LONDON (Alliance News) - FTSE 250-listed pub operator Greene King PLC on Tuesday said its like-for-like sales grew in the first 51 weeks of its financial year, boosted by a good Easter and Valentine's Day, while revenue from its tenanted pub business also grew.
Greene King said like-for-like sales in the 51 weeks to April 26 rose 0.4%, adding that the like-for-like sales would have been 0.8% higher excluding the impact of drink-driving regulations in Scotland. The group added like-for-like sales over the Easter period rose by 2.4% and said it had record sales over Valentine's Day. Like-for-like sales in its metropolitan estate also outperformed the wider sector within the M25, its said.
Pub Partners, its tenanted pub arm, saw like-for-like net income rise 3.6% in the first 48 weeks of the financial year, while brewing and brands, its own-brand beer business, saw volume rise by 4.1% in the first 51 weeks.
Greene King added that a decision is expected from the UK Competition and Markets Authority on its takeover of Spirit Pub Co PLC on May 11.
Greene King will publish its full-year results, for the 52 weeks to May 3, on July 1.
"We once again traded well over key events, such as Valentine's Day and Easter, as customers celebrated and enjoyed these occasions in our pubs. The second half of this financial year, however, has been tougher than the first half, with more difficult comparatives to last year and the additional impact of new drink driving legislation in Scotland," said Chief Executive Rooney Anand.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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