Greene King announces successful year, with Brexit warning

Claire Dodd

Claire Dodd

29 June 2016

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.

Related articles

News

Greene King reports record results

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 Apr

News

Greene King to take on 10,000 apprentices

Pub operator and brewer Greene King has pledged to take on 10,000 apprentices over the next three years.The announcement, made on the first day of Nat

News

Greene King predicts strong Christmas

Pub operator Greene King has reported that the leisure industry is set for strong Christmas trading as it announced the results of its latest Leisure

News

Greene King delivers record revenue of £1.04bn

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 de