Greene King posts “strapping” interims

Greene King posts “strapping” interims

first_img BREWER and pub group Greene King today released interim results to toast, with profit before tax increasing 17 per cent to £73m.The better-than-expected results were driven by strong food sales and expansion of its managed pubs arm, and saw group revenues rise 4.2 per cent, to £484m from £464.5m a year earlier, in the quarter to 17 October. It also announced that Scottish division Belhaven, which outperformed with profit up ten per cent, will be fully integrated into the group to generate £1m in annualised cost savings.“Current trading remains strong, with Christmas bookings comfortably ahead of last year. Although we expect more challenging conditions in 2011, we are confident that we will continue to trade well,” said chief executive Rooney Anand.Alistair Macdonald, Execution Noble analyst, described the results as “strapping” and said profit before tax was well ahead of consensus estimates of £67m. “Current trading looks to be resilient with like-for-like sales in Greene King retail up 3.8 per cent for the 30 weeks to end November, implying that the two-year like-for-like trend from the first half has continued into more recent weeks,” he said.Suffolk-based Greene King operates both managed and tenanted pubs and is – like several of its rivals – pursuing a strategy of increasing food spend and its managed pub estate while reducing its tenanted pub estate.Managed pubs – where the owner operates the venue, often under a brand name, have proved more resilient in the recession than tenanted pubs as they can achieve greater flexibility and speed on promotions and more consistent levels of service and quality. Its managed pub division, the UK’s third-fastest-growing managed pub business, saw like-for-like sales growth slow slightly to 3.8 per cent from 4.6 per cent a year earlier, but like-for-like food sales increased 8.5 per cent.Its tenanted division, Pub Partners, stabilised with 0.4 per cent profit growth, while Belhaven, which it bought in 2005, achieved £17.5m operating profit.The group’s earnings per share rose 11.5 per cent to 25.2p from 22.6p and dividend was raised 6.8 per cent to 6.3p per share. Greene King operates 891 retail pubs and more than 1,500 tenanted or leased sites in the UK. Greene King posts “strapping” interims alison.lock Tags: NULL whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img whatsapp Friday 3 December 2010 8:54 am Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Sharelast_img

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