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Greene King in Bury St Edmunds posts its six monthly results

Good summer weather and the World Cup helped Greene King’s business grow as its six monthly figures to October have shown.

In the 24 week period total revenue stood at £1,051.2 million - a 1.9 per cent increase year on year.

Pub Company like for like sales were up 2.7 per cent and Brewing and Brands up 7.5 per cent.

Greene King.Westgate Street.Picture Mark Westley. (3027076)
Greene King.Westgate Street.Picture Mark Westley. (3027076)

Pub Partners Revenue was down 1.3 per cent due to 4.6 per cent fewer pubs trading year on year.

The company, which is based in Bury St Edmunds, disposed of 40 pubs and 13 other properties realising £30.7 million from which it funded three new builds and two single site acquisitions.

Adjusted earnings per share while up 0.3 per cent to 33.1p have lead the Board to recommend a dividend per share of 8.8p in line with last year.

The report also states that the company continues to monitor Brexit negotiations, identifying key areas of risk from a no deal outcome.

The company has been working closely with its supply chain to safeguard the continued supply of goods to pubs and breweries as well as export of its beer.

The report says that Greene King has a ‘relatively small’ percentage of non UK EU nationals and it is taking steps to ensure those employees have full support through the period of uncertainty.

The award winning apprenticeship programme continues with more than 1,000 apprentices joining the business and more than 300 vacancies filled through the scheme during the period.

The company also raised £840,000 as part of its fund-raising for Macmillan Cancer Support.

Rooney Anand, CEO, said: “The hard work of our teams and investment made to improve our customer experience is driving sales outperformance to the market. We remain highly cash generative, meeting out debt repayment requirements, investing in our pubs and paying a highly attractive, sustainable dividend out of operating free cash flow.”

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