PERFORMANCE HIGHLIGHTS
- Retail like-for-like sales up 4.3%; total Retail sales up 10.9%.
- Retail profit up 17.4%; margin increased 120 basis points to 20.4%.
- Average EBITDA per pub up 3.9% in Pub Partners.
- Brewing & Brands revenue up 2.2%; market share up 50 basis points to 9.9%.
- Strong earnings & dividend growth; cashflow & balance sheet strengthened.
- Further improvement in group ROCE; up 20 basis points to 8.7%.
- Current trading resilient; Retail like-for-like sales up 2.2% in the last six weeks.
STRATEGIC PROGRESS
- Further retail expansion; additional 20 sites acquired or transferred from Pub Partners.
- Pub Partners estate down by 58 sites; influencing the offer in 26% of the estate.
- Brand investment maintained despite cost challenges in Brewing & Brands.
Rooney Anand, Greene King chief executive officer, comments:
"Our team has delivered another strong trading performance driven by 17% profit growth in our retail division. We have continued to focus on providing excellent value, service and quality to our customers, while improving productivity and keeping tight control of costs. This has led to strong sales and profit growth, increased cashflow, improved returns and a stronger balance sheet.
While we continue to see a challenging environment for the UK consumer, our strategy has been tailored for these conditions - we provide our customers with 'everyday treats' and value for money. We are confident we can generate further success and deliver sustainable earnings and dividend growth for our shareholders."
