Greene King reports record results

Claire Dodd

Claire Dodd

29 June 2017

Brewer and pub operator Greene King has posted what it has called ‘record results’ as group revenue climbed 6.9% to £2.2bn, for the 52 weeks to 30 April 2017.

Pub Company like-for-like sales were up 1.5%, driven by a good Christmas, a stronger fourth quarter and a strong performance from Greene King Locals.

Tenanted and leased division Pub Partners saw like-for-like profits rise by 5%. While Brewing & Brands revenue was up 1.7%, own brewed volumes fell by 2.8%. However, this was ahead of the UK cask ale market.

Meanwhile, the integration of Spirit – which the company bought in 2015 for £774 million – has been completed a year ahead of schedule. Year one brand conversions achieved sales uplifts of over 30%.

'Greene King has delivered another set of record results, generating full year EBITDA of over £500m for the first time,' Greene King chief executive Rooney Anand, said.

'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.'

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