Greene King reaches £2b revenue milestone

29 June 2016 by
Greene King reaches £2b revenue milestone

Greene King has reported it has reached the £2b revenue milestone with group revenue up 57.6% on last year.

The group's adjusted profit before tax also increased by 52.2% to £256.5m, according to preliminary results for the 52 weeks to 1 May 2016.

Like for like sales were shown to have rose by 1.5% for the period, slightly ahead of the market's 1.3% increase.

It has also reported a strong start to the current year with like for like sales up 2.8%.

The firm said its £774m acquisition of Spirit Pub Company in June last year, has already resulted in £16.7m of cost synergies compared to its year one target of £12m.

Rooney Anand, chief executive, said: "It has been a transformational year for Greene King. We completed the acquisition of Spirit Pub Company and reached the milestone of £2b revenue.

"We have delivered growth across each of the three divisions, outperforming the market in a challenging environment, while making significant progress in combining the best of both businesses to build Britain's best pub company."

He added: "I am pleased to report a strong start to the new financial year, although it is likely that consumer confidence will be affected by Brexit in the near-term. However, Greene King has a strong track record of performing well in challenging conditions, we are a resilient business with a talented team and a strong balance sheet, and we will benefit from the opportunities created by the Spirit acquisition. We are well placed to continue delivering value to our shareholders."

Greene King currently employs around 44,000 people across its main trading businesses: Pub Company, Pub Partners and Brewing & Brands.

At the year end, it operated 3,035 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,823 were retail pubs, restaurants and hotels, and 1,212 were tenanted, leased and franchised pubs.

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