Greene King breaks £2bn revenue milestone
East Anglia brewer and leisure group Greene King has broken the £2 billion revenue barrier and reported hugely increased pre-tax profits for the year to May 1.
Chief executive Rooney Anand described the 12 months as “transformational” and said the Bury St Edmunds-based group had made an excellent start to the new financial year.
Group revenue was 57.6 per cent ahead to £2.073bn and adjusted profit before tax 52.2 per cent up to £256.5 million. The dividend has been increased by seven per cent to 32.05p and some shareholders were dipping in to take profits when the UK market opened this morning.
Anand said: “It has been a transformational year for Greene King. We completed the acquisition of Spirit Pub Company and reached the milestone of £2bn revenue.
“We have delivered growth across each of the three divisions, outperforming the market in a challenging environment, while making significant progress in combining the best of both businesses to build Britain's best pub company.
“I am pleased to report a strong start to the new financial year, although it is likely that consumer confidence will be affected by Brexit in the near-term. However, Greene King has a strong track record of performing well in challenging conditions; we are a resilient business with a talented team and a strong balance sheet and we will benefit from the opportunities created by the Spirit acquisition. We are well placed to continue delivering value to our shareholders.”