Greene King posts strong rise in profit, revenue and sales
Pub company Greene King has posted a substantial rise in revenue and profit before tax in its preliminary results for the 53 weeks to 4 May this year.
Total revenue was up 8.9% in that time period (to £1,301.6m), while profit before tax was up 9.4% (to £173.1m), and operating profit before exceptional items was up 7% (to £265.6m). Like-for-like sales were also on the up, with retail sales up 4.1%, while food was up 5%.
The company itself called the results a record, and said there had been continued progress across all the group's businesses in the first eight weeks of the financial year. This related to the company's addition of 45 sites to its Retail business, taking the overall estate to 1,032 sites, plus 226 Hungry Horse venues. Businesses Pub Partners and Brewing & Brands had also performed well.
It also disposed of or transferred 148 sites in the same time.
Rooney Anand, Greene King chief executive officer, said: "We have delivered four years of record results since the credit crunch and maintained this momentum over the last 12 months. There are now clear signs that both the UK economic outlook and consumer confidence are improving, although consumers continue to spend cautiously."
He added that he felt people's eating and drinking habits outside the home were still continuing to change, and that the business would continue to adapt.
Historic pub company Greene King was founded in 1799 in Suffolk. It now operates nearly 2,000 pubs, restaurants and hotels across Great Britain, including the brands Hungry Horse, Old English Inns, and Loch Fyne Seafood and Grill. Its beer brands include Greene King IPA, Old Speckled Hen and Abbot Ale.
Greene King launches apprentice partnership with Lifetime Training >>
Greene King to launch new lease and tenancy agreements >>