Greene King has delivered another set of record results, according to preliminary figures for the 52 weeks to April, generating earnings before deductions of more than £500m for the first time.
Pub company like-for-like sales were up 1.5%, ahead of the market, driven by a good Christmas, a stronger fourth quarter and a strong performance from Greene King Locals. There was a record performance from Pub Partners with like-for-like net profit up 5%. Brewing and brands revenue rose 1.7%, although own-brewed volume was down 2.8%.
On the road to record results, the company achieved £35m targeted annual synergies, rolled out a new IT system and integrated supply chain, and completed an organisational restructure.
Chief executive, Rooney Anand, said: “Greene King has delivered another set of record results, generating full year EBITDA of over £500m for the first time. The team has worked hard to maintain momentum during the period and successfully completed the integration of Spirit a year ahead of schedule. This has led to a stronger, more competitive business with an industry-leading portfolio of brands.
“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.
“Using the scale that the Spirit acquisition has brought, we will continue towards our aim of being the best pub company in Britain. We will achieve this goal by ensuring we have the best brands, the best invested estate and the best people in the industry.
“We will target further market outperformance, in a growing market, supported by additional cost efficiencies, a robust balance sheet and strong cash generation to deliver long-term growth and attractive returns for our shareholders.”
