Greene King responds positively to challenging backdrop
Suffolk pub retailer and brewer Greene King boosted statutory profit before tax by 33.7 per cent to £123.7 million in the 24 weeks to October 15 on revenues 1.2 per cent lower at £1.031 billion. The adjusted PBT was eight per cent down at £127.9m.
The Bury St Edmunds company reported a further outperformance from its Local Pubs, Pub Partners and Brewing & Brands in a challenging first half.
Greene King CEO, Rooney Anand (pictured) said: “The first half was challenging for our managed pubs, but our actions to strengthen performance have produced an improvement since the period end.
“We have committed additional investment to enhance the customer experience, including being more competitive on price, having more team members available at key times and strengthening local marketing activity.
“Pub Partners and Brewing & Brands again outperformed the market, generating cash for the group and raising the profile of Greene King.
"We will continue to benefit from our ability to generate significant cost savings and to improve investment returns to over 25 per cent from rebranded pubs.
“Greene King is a strong, competitive business with industry-leading brands, a strong and flexible balance sheet, a sustainable dividend and an excellent track record of outperforming in challenging conditions.
“We are adapting our strategy to ensure we continue to sustain our long-term competitiveness, strong cash generation and attractive returns to shareholders.”