GREENE King has again posted record results, bucking the struggling economic trend.
Its annual preliminary results announced to the City yesterday showed total sales of £1,140 billion, an increase of 9.4 per cent on the previous year.
Like-for-like sales within its key retail division of directly managed pubs, were 4 per cent up, including 17 per cent growth in food sales.
Average earnings per pub within its leased, tenanted and franchised pubs were 4 per cent ahead while revenue from its Brewing & Brands division, which includes the brewery operation in Bury, was 5 per cent up.
Operating profit across the group was 6.4 per cent up, at £236.2million and pre-tax profits were 8.6 per cent ahead at £152million.
Chief executive Rooney Anand said: “The team in Bury and across Greene King have done a fantastic job delivering good results for our customers and shareholders – an incredible amount of effort and commitment.”
Mr Anand said that despite uncertain times the company was still delivering great value. “When people are watching the pennies we are making sure the price we sell our beer in our pubs and particularly our food offer provides a good alternative to staying in or eating elsewhere. The value we deliver is very good. Our services are second to none.”
With regard to pub closures Mr Anand said: “The closure of pubs is sad. Unfortunately we have to recognise that for historical reasons there are a very high number of pubs which are closing and Greene King cannot be immune to that.”