24 Weeks H113 H114 Change
Total revenue £566.2m £595.4m +5.2%
Operating profit* £122.7m £127.2m +3.7%
Operating margin* 21.7% 21.4% -0.3%pts
Profit before tax*,** £81.0m £85.6m +5.7%
Statutory profit before tax** £82.6m £65.6m -20.6%
Adjusted basic earnings per share*,** 28.6p 30.4p +6.3%
Dividend per share 7.15p 7.60p +6.3%



  • Retail like-for-like sales up 3.5%; Retail margin increased ten basis points to 20.5%.
  • Average EBITDA per pub up 5.2% in Pub Partners; core like-for-like EBITDA up 1.7%.
  • Brewing & Brands core own-brewed volume up 1.7%.
  • Strong cash flow; earnings & dividend growth.
  • Further improvement in ROCE, up ten basis points since the year-end to 9.0%.
  • Current trading strong; Retail like-for-like sales up 3.5% after 30 weeks.


  • Strong growth from key sales categories; food now 41% of Retail sales.
  • 1,008 Retail sites with 22 added; targeting further 90 sites over next 18 months.
  • 59 disposals in Pub Partners; trading estate now 1,218 sites, down 28% from peak.
  • Further balance sheet strengthening; net debt to EBITDA has fallen to 4.6x.

* before exceptional items

** H113 restated for the impact of IAS 19 (revised 2011), see note nine of the interim financial statements

Rooney Anand, Greene King chief executive officer, comments:

“This is a very pleasing set of figures and we have made great progress in the first half of this financial year. Growth has once again been led by our retail business, which grew profits by 8% over last year, helped by a combination of organic growth and further strategic acquisitions. The tenanted and brewing businesses also performed well, helping the overall business to deliver healthy earnings, dividend growth and further improvement in our return on capital employed.

While trading through the first half of the year and since the period-end has been strong, and the economic outlook looks to be improving, customers remain careful with their money, particularly outside London and the South East. We believe that our strategy, tailored for these conditions, will continue to deliver growth and further value to our shareholders across the rest of this year and beyond.”

Download the interim results 2013 PDF 0.28MB

Download the interim results presentation 2013 PDF 1.07MB

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For further information:

Greene King plc Rooney Anand,
chief executive officer
Matthew Fearn,
chief financial officer
01284 763222
Capital MSL

Simon Evans

0207 307 5332
07812 590682


  • Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs over 22,000 people across its main trading businesses; Retail, Pub Partners and Brewing & Brands.
  • It operates 2,226 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,008 are retail pubs, restaurants and hotels, and 1,218 are tenanted, leased and franchised pubs. Its leading retail brands are Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Seafood & Grill. 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, and is the UK's leading cask ale brewer and premium ale brewer. Its industry-leading portfolio includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.