PUBS RAISE £1BN FOR GREENE KING

Greene King has reported record revenue and strong returns in its preliminary results for the 52 weeks to 3rd May. The figures revealed that, for the first time, Greene King pub revenues (which includes cash generated by Belhaven Pubs) has reached £1bn. Total revenue for the pub and brewing group increased to £1,315.3m (+3% on a 52 week basis) however operating profit declined by 1.7% to £256.2m. Retail like-for-like (LFL) sales grew marginally up 0.4%, while Pub Partners LFL net income was up 3.5%. Brewing & Brands own-brewed volume increased by 4.2%. Greene King revealed it has met its five year strategic plans objectives. It has expanded its Retail sites by 19.4%; increased tenanted EBITDA per pub by 33%; and has grown its ale market share by 120bps. It also completed the acquisition of Spirit Pub Company plc, post year-end, creating UK’s leading managed pub company.

Rooney Anand, Greene King chief executive officer, commented, “Greene King has delivered another record year in a challenging trading environment. We have delivered good underlying growth across all parts of the business with Retail generating revenue of over £1bn for the first time. Underlying earnings growth of over 9% has enabled a dividend increase of 4.8%, reflecting our confidence in the strength of the business and its prospects for future growth.

“We have also completed a successful five-year strategic plan, surpassing our goals, as we delivered significant progress, changed the business mix and better positioned the company for the future.

We now enter another exciting new phase in the company’s history, with the acquisition of Spirit. We warmly welcome Spirit’s employees and its shareholders to Greene King. The acquisition will further strengthen our platform to deliver sustainable, long-term success for the benefit of our customers, our employees and our shareholders.”

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