World Cup Helps Boost Greene King Profits

Greene-King-LogoGreene King’s latest interim results for the 24 weeks up to October 14 have re-revealed positive like -for like sales with an increase of 2.7% which they say is driven by ongoing benefits from investment, a strategic focus on four brands and a boost by the summer weather and well . The results also revealed a group revenue increase of 1.9% to £1.05b and a slight rise in profit before tax of 0.2% to £128m.

The average take per pub stood at £20,600, up 4.0%, a success the company said in part lay with the good weather and World Cup boost experienced in the summer.

Rooney Anand, chief executive officer “We have seen continued positive momentum in Pub Company, which was sustained beyond the boost of the World Cup and the summer weather. The hard work of our teams, combined with the investments we made to improve our customer experience, is driving sales outperformance to the market. We remain highly cash generative, meeting our debt repayment requirements, investing in our pubs and paying an attractive, sustainable dividend out of operating free cashflow. Good progress was made refinancing the Spirit debenture, which will reduce the cost of our debt and increase the strength and flexibility of our balance sheet.

“Looking forward, Christmas bookings are up on last year and we look forward to ensuring customers have a great time celebrating the festive season in our pubs. Ongoing uncertainty around Brexit may impact on consumer confidence, but as a team we are focused on our key strategic priorities and remain confident of our outlook for the financial year.”The statement added that the company is “‘looking forward. Christmas bookings are up on last year and we look forward to ensuring customers have a great time celebrating the festive season in our pubs.”