Enterprise Inns, the leased and tenanted pub company, is targeting a return to growth across its entire estate during the full-year. It follows news this morning that like-for-like income in it’s substantive estate, which accounts for 95% of Enterprise’s income, increased by 1% in the 18 weeks to 4 February. Net income fell 2% across the estate, including those 5% of sites on non-substantive agreements. Speaking to analysts, chief executive Ted Tuppen pointed to factors that would benefit trading in the second half, including the Jubilee, Euro 2012 and the London Olympics. “We are certainly going for like-for-like growth in the substantive estate and have set us the challenge of getting like-for-like growth in the whole estate,” he said. Tuppen said there had been “stabalisation” across different regions, with “encouraging trends towards improvement in the north” and growth in the Midlands. Average net income per pub increased 5% in the half-year (2010/2011: 1%), helped by improvements in operating performance and the disposal of underperforming pubs. Enterprise said it wanted to sell a number of “exceptional” properties that can realise substantial cash proceeds above book value. Tuppen said he expected to generate 13 or 14x EBITDA per site, earning the company about £150m to £200m a year for the next couple of years. It would “probably” involve 200 to 300 pubs, he added. Last week it was announced that Enterprise was to sell 15 pubs to Fuller’s for £22.9m and Tuppen said: “We have found there are a number of pub operators out there rather reluctantly waiting to see how trade is developing, but now have the confidence to buy pubs at the price we are selling.” Issuing a Hold recommendation for Enterprise, leading sector analyst Paul Hickman at Peel Hunt said: "Enterprise has a long-term debt management task on its hands. Its immediate hurdle of refinancing bank facilities, expiring December 2013, has become more achievable on increased disposals. "However, uncertainties on substantial longer-term repayments, and debt service in the meantime, must still be taken on board by any investor wanting to take a position. "Despite the low PER [per earnings ratio], we still believe the risk profile is too great for most."