PRELIMINARY RESULTS FOR THE 53 WEEKS TO 04 MAY 2014
|F13 (52w)||F14 (53w)||Change||Change (52w basis)|
|Profit before tax*, **||£158.2m||£173.1m||+9.4%||+7.4%|
|Statutory profit before tax**||£111.0m||£105.2m||-5.2%|
|Adjusted basic earnings per share*, **||55.6p||61.4p||+10.4%||+8.3%|
|Dividend per share||26.6p||28.4p||+6.8%|
- Retail like-for-like sales up 4.1%; food like-for-like sales up 5.0%.
- Average EBITDA per pub up 5.2% in Pub Partners; core like-for-like net income up 2.2%.
- Brewing & Brands core own-brewed volume up 4.6%; profit up 1.3%.
- Strong cash flow, lower leverage, earnings & dividend growth.
- Return on capital employed up 30 basis points to 9.2%.
- Continued progress across all businesses in first eight weeks of new financial year.
- Portfolio reshaping better positions Greene King for growth and higher returns.
- Added 45 sites to Retail, taking estate to 1,032; Hungry Horse now 226 sites.
- 148 disposals or transfers from Pub Partners; sold 275 site package post year-end.
- Volume share of UK ale market up 70 basis points to 11.3%.
- Evolving strategy to accelerate Retail exposure and move beyond conventional pub offers.
*before exceptional items **F13 restated for impact of IAS 19 (revised 2011), see note 11 of preliminary financial statements
Rooney Anand, Greene King chief executive officer, comments:
“We have delivered four years of record results since the credit crunch and maintained this momentum over the last 12 months by giving our customers what they want, in the right way and at the right price. Profit growth of 12% in our largest business, Retail, was driven by strong like-for-like sales growth and by newly-acquired sites. Pub Partners and Brewing & Brands also performed well. As a result, we achieved strong earnings, ROCE and dividend growth for the year.
“There are now clear signs that both the UK economic outlook and consumer confidence are improving, although consumers continue to spend cautiously. While continuing to provide customers with great value for money, excellent service and industry-leading quality, we see the pace of change in how people eat and drink out of home quickening and so we are shaping the business for the future to benefit from the opportunities these changes will bring.”
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For further information:
|Greene King plc||Rooney Anand, chief executive officer
David Brown, interim finance director
0207 251 3801
NOTES FOR EDITORS
- 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 1,914 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,032 are retail pubs, restaurants and hotels, and 882 are tenanted, leased and franchised pubs. Its leading retail brands are Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Seafood & Grill. 94% 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.