Greene King reported record revenue of £1,044.3m in the 24 weeks to October 16, with operating profit before exceptional items of £203.7m.
Pub company like-for-like sales were up by 1.3% and there was a particularly strong performance from Pub Partners, up 4.2%.
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.”
Martin Lane, a spokesperson at www.money.co.uk, told Beer Today: “Eating out has been on the rise in the UK for a little while now, with households experiencing more disposable income. It’s understandable that despite reporting healthy profits this morning, Greene King are nervous about what next year might bring.
“They will need to pay their staff more and there are no guarantees they will have the same volume of punters coming through their doors, either, with consumers a little nervous about parting with their cash since the announcement of Brexit. The future is looking a little cloudy for the brewer.”
