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Trading statements

Greene King sets new Christmas Day record

10 February 2017 07:16

Greene King reports strong Christmas trading period alongside the usual quieter months of November and January.

In the first 40 weeks of its financial yearyear, Pub Company achieved like-for-like (LFL) sales growth of 1.1%. Excluding Fayre & Square, LFL sales were +1.6%.

LFL sales over the three Christmas weeks were up 4.5%, despite tough comparisons with the previous Christmas.

Sales were driven by particularly strong growth in London.

An update said: "We again broke our record for Christmas Day with sales of £7.4m, up 6.0% on the previous year.

"LFL net income in Pub Partners was up 3.5% after 40 weeks, maintaining its strong performance this year. In a cask ale market down 3.8%, own-brewed volume (OBV) in Brewing & Brands was down 4.2%.

"Further progress was made on the Spirit integration with over 1,000 pubs now converted to the 'best of both' Pub Company IT system and ongoing synergy savings realised.

We also made further progress on the delivery of our estate plan.

"We reached our target of 11 new pub acquisitions, of which six were Farmhouse Inns and five were Hungry Horse.

"Our disposal programme accelerated in the second half as expected.

"So far this year, we have sold 59 pubs across both Pub Company and Pub Partners for total proceeds of c.£35m.

"We anticipate disposing a further 50-60 pubs this year, raising proceeds of c. £30-40m.Looking ahead, despite continued economic uncertainty and significant cost pressures, we will remain focused on building our retail pub brands, delivering great experiences to our guests and completing the Spirit integration.

"We are confident that the combined 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."

Story provided by StockMarketWire.com

Related Company: GNK

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