The company said it was on track with its strategic plans and expects to be operating in excess of 100 managed houses by September. It has also continued to grow its commercial property portfolio to 300 properties by the end of the financial year
In an update ahead of its annual general meeting today, the group said the like-for-like net income growth, which covers just the leased and tenanted estate, had been driven by stabilising rental income, growing income from beer sales and driven by the provision of operational support and commercial benefits to its publicans.
It said trading performance and expansion of our managed house operations was “progressing in line with our plans”.
Chief executive Simon Townsend said: “We are pleased to have made a strong start to the year, delivering continued growth of our leased and tenanted business, and this provides us with confidence that we are on track to deliver our expectations for the full financial year.
"Furthermore, we have made good progress executing our operational strategy while recruiting and developing the organisational capabilities necessary to achieve our strategic objectives.”