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Annual Results

Greene King's out-performance continues

29 June 2017 07:20

Greene King has reported another set of record results following continued market out-performance.

Revenue rose by 6.9% to a record £2,216.5m, and operating profit before exceptional and non-underlying items increased by 4.9% to £411.5m.

Chief executive Rooney Anand said: "Greene King has delivered another set of record results, generating full year EBITDA of over £500m for the first time.

"The team has worked hard to maintain momentum during the period and successfully completed the integration of Spirit a year ahead of schedule. This has led to a stronger, more competitive business with an industry-leading portfolio of brands. "Our performance has been achieved against a demanding backdrop of increased costs, weaker consumer confidence and increasing competition.

"While I expect these challenges to intensify over the next few years, Greene King has a very strong track record of delivery in tough market conditions. "Using the scale that the Spirit acquisition has brought, we will continue towards our aim of being the best pub company in Britain.

"We will achieve this goal by ensuring we have the best brands, the best invested estate and the best people in the industry.

"We will target further market outperformance, in a growing market, supported by additional cost efficiencies, a robust balance sheet and strong cash generation to deliver long-term growth and attractive returns for our shareholders."

Story provided by StockMarketWire.com

Related Company: GNK

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