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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