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BRIEF-EI Group posts H1 underlying PBT of 57 mln pounds
May 16, 2017 / 6:44 AM / 6 months ago

BRIEF-EI Group posts H1 underlying PBT of 57 mln pounds

May 16 (Reuters) - EI Group Plc

* Interim results

* Announces its interim results for six months ended 31 March 2017

* H1 underlying EBITDA of £140 million (H1 2016: £142 million), in line with expectations and reflecting impact of planned disposals

* H1 underlying profit before tax of £57 million (H1 2016: £57 million) as interest savings from reduced debt offset reduction in EBITDA

* H1 statutory profit after tax reduced to £10 million (H1 2016: £33 million)

* Continued momentum with like-for-like net income up 1.6% (H1 2016: up 1.8%) and growth delivered across all geographic regions

* Initial phases of implementation of new pubs code progressing in line with expectations

* H1 like-for-like net income up 1.1% (H1 2016: 6.3%), with future like-for-like net income growth expected to normalise in line with inflation

* H1 total capital investment of £35 million (H1 2016: £30 million)

* Trading in first six weeks of second half of year has been strong, assisted by timing of easter holiday period

* We expect our trading performance to reflect more challenging comparatives in June and july as we benefited from uefa euro football championship last year

* We are mindful of potential for continuing economic uncertainty over coming months

* Remain vigilant regarding possible headwinds from pubs code depending upon its interpretation and application.

* We are confident that we will continue to deliver positive like-for-like net income growth in our leased, tenanted and commercial estates for full year Source text for Eikon: Further company coverage:

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