BREWING giant Greene King yesterday announced that it has become a billion pound business.
In its end of year results, the Bury St Edmunds-based company recorded an income of more than £1 billion during the 52 weeks up until May this year.
This year’s income – £1,042.7 million – represented a six per cent increase on the same period last year and led to record pre-tax profits of £140 million, 13.8 per cent higher than last year.
Greene King has expanded significantly this year, acquiring Cloverleaf’s 11 restaurants for £55.7m in January and Realpubs’ 14 pubs for £52.2m in April, among other sites.
Greene King chief executive Rooney Anand toasted the company’s performance.
“This has been a very successful year for Greene King, delivering revenue of over £1 billion for the first time, record profits and a 7.4 per cent dividend increase,” he said.
“Our retail business continues to spearhead our growth, as we increase our share of the eating out market. Our retail expansion strategy is on track with our most recent acquisitions, Cloverleaf and Realpubs, trading well.
“Our teams across the business have delivered these results by giving our customers compelling value, service and quality and going forward, there are numerous opportunities for further growth.”
He warned that he foresaw ‘another testing year’ ahead, but that the results showed that ‘Greene King could continue to deliver attractive returns’.
The results show that food-related sales made up around 60 per cent of the company’s total sales.
Greene King currently employs 20,000 people and operates 2,429 pubs and restaurants across England, Scotland and Wales.