Pub group Greene King reported better-than-expected full-year profits and said its retail business generated revenue of more than £1 billion for the first time.
The Bury St Edmunds-based firm, which runs about 1,900 pubs, restaurants and breweries, reported a pretax profit of £168.5 million for the 52 weeks ended May 3.
We now enter another exciting phase in the company’s history,Rooney Anand, chief executive
Over the same period, revenue rose 3 per cent to £1.31 billion.
Rooney Anand, Greene King chief executive officer, said the group had delivered another record year in a challenging trading environment.
He said: “We have delivered good underlying growth across all parts of the business with retail generating revenue of over £1 billion for the first time.
“Underlying earnings growth of over nine per cent has enabled a dividend increase of 4.8 per cent, reflecting our confidence in the strength of the business and its prospects for growth.”
He said the firm had completed its five-year strategic plan as it changed its business mix to better place itself for the future. It has expanded retail sites by 19.4 per cent and increased tenanted EBITDA per pub by 33 per cent. The company also completed the acquisition of Spirit Pub Company.
Mr Anand said: “We now enter another exciting phase in the company’s history, with the acquisition of Spirit.”