Green King plc make sales gains
Green King plc have posted a profit increase of 7.1%, spurred by an increase in sales across its pubs.
Retail like-for-like sales were up 4.3% for the Suffolk brewer, and retail profit was up 17.4% for the 24 weeks to October 14.
Operating profit had increased 6.1% to £122.7m, as the firm acquired or transferred an additional 20 sites from “Pub Partners.”
The company said it faced a challenging economy with “prudent” customer spending, but also said Christmas bookings were healthy and it remained resilient in the current climate.
Rooney Anand, Greene King chief executive officer, said: “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.”