Greene King yesterday unveiled a record set of results in the week that it finally completed the acquisition of rival Spirit to create the UK’s leading managed pub company.
Preliminary results for the year to May 3 showed the company achieved revenues of £1.3 billion, an increase of 1% over the previous year. Although operating and pre-tax profits came in lower than the previous year, the company’s statutory pre-tax profits increased 12% to £168m.
Rooney Anand, Greene King’s CEO, said the chain had posted another record set of results in a “challenging” trading environment.
“We have delivered good underlying growth across all parts of the business with Retail generating revenue of over £1 billion 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.”
Anand said the firm is now entering another exciting new phase in its history, with the acquisition of Spirit. “The acquisition will further strengthen our platform to deliver sustainable, long-term success for the benefit of our customers, our employees and our shareholders,” he said.
Greene King is headquartered in Bury St. Edmunds, Suffolk and employs more than 25,000 people. At the year-end, it operated 1,909 pubs, restaurants and hotels across England, Wales and Scotland. Its leading retail brands include Hungry Horse, Old English Inns, Eating Inn and Loch Fyne Seafood & Grill.