“Raised Glasses” As Greene King Announce Record Revenue

Greene-King-LogoPub group Greene King, who operate over 3,00 outlets, has reported record revenue of over £1b, in the company’s latest interim results.

In addition to a 13.8% increase in group revenue, performance in the group’s Pub Company and Pub Partners divisions were also strong, up 15.6% to £855.9m and 14% to £93.6m respectively, for the 24 weeks to 16 October 2016. Like-for-like sales was also up in both divisions – up 1.3% in the Pub Company and up 4.2% in Pub Partners.

Roney Anand, chief executive of the company, whose brands include Chef & Brewer, Hungry Horse and Loch Fyne Seafood & Grill, said the group had outperformed the market and delivered “strong integration momentum” against a backdrop of challenging conditions.

“Our performance has been driven by growth in all divisions and the synergy benefits from the integration. These have helped to offset increased cost pressures, particularly from the National Living Wage, as well as additional investment in the customer offer to meet higher guest expectations of value, service and quality.

“The full impact of the UK decision to leave the EU remains unclear. Looking ahead, increasing levels of consumer uncertainty, further cost pressures and the changing dynamics of eating out, mean the consumer environment is likely to become more challenging.

“However, we are confident that the strength of our brands, pubs, people and cash generation leaves us well placed to deliver another year of progress, value creation and returns for our shareholders.”