interim Results.

Highlights

EBITDA (pre-exceptional items) 204 million (2009: 226 million)

Average net income per pub 31.2k (2009: 32.2k)

86% of the pub estate let on substantive agreements, up from 83% at 30 September 2009

135 million gross proceeds from disposals, realising an exceptional profit of 32 million

Underlying net debt reduced by 163 million

Good rise on volume today.

Interim Management Statement.

Current trading

We are pleased to announce that we have continued to see an improving trend in trading performance since the Interim Results and, whilst remaining cautious about the underlying economic environment, we expect to deliver results for the full year in line with our expectations. The trend of stabilisation in the estate has continued and we are pleased that, with the help of reasonable weather and the FIFA World Cup, average income per pub during the third quarter was in line with that achieved in the same period last year. On a year-to-date basis, despite challenging conditions across the pub sector, average income per pub for the entire estate is down by just 2% on last year.

We have applied stricter pre-entry training requirements for new licensees which have tempered growth in the level of substantive agreements. Nevertheless some 86% of our pubs, representing 93% of net income, are currently let on substantive agreements and we anticipate that this percentage will increase in the run up to the year end. Pubs let on substantive agreements continue to perform well, with like-for-like income per pub for the year-to-date down by less than 2% compared to the same period last year.

The percentage of pubs closed or let on short term agreements (TAWs) has remained broadly constant but we are pleased that there are now just 55 pubs operating under Temporary Management Agreements (TMAs), a figure which we expect to reduce to close to zero by the end of the financial year. We continue to enjoy a strong demand from new licensees wishing to take on good quality pubs.

Enterprise is still struggling under massive debts of more than 20 times its market cap. That's helped push the share price down to a measly 30p, for a forward P/E of a stunning 1.3 -- but that's what happens when your earnings are pretty much all owed to your creditors. Profit is expected to be getting back to decent levels, but of dividend there will be none -- and there are unlikely to be any for quite some time in this dire situation.

Pub operator Enterprise Inns reported EBITDA before exceptional items of 366m for the year to end-September (2010: 405m).

Average net income per pub rose 1% to 64.2k for full year (2010: 63.6k).

90% of the estate was let on substantive agreements (2010: 89%).

Like-for-like net income in substantive estate was down 1.7% (2010: 2.3% down).

Annual revaluation of pub estate reduces book value by 173m: 4% (2010: 103m: 2%).

Enterprise had 238m proceeds from disposals and its sale and leaseback programme.

The company said strong cash generation has reduced net debt by 302m to 3.003bn.

Profit before tax and exceptional items was 157m (2010: 175m), while profit after tax was 24m (2010: 26m).

Adjusted earnings per share were 23.4p (2010: 25.9p).

Ted Tuppen, CEO, said: 'At the start of the year we set ourselves the task of stabilising the operational performance of the business whilst continuing to reduce our exposure to the banking market. We have made good progress on both fronts. The performance of our substantive estate, which makes up 90% of our estate by number, 95% by income, has continued to improve and we have reduced net debt by 302 million.

'Strong cash flows from disposals and operating activities have helped to significantly reduce bank borrowings during the year and we will continue to reduce our exposure to the volatility of the banking market by bringing forward a review of our existing banking facilities to secure appropriate bank funding for the future. In addition, we are reviewing how we can ensure that the income potential from every outlet is maximised including identification of additional opportunities to realise proceeds in excess of book value through disposal or alternative use, where appropriate.

'Whilst trading conditions are likely to remain challenging, we expect that the quality of our pub estate and the resilience of our publicans will ensure that the like-for-like performance in the substantive estate continues to improve. As we return the business towards growth, we remain committed to our initiatives and our strategy and confident that in the medium term we will be in a good position to deliver positive returns to shareholders.'

Up 12.7% This morning.

Trying September highs - 45p looks possible.

Interim Management Statement.

Highlights

· Continuation of improving trading trends, with like-for-like income per pub up 1% in the substantive estate (95% of total pub income)
· Average net income per pub up 5%, up from 1% in 2010/11
· Estimated total proceeds from all asset disposals of between £150 and £200 million for the current financial year
· Appointment of Robert Walker to become new chairman

In auction +8.9%

Serenely through 45p. +15.4%

Enterprise Inns appoints new chairman

StockMarketWire.com

Enterprise Inns has named Robert Walker to succeed Hubert Reid as chairman.

Walker will join the board as a non executive director and chairman designate following the conclusion of the annual general meeting today (9 February) and assume the role of chairman on 31 March.

Walker is currently chairman of Travis Perkins and Americana International Holdings and senior independent director of Tate & Lyle.

He was previously chairman of WH Smith, Williams Lea Group and BCA Europe.

He was also group chief executive of Severn Trent and has held a number of FTSE100/250 board appointments with BAA, Severn Trent, Signet Group, Thomson Travel and Wolseley.

Back in auction +18.9%.

Morgan Stanley from below 3% to above 5%.

Morgan Stanley from below 3% to above 5%.

Hic!

Morgan Stanley above 9%.

Looking strong again here.

And again on an otherwise sh*te day.

Added to BULLISH TRENDING Charts On CHAR thread tonight.

Off too a positive start.