Greene King's managed sites see profits rise 17%
Greene King has recorded a strong performance for the 24 weeks to 14 October, with group pre-tax profits up 7.1% to £82.7m.
The Bury St Edmunds-based brewer and pub company also saw its revenues climb 7.3% to £566.2m.
Profit in its retail (managed) division was up 17.4% while its margin increase to 20.4%.
Meanwhile the average earnings before interest, tax, depreciation and amortisation (EBITDA) per pub in Greene King's Pub Partners (tenanted and leased) division rose 3.9%.
Revenue from its brewing operations rose 2.2%.
The company said it was on course to deliver its strategy to improve growth, including expanding its retail division to 1,100 sites. It acquired 20 sites for the division in the first half to 972 sites.
Meanwhile it disposed of 48 non-core sites in its Pub Partners division, and transferred ten sites to retail.
Rooney Anand, Greene King chief executive said: "Our team has delivered another strong trading performance driven by 17% profit growth in our retail division. We have continued to focus on providing excellent value, service and quality to our customers, while improving productivity and keeping tight control of costs. This has led to strong sales and profit growth, increased cashflow, improved returns and a stronger balance sheet.
"While we continue to see a challenging environment for the UK consumer, our strategy has been tailored for these conditions - we provide our customers with ‘everyday treats' and value for money."
Greene King has 2,298 pubs, restaurants and hotels across England, Wales and Scotland, of which 972 are retail pubs, restaurants and hotels, and 1,326 are tenanted, leased and franchised pubs.
Its retail brands include Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Restaurants.
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