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Greene King posts strong annual sales growth

by LLB Reporter
30th Apr 19 1:43 pm

Greene King has reported strong annual sales growth as like-for-like sales across the pub estate were ahead of market predictions, soaring at 2.9%.

The pub chain has a strong Easter weekend as sales were up 4.6% compared to 2018, the company’s Chef & Brewer restaurant chain saw record sales increase of 15.3%.

The partners pub division net income was up by 1.6% however, like-for-like profit dropped to 1.4%.

Rooney Anand, chief executive said, “We have traded strongly this year and have returned to market outperformance.

“As I hand over to my successor Nick Mackenzie, I believe that, with our strong pub and beer brands, talented and dedicated team and high-quality estate, Greene King is well positioned to make further progress and continue outperforming the market.”

Analysts at Liberum said, “While the change at the top creates some uncertainty, the underlying performance of the business is improving, and the change could stimulate the investment community to reappraise the optionality within the business as the debt is refinanced and brands rationalised.”

Anand is to step down from the company after 14-years, Nick Mackenzie, executive of Merlin Entertainments will take the helm on Wednesday.

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