FDBusiness.com

Greene King, the UK’s leading pub company and brewer, has delivered another set of record results for the 52 weeks to 30 April 2017. Total revenue grew 6.9% to a record high of £2.22 billion, driven by another good performance from the underlying business and by acquisitions, in comparison with the previous year. EBITDA surpassed £500 million for the first time in the company’s history, reaching £524.1 million, up 5.5%. Operating profit before exceptional and non-underlying items rose by 4.9% to £411.5 million.

Rooney Anand, chief executive of Greene King.

Greene King operates 3,000 pubs, restaurants and hotels in towns, villages and city-centre high streets across England, Wales and Scotland. The group has two breweries – Westgate Brewery at Bury St Edmunds in England and Belhaven Brewery at Dunbar in Scotland. Greene King has been the leading cask ale brewer in the UK for many years. Its portfolio includes popular brands such as Greene King IPA, Old Speckled Hen, Abbot Ale Ruddles, St Edmunds and Olde Trip.

“Greene King has delivered another set of record results, generating full year EBITDA of over £500 million for the first time,” says Rooney Anand, chief executive of Greene King. “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.”

Greene King’s Brewing & Brands business achieved revenue of £200.3 million in the year ended 30 April 2017, up 1.7%, but operating profit was down 5.2% to £31.0 million. Factors impacting profit conversion included increased cost of goods sold and investment in marketing and price, mainly in the second half of the year.