News

Record results; strong growth in sales, profits and dividends

30 June, 2011

Preliminary results for the 52 weeks to 01 May 2011

52 Weeks 09/10 10/11 Change
Revenue £984.1m £1,042.7m +6.0%
Operating profit* £211.3m £222.0m +5.1%
Operating margin* 21.5% 21.3% -0.2%pts
Profit before tax* £123.0m £140.0m +13.8%
Adjusted basic earnings per share* 43.4p 48.2p +11.1%
Dividend per share 21.5p 23.1p +7.4%

*before exceptional items

Highlights

  • Record revenue of over £1bn drives record profit
  • Accelerated Retail growth; like-for-like sales +4.9% & food like-for-like sales +8.1%
  • Retail operating margin up 60bps
  • Strong progress on Retail expansion strategy:
    • Additional 47 high quality Retail sites
    • Cloverleaf and Realpubs fuel expansion and increase food and premium exposure
    • Food-related sales now c. 60% of total sales and over 36m meals sold
  • Like-for-like EBITDA up in Pub Partners; franchise innovation growing pub profitability
  • Profit up 4.1% in Brewing and Brands, led by growth in core brands
  • Strong cash generation funds dividend growth of 7.4%

Rooney Anand, Greene King chief executive, comments:

“This has been a very successful year for Greene King, delivering revenue of over £1bn for the first time, record profits and a 7.4% dividend increase. Our Retail business continues to spearhead our growth, as we increase our share of the eating out market. Our Retail expansion strategy is on track with our most recent acquisitions, Cloverleaf and Realpubs, trading well. Our teams across the business have delivered these results by giving our customers compelling value, service and quality and going forward, there are numerous opportunities for further growth.

Looking ahead, we foresee another testing year. The UK economy continues to face inflationary pressures, impacting on both our customers’ spending power and our cost base, and the impact of the government’s cutbacks is still to take full effect. However, these results show, through our sales momentum, our Retail expansion strategy and our strong profit conversion, that we can continue to deliver attractive returns to our shareholders.”

Download the preliminary results 2011 PDF 203KB

Download the preliminary results presentation 2011 PDF 3.31MB

For further information:

Greene King plc Rooney Anand, chief executive
Ian Bull, group finance director
Tel: 01284 763222
Financial Dynamics Ben Foster Tel: 020 7831 3113

Notes for editors

  • Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs 20,000 people across its main trading divisions: Retail, Pub Partners and Brewing and Brands.
  • It operates 2,429 pubs and restaurants across England, Wales and Scotland, of which 915 are retail pubs and restaurants and 1,514 are tenanted or leased pubs. Its leading retail brands are Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Restaurants. 95% of the estate is either freehold or long leasehold.
  • Greene King also brews quality ale brands from its Bury St. Edmunds and Dunbar breweries. Its leading ale brands are Greene King IPA, the No.1 cask ale in the UK, Old Speckled Hen, the No.1 premium ale in the UK, Abbot Ale, the No.1 premium cask ale in the UK and Belhaven Best, the No.1 ale brand in Scotland.
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