Greene King has published its results for FY22 which show that Group revenue increased over 62% to £2,176m, up from £1,342m in 2022, with growth across all five divisions, and with adjusted operating profit growing from £18.6m to £192.6m.
Operational highlights included the targeted purchases of sites across the country, including the Ubiquitous Chip by Metropolitan Pub Company, growing Hive Pubs, the community pub model operated by franchisees to 28 sites, and launching new premium beer brands, Flint Eye and Level Head, which are now available in pubs and in the off-trade
Greene King said that the business “continued to deliver against its strategy, investing £242.3m in its brands, new pub and dining formats and in acquisitions during the period. Ensuring the best possible value and choice for customers during the cost-of-living crisis was a priority during the year, as well as supporting the Group’s 38,600 team members. The Group also took proactive steps to help reduce costs through successful energy hedging and focusing on efficiencies.
Greene King expects the tough operating environment to continue and have planned for this, expecting 2023 to be another year of investment.
Nick Mackenzie, Greene King chief executive officer, said, “Greene King delivered a strong operational and financial performance during 2022 despite the challenging macroeconomic backdrop with progress made in all our businesses. This was only made possible by our hardworking and committed team members and tenants, who I would like to thank. We also continued to invest in the business, which meant we made important strategic progress, particularly in new format and brand developments, targeted acquisitions and through driving our cultural transformation.
“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. By focusing on the things we can control and supporting our team members and customers, we will continue to do what Greene King does so well, playing a meaningful role in supporting the communities we serve and leading the way in making our industry a better place to work.”
In the immediate future, Green King estimate that 1.8 million pints will be pulled across the business’s managed pubs over the coming Coronation weekend.
Picture: Greene King CEO Nick Mackenzie, with a pint of their specially brewed Coronation Ale.