Greene King profits up
Belhaven owners Greene King has reported £1,051 million in revenues in the last six months, up 1.9% on the previous half, after a strong sales performance from its Pub Company. Group profit before tax and exceptionals was £128.2 million, up fractionally from £127.9 million.
Pub Company recorded growth of 2.7%, while Greene King branded local pubs traded well, with like-for-like sales of 4.9%. The Pub Partners division net income was ahead of last year and Brewing & Brands revenue was up 7.5%, helped, say the company, by the good summer weather.
Pub Company also delivered total sales of £850.3 million, up 1.6% from 2.4% fewer pubs. Average weekly take per pub was £20,600 up 4.0%, reflecting the programmes to improve sales, as well as the good weather and the World Cup. Like for like sales were up 2.7%, driven by higher drink volumes.
Pub Company operating profit was £134.2 million, down 2.0%, and the operating profit margin was 15.8%, down 0.6% pts, due to cost inflation.
Pub Partners revenue was down 1.3% to £90.9 million due to 4.6% fewer pubs trading year-on-year. Pub Partners operating profit margin was down 1.8% and profit was down 1.0%, due to higher central costs, including one-off legal costs.
Brewing & Brands revenue was up 7.5% to £110.0 million and operating profit was up 1.4%, while the operating profit margin was down 0.9% due to mix, with an increased sales contribution coming from third party beers.
The group, which acquired Belhaven in 2005 and is gearing up to celebrate the brewery’s 300th anniversary next year, posted a 0.2 per cent rise in adjusted profit before tax, at £128.2 million. The interim shareholder dividend was maintained at 8.8p.
Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs around 39,000 ‘team members’ across its main trading businesses; Pub Company, Pub Partners and Brewing & Brands.
The company brews quality ale brands from its Bury St. Edmunds and Dunbar breweries. Its industry-leading portfolio includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.