Greene King delivers record revenue of £1.04bn

Claire Dodd

Claire Dodd

30 November 2016

Brewer and pub operator Greene King has recorded a record revenue of £1.04bn in its interim results for the 24 weeks to October 16, despite what it described as 'challenging market conditions'.

Rooney Anand
Rooney Anand

However, it warned that future profits could be hit by Brexit, and an uncertain economic climate.

Operating profit before exceptional items stood at £203.7m, with all divisions in profit growth. Pub company like-for-like sales are up 1.3%, ahead of the market. Like-for-like net income for its tenanted and leased business, Pub Partners, was up 4.2%. Total revenue was up 13.8% year-on-year.

Chief executive, Rooney Anand said: 'We have delivered market outperformance and strong integration momentum against a backdrop of continued challenging market conditions. Our performance has been driven by growth in all divisions and the synergy benefits from the integration. These have helped to offset increased cost pressures, particularly from the National Living Wage, as well as additional investment in the customer offer to meet higher guest expectations of value, service and quality.

'The full impact of the UK decision to leave the EU remains unclear. Looking ahead, increasing levels of consumer uncertainty, further cost pressures and the changing dynamics of eating out, mean the consumer environment is likely to become more challenging. However, we are confident that the strength of our brands, pubs, people and cash generation leaves us well placed to deliver another year of progress, value creation and returns for our shareholders.'

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