PRELIMINARY RESULTS FOR THE 52 WEEKS TO 03 MAY 2015

Total group F15 (52w) F14 (53w) Change Change (52w basis)
Total revenue £1,315.3m £1,301.6m +1.1% +3.0%
Operating profit* £256.2m £265.6m -3.5% -1.7%
Profit before tax* £168.5m £173.1m -2.7% -0.8%
Statutory profit before tax £118.2m £105.2m +12.4% +14.5%
Adjusted basic earnings per share* 61.0p 61.4p -0.7% +1.3%
Statutory basic earnings per share 40.9p 44.2p -7.5% -5.7%
Dividend per share 29.75p 28.4p 4.8%

 

Underlying retained business** F15 (52w) F14 (53w) Change Change (52w basis)
Revenue £1,313.0m £1,274.0m +3.1% +5.0%
Operating profit* £254.4m £249.9m +1.8% +3.8%
Profit before tax* £167.0m £159.2m +4.9% +6.9%
Adjusted basic earnings per share* 60.4p 56.4p +7.1% +9.2%

*excluding exceptionals as detailed in Note 3
**excludes the performance of pubs sold during F14 and F15.

HIGHLIGHTS

  • Record revenue; Retail revenue now reached £1bn.
  • Retail like-for-like (LFL) sales** +0.4%; Pub Partners LFL net income +3.5%; Brewing & Brands own-brewed volume (OBV) +4.2%.
  • Adjusted earnings per share growth of 9.2%* with strong cash flow, lower leverage and continued dividend growth.
  • Return on capital employed (ROCE) further increased to 9.3%.
  • Completed successful five-year strategic plan: expanded Retail sites by 19.4%; increased tenanted EBITDA per pub by 33%; and grew ale market share by 120bps.
  • Completed acquisition of Spirit Pub Company plc, post year-end, creating UK’s leading managed pub company; integration process underway.
  • Steady trading in first eight weeks; Retail LFL sales +0.6%, Pub Partners LFL net income +1.2% and Brewing & Brands OBV -3.7%.

Rooney Anand, Greene King chief executive officer, comments:

“Greene King has delivered another record year in a challenging trading environment. We have delivered good underlying growth across all parts of the business with Retail generating revenue of over £1bn for the first time. Underlying earnings growth of over 9% has enabled a dividend increase of 4.8%, reflecting our confidence in the strength of the business and its prospects for future growth.

We have also completed a successful five-year strategic plan, surpassing our goals, as we delivered significant progress, changed the business mix and better positioned the company for the future.
We now enter another exciting new phase in the company’s history, with the acquisition of Spirit. We warmly welcome Spirit’s employees and its shareholders to Greene King. The acquisition will further strengthen our platform to deliver sustainable, long-term success for the benefit of our customers, our employees and our shareholders.”

*Retained business
**Revenue from the sale of drink, food and accommodation

Download the preliminary results 2015 PDF 0.12MB
Download the preliminary results presentation 2015 PDF 1.71MB

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For further information:

Greene King plc Rooney Anand, chief executive officer
Kirk Davis, chief financial officer
Tel:
01284 763222
Finsbury Steffan Williams
Philip Walters
Tel:
0207 251 3801

NOTES FOR EDITORS

  • Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs c.25,000 people across its main trading businesses; Retail, Pub Partners and Brewing & Brands.
  • At the year-end, it operated 1,909 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,060 were retail pubs, restaurants and hotels, and 849 were tenanted, leased and franchised pubs. Its leading retail brands are Hungry Horse, Old English Inns (OEI), Eating Inn and Loch Fyne Seafood & Grill. 94% of the estate was 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.
  • Spirit was demerged from Punch Taverns in 2011 and is headquartered in Burton-on-Trent, Staffordshire. It currently employs c.17,000 people across its main trading businesses; Managed Pubs and Leased Pubs.
  • It operates 1,207 pubs across Great Britain, of which 791 are managed and 416 are leased. Its leading brands are Fayre & Square, Chef & Brewer and Flaming Grill.