By Max Clarke
A 6% surge in revenue has helped Greene King breweries push past the £1bn mark for the first time, boosting share dividends for the FTSE 250 member by more than 7%, the companies full year statement indicates.
Food sales now account for 60% of the total, combating the downward pressure of declining beer sales across the UK.
During the year, Greene King (LSE: GNK) added some 47 retail sites to its property portfolio as part of the company’s aggressive and sometimes controversial expansion plans.
“This has been a very successful year for Greene King,” said the company’s Chief Executive, Rooney Anand, “Our Retail business continues to spearhead our growth, as we increase our share of the eating out market. Our Retail expansion strategy is on track with our most recent acquisitions, Cloverleaf and Realpubs, trading well. Our teams across the business have delivered these results by giving our customers compelling value, service and quality and going forward, there are numerous opportunities for further growth.
“Looking ahead, we foresee another testing year. The UK economy continues to face inflationary pressures, impacting on both our customers’ spending power and our cost base, and the impact of the government’s cutbacks is still to take full effect. However, these results show, through our sales momentum, our Retail expansion strategy and our strong profit conversion, that we can continue to deliver attractive returns to our shareholders.”
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