INTERIM RESULTS FOR THE 24 WEEKS TO 18 OCTOBER 2015
These are the interim results for Greene King and the total group for 24 weeks until 18 October, 2015.
Total group – 24 weeks
|Profit before tax2||£82.6m||£121.3m||+46.9%|
|Statutory profit before tax||£72.0m||£84.9m||+17.9%|
|Adjusted basic earnings per share2||29.9p||34.5p||+15.4%|
|Statutory basic earnings per share||29.5p||24.9p||-15.6%|
|Dividend per share||7.95p||8.45p||+6.3%|
Greene King – 24 weeks
|Profit before tax2,3||£82.6m||£87.5m||+5.9%|
1 Spirit contribution from date of completion: 23 June 2015. Includes fair value accounting adjustments and synergies
2 Adjusted for exceptionals as detailed in note 3
3 Greene King numbers exclude synergies in the existing Greene King busines
- Revenue and profit growth across all divisions; adjusted earnings per share up 15.4%
- Greene King Retail like-for-like (LFL) sales +2.0%, Spirit Managed LFL sales +1.2%, Pub Partners LFL net income +2.4% & Brewing & Brands own-brewed volume (OBV) +3.6%
- Dividend per share up 6.3%; maintaining long-term growth record
- Greene King return on capital employed (ROCE) up 20 basis points to 9.4%
- Record customer satisfaction in Greene King Retail; Net promoter score (NPS) +7.1%pts
- Completed acquisition of Spirit Pub Company; integration ahead of plan
- Expect to outperform initial cost synergy guidance; target raised to £35m
- Brand optimisation: Retail growth brands & investment programme identified to deliver long-term growth
- Tenanted and leased fully integrated, ahead of schedule
- Retail business to be based in Burton
Rooney Anand, Greene King chief executive officer, comments:
“It has been a strong first half, with the Greene King business strengthening and significant progress made in the Spirit integration. Like-for-like sales growth in Greene King Retail improved during the half and both Pub Partners and Brewing & Brands delivered profit growth and margin expansion.
We completed the acquisition of Spirit Pub Company and, by combining the best of both companies, made good progress in capturing value from the acquisition and creating the UK’s leading pub hospitality company.
We believe we have the best portfolio of retail pub brands, the best pub assets and the most talented team which, when combined with the strong contribution from synergies and the benefits of our enlarged scale, will ensure we continue delivering value to our customers and our shareholders.”
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For further information
|Greene King plc||Rooney Anand, chief executive officer
Kirk Davis, chief financial officer
0207 251 3801
NOTES FOR EDITORS
- Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs around 42,000 people across its main trading businesses; Retail, Pub Partners and Brewing & Brands.
- At the period-end, it operated 3,069 pubs, restaurants and hotels across England, Wales and Scotland, of which 1,833 were retail pubs, restaurants and hotels, and 1,236 were tenanted, leased and franchised pubs. Its leading retail brands and formats include Hungry Horse, Old English Inns, Farmhouse Inns, Metropolitan, Chef & Brewer, Flaming Grill and Loch Fyne Seafood & Grill. 83% 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.