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Profits plummet at Enterprise Inns
Enterprise Inns suffered a 92 per cent fall in pre-tax profits during the six months to 31 March 2009.
The pub operator, which has been hit hard by the recession, reported pre-tax profits of just £9m, down from £122m a year before.
Enterprise's chair, Ted Tuppen, however, pointed out that the plunge was largely down to £94m being lost in the reduction in value of the pub estate and other exceptional costs.
Tuppen added that the group is currently spending £1.4m each month to keep struggling licensed pubs afloat.
Announcing the company's results, Tuppen said there was no immediate signs if recovery in the outlook for pubs.
"Trading conditions across the pub industry continue to be very challenging, against the background of the current recession, weak consumer confidence and the resulting reduction in discretionary spending," he said.
"We expect conditions to be challenging thorough the second half of the year."