Greene King cheers over record results
Greene King has reported record results for the year ending April 30, with revenue up 6.9 per cent.
The group’s revenue is up from £2,073 million last year to £2,216.5 million with group profit before tax, exceptional and nonunderlying items up 6.6 per cent to £273.5 million.
However, the results published today show its ‘Brewing & Brands’ revenue up by 1.7 per cent to £200.3 million but with profit before tax, exceptional and nonunderlying items down 5.2 per cent from £32.7 millions to £31.0 million, in spite of boasting of sales up 1.5 per cent.
Share dividends are up 3.6 per cent to 33.2p a share.
Rooney Anand, chief executive, said: “Greene King has delivered another set of record results, generating full year EBITDA of over £500m for the first time.
“The team has worked hard to maintain momentum during the period and successfully completed the integration of Spirit [pub chain] a year ahead of schedule. This has led to a stronger, more competitive business with an industry-leading portfolio of brands.
“Our performance has been achieved against a demanding backdrop of increased costs, weaker consumer confidence and increasing competition. While I expect these challenges to intensify over the next few years, Greene King has a very strong track record of delivery in tough market conditions.
“Using the scale that the Spirit acquisition has brought, we will continue towards our aim of being the best pub company in Britain.
“We will achieve this goal by ensuring we have the best brands, the best invested estate and the best people in the industry. We will target further market outperformance, in a growing market, supported by additional cost efficiencies, a robust balance sheet and strong cash generation to deliver long-term growth and attractive returns for our shareholders.”