Greene King sees annual like-for-likes grow 4%
28 June, 2012
Greene King today reported annual like-for-like sales in its managed pubs and restaurants up 4% on last year, with food sales ahead 17%. Current trading was also healthy, it said, with like-for-like growth of 7% over the last eight weeks.
The brewer, pub and restaurant operator, whose brands include Hungry Horse with 180 sites and Loch Fyne with 42, saw overall group sales grow 9.4% to £1.14bn for the 52 weeks to April 29. Pre-tax profit grew 6.4% to £152m.
Operating profit in its managed estate grew 13%, with ebitda per pub over £200k for first time, the company said. Its retail expansion strategy was on track, it said, with a further 39 sites added and an 'attractive' pipeline of new sites in place.
Greene King is outperforming the overall eating and drinking-out market, with the Coffer Peach Business Tracker showing an annual like-for-like sales growth rate of 2% up to the end of May.
Its beer business also had a good year, with total volumes up 8% and revenue up 5%.
Rooney Anand, chief executive officer, said: "Our team has once again delivered record results and attractive returns to our shareholders in a difficult environment. We have achieved strong growth and made further strategic progress. All our businesses are building customer loyalty by delivering industry-leading value, service and quality as we strive to be Britain's best pubs and beer business.
"We are in the middle of an exciting summer for Britain, despite the unpredictable weather, with the Diamond Jubilee, Euro 2012 and with the Olympics still to come. However, looking further ahead, our customers' spending will continue to be squeezed and concerns remain about job security. Our strategy is tailored for these difficult conditions as we focus on providing 'everyday treats' to our customers and delivering sustainable growth in earnings and dividends for our shareholders."
The full results statement can be downloaded at www.greeneking.co.uk
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