FDBusiness.com

Greene King Shows Resilience

 Breaking News
  • Greene King Being Sold For £2.7 Billion CK Asset, which is one of the largest property developers in Hong Kong and an international investment group, has made a recommended £2.7 billion cash offer for Greene King, the UK’s leading integrated brewer and pub retailer operating over 2,700 pubs, restaurants and hotels across England, Wales and Scotland. Including debt, the enterprise value of [...]...
  • The Hershey Company Takes Minority Stake in Irish Snacking Brand The Hershey Company, the US-based food group, has made a minority investment in Fulfil Holdings, the owner of the snacking brand FULFIL. Headquartered in Dublin, Ireland, FULFIL has rapidly grown since its inception, now outselling many traditional chocolate snack bar brands in the UK and Ireland and named a top 50 consumer brand in Ireland. Brian [...]...
  • UK Restaurant Numbers Drop Again as Consumer Tastes Shift Britain’s restaurant numbers have fallen for the sixth quarter in a row, the new edition of the Market Growth Monitor from CGA and AlixPartners reveals. Independent operators have borne the brunt of the closures with group-owned restaurants proving more resilient despite some major brand failures. The quarterly survey of the country’s supply of licensed premises reports a 3.4% drop in [...]...
  • Molson Coors Commits to Reduce Plastics in Packaging Molson Coors in the UK and Ireland is removing the plastic packaging from its Carling and Coors Light brands, as part of new global packaging goals. The brewer will remove the plastic film wrap from large multipacks by the end of March 2020, replacing the plastic wrap with 100% recyclable fully enclosed carton board. By [...]...
  • Carlsberg Group Upgrades Full Year Operating Profit Outlook Carlsberg Group has delivered organic operating profit growth of 17.7% for the first half of 2019 with reported growth of 18.2% to DKr 5.17 billion (€693 million). Organic net revenue growth was 4.2% and on a reported basis net revenue rose by 6.5% to DKr32.99 (€4.42 billion). Operating margin improved by 160bp to 15.7%. Reported net [...]...

Greene King Shows Resilience

Greene King Shows Resilience
November 30
10:13 2018

Greene King, the UK brewer and pub group, has reported a 1.9% increase in revenue to £1.051 billion and a 0.2% rise in profit before tax, exceptional and non-underlying items to £128.2 million for the 24 weeks to 14 October 2018, compared to the corresponding period in the previous year. Revenue growth was fuelled by strong sales performances in the group’s Pub Company and Brewing & Brands businesses.

Pub Company delivered total sales of £850.3 million, up 1.6% from 2.4% fewer pubs. Pub Company operating profit was £134.2 million, down 2.0%, and the operating profit margin was 15.8%, down 0.6% pts, due to cost inflation and other factors.

Brewing & Brands revenue was up 7.5% to £110.0 milliion following the good summer weather and the World Cup. Operating profit was up 1.4%, while the operating profit margin was down 0.9% due to mix, with an increased sales contribution coming from third party beers.

Revenue at the Pub Partners business fell 1.3% to £90.9 million due to 4.6% fewer pubs trading year-on-year. Pub Partners operating profit margin was down 1.8%pts.

Rooney Anand, chief executive of Greene King.

Rooney Anand, chief executive of Greene King, comments: “We have seen continued positive momentum in Pub Company, which was sustained beyond the boost of the World Cup and the summer weather. The hard work of our teams, combined with the investments we made to improve our customer experience, is driving sales outperformance to the market. We remain highly cash generative, meeting our debt repayment requirements, investing in our pubs and paying an attractive, sustainable dividend out of operating free cashflow.”

He adds: “Looking forward, Christmas bookings are up on last year and we look forward to ensuring customers have a great time celebrating the festive season in our pubs. Ongoing uncertainty around Brexit may impact on consumer confidence, but as a team we are focused on our key strategic priorities and remain confident of our outlook for the financial year.”

At the end of the period, Greene King operated 2,798 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,714 were retail pubs, restaurants and hotels, and 1,084 were tenanted, leased and franchised pubs. Its leading retail brands are Greene King, Chef & Brewer, Farmhouse Inns and Hungry Horse.

Greene King also brews quality ale brands from its Bury St Edmunds and Dunbar breweries. Its portfolio includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • September 11, 2019Packaging Innovations & Luxury Packaging London 2019
  • October 1, 2019PPMA Total Show
  • October 17, 2019Future Food-Tech
  • November 18, 2019Plastics Caps and Closures Conference 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements