Shares in Enterprise Inns (ETI) dropped by around 10% yesterday following market disappointment that the group did not resume dividend payments. The group scrapped dividends some 18 months ago and warned yesterday that it would not pay out until this time next year, to allow the economy time to recover. Shares were down by 10.75p at 98.85p yesterday as a result. This was despite the company admitting it thought it had achieved a “hard won stability”. Unveiling its final results yesterday, the company, which is led by chief executive Ted Tuppen, said it had seen the like-for-like income decline per pub improve from –8% to –5% and that its best performing pubs were averaging around –2%. Ebitda before exceptional items was down from £450m to £405m and it delivered a profit before tax and exceptional items of £175m, down from £208m the year before. Profit after tax was £26m, up from £6m. A defiant Tuppen told The Times: “The market is the market. Our results are very much in line with forecasts and slightly ahead at EPS level.”