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Another Successful Year For Greene King

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Another Successful Year For Greene King

Another Successful Year For Greene King
June 28
11:45 2013

Driven by its retail business, Greene King, the UK regional brewer and pub group, has increased revenue by 4.8% to £1.19 billion and operating profit before exceptionals by 5.1% to £248.2 million for the 52 weeks to 28 April 2013. Profit before tax and exceptional items rose 6.6% to £162.0 million but statutory profit before tax declined by 8.2% to £114.8 million.

Greene King operates 2,256 pubs, restaurants and hotels across England, Wales and Scotland, of which 987 are retail pubs, restaurants and hotels, and 1,269 are tenanted, leased and franchised pubs. Greene King also brews ale brands from its Bury St Edmunds and Dunbar breweries, and is the UK’s leading cask ale brewer and premium ale brewer. Its brands portfolio includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.

Greene King Retail increased total revenue by 7.4% to £863.6 million on 3.5% more sites during the year. Retail also achieved strong profit growth, with operating profit of £167.7 million, up 12.1%.

The Brewing & Brands operation’s core own-brewed volume was up 1.0% during the year; outperforming theUKale market that contracted by 3.9%, and revenue rose by 2.1% to £177.4 million. However, operating profit fell by 9.1% to £30 million.

Rooney Anand, chief executive of Greene King.

Greene King is continuing to invest in its core ale brands portfolio. During the year, Old Speckled Hen, Greene King IPA and Belhaven Best returned to television advertising as part of a combined £4.5 million campaign, as the company invested 45% of the annual total ale market media investment. Innovative brand extensions, such as Old Golden Hen and Belhaven Black, now account for 7% of total own-brewed volume.

Rooney Anand, chief executive of Greene King, comments: “This has been another successful year with record results and further, significant progress, led by our retail business, which has delivered 12% profit growth. Our strategy is on track and we have continued to provide exceptional value, service and quality to our customers. We achieved growth in both earnings and dividends, and further improvement in ROCE for our shareholders.”

He continues: “We have made a strong start to the year, but the overall outlook remains subdued and we are not assuming a pick-up in the economy. However, our strategy is designed, and proven to be appropriate, for these conditions as we shift our business towards higher growth areas of our markets and constantly improve our customer offer. We are confident of maintaining this momentum and delivering further value to our shareholders.”

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