Strong food sales help Greene King achieve record revenue and profits
Strong food sales growth has helped Greene King to post record revenue and profits.
The Suffolk-based brewer and pub company brought in revenue of £1.14b for the year to 29 April 2012, up 9.4% on the previous year. Meanwhile, profit before tax was also up sharply, climbing 8.6% to £152m.
Retail like-for-like sales rose by 4% over the period, but food sales were up 17%.
There was also positive news for current summer trading, with retail like-for-like sales up 7% in the past eight weeks, compared with the same period the year before.
Greene King chief executive Rooney Anand said: "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."
Over the course of the year, Greene King acquired Capital Pub Company, which operates 33 pubs, for £96m. It also bought a further 13 pubs for £18.7m and exchanged or completed on 16 additional sites for development.
It also disposed of 115 non-core pubs, mostly from its tenanted and leased estate, for £29.9m.
Food drives Greene King's like-for-like sales boost >>
Greene King launches online e-learning modules for licensees >>
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
Catererandhotelkeeper.com jobs
Looking for a new job? Find your next job here with Catererandhotelkeeper.com jobs
