Total group – 24 weeks H114 H115 Change
Total revenue £595.4m £614.9m +3.3%
Operating profit* £127.2m £123.3m -3.1%
Profit before tax* £85.6m £82.6m -3.5%
Statutory profit before tax £65.6m £72.0m +9.8%
Adjusted basic earnings per share* 30.4p 29.9p -1.6%
Statutory basic earnings per share 31.6p 29.5p -6.6%
Dividend per share 7.60p 7.95p +4.6%


Underlying retained business** – 24 weeks H114 H115 Change


Revenue £582.2m £613.1m +5.3%
Operating profit* £120.0m £122.2m +1.8%
Profit before tax* £79.2m £81.6m +3.0%
Adjusted basic earnings per share* 28.1p 29.6p +5.3%

*excluding exceptionals as detailed in Note 3
**excludes the performance of non-core pubs sold during F14 and H115.


  • Record sales; retained business growth of 5.3%.
  • Retail like-for-like sales +0.8%; Pub Partners like-for-like net income +3.7%; Brewing & Brands own-brewed volume +5.9%.
  • Retained business adjusted earnings per share growth of 5.3% with strong cash flow, lower leverage & dividend growth.
  • Return on capital employed up 20 basis points on first half last year to 9.2%.
  • Further strategic progress:
    • Added 11 sites to Retail, taking estate to 1,040.
    • Pub Partners estate now 864 sites; average EBITDA per site up 13.8%.
  • Recommended proposal to acquire Spirit Pub Company, post period-end.
  • After 30 weeks, Retail LFL sales were +0.8% and +1.5% last 12 weeks.
  • Bookings for Christmas across Retail are +7.2%.

Rooney Anand, Greene King chief executive officer, comments:

“We have delivered record sales and strong returns against a challenging backdrop, reflecting the inherent strength of our business model and our proven strategy. Retail, our largest business, delivered profit growth, while we maintained momentum in Pub Partners and Brewing & Brands. As a result, we improved our ROCE, lowered our leverage and increased the dividend.

In addition, we have made further, significant strategic progress by increasing our retail estate and disposing of non-core tenanted pubs to enhance further the quality of our estate, and making a recommended offer for Spirit Pub Company.

With real incomes struggling to grow, customers remain cautious about spending on eating and drinking out. As a result, we will continue to tailor our customer-focused strategy to ensure we deliver another year of progress, long-term growth and strong returns to our shareholders.”

Download the interim results 2014 PDF 0.46MB

Download the interim results 2014 presentation PDF 0.85MB

We can also be followed on twitter via @greeneking.


For further information:

Greene King plc Rooney Anand,
chief executive officer
Kirk Davis,
chief financial officer
01284 763222

Steffan Williams
Philip Walters

0207 251 3801


  • Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs 23,000 people across its main trading businesses; Retail, Pub Partners and Brewing & Brands.
  • It operates 1,904 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,040 are retail pubs, restaurants and hotels, and 864 are tenanted, leased and franchised pubs. Its leading retail brands are Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Seafood & Grill. 93% 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.