Greene King reports revenue of £2.18b

Pub group Greene King has reported revenue of £2.18b in 2022, an increase of 62.2% compared to the previous year, with growth across all five divisions.

For the 52 weeks ended 1 January 2023, the company saw a recovery in sales to pre-pandemic levels, despite the ongoing cost of living crisis, which dampened consumer confidence.

Profit before tax and adjusting items rose to £66.9m from a loss before tax and adjusting items of £113.8m over the previous period, which also saw the closure of all pubs for the first 15 weeks of the financial year.

Earnings before tax, interest, depreciation and amortisation (EBITDA) was also recorded at £321.1m, which is more than double last year's figures (£156.3m).

Greene King acquired Scottish pub and restaurant Ubiquitous Chip and prepared 17-site American-style smokehouse brand Hickory's for nationwide expansion.

The group also invested in 43 sites across its ‘premium', ‘urban' and ‘ventures' estate, as well as pursuing capital investment in a further 80 destination food brands, with a major focus on gardens that amounted to £2.3m.

Investment in the wider estate brought total core capital expenditure to £164.1m, compared to £68m last year.

Greene King also announced plans for a 160,708 sq ft distribution depot for its beers, which is scheduled to open this summer.

Nick Mackenzie, chief executive of Greene King, said: "Greene King delivered a strong operational and financial performance during 2022 despite the challenging macroeconomic backdrop with progress made in all our businesses.

"Looking ahead, we expect the tough backdrop to continue, and we have planned for this. We now have a stronger platform to deliver sustainable growth against a strategy that is working and with a strong balance sheet."