Greene King has reported a 'transformational year' after completing its acquisition of the Spirit Pub Company, reaching £2bn in revenue – a figure up 57.6% from last year.
Speaking today at the brewer and pub operator’s preliminary results for the 52 weeks to 1 May 2016, CEO Rooney Anand warned that although the year had brought positive results, he expected ‘Brexit’ to impact consumer confidence in the short term.
Profit before tax rose 52.2% to £256.5m, while like-for-like sales across its 1,800-strong managed estate was up 1.5%. Tenanted, franchised and leased arm Pub Partners saw like-for-like net income rise 2.7%. The Brewing & Brands division achieved own-brewed volume growth of 2.9%, with beers including Greene King IPA, Old Speckled Hen and Abbot Ale.
Anand said: 'We have delivered growth across each of the three divisions, outperforming the market in a challenging environment, while making significant progress in combining the best of both businesses to build Britain’s best pub company.
'Greene King has a strong track record of performing well in challenging conditions, we are a resilient business with a talented team and a strong balance sheet, and we will benefit from the opportunities created by the Spirit acquisition. We are well placed to continue delivering value to our shareholders.'
The purchase of the Spirit Pub Company in mid-2015 has helped Greene King achieve its ambition of being a predominantly managed estate. Spirit delivered £16.7m of cost synergies versus its year one target of £12m, the company reported.