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Greene King outperforms but damp weather harming current year sales

Thu, 27th Jun 2019 07:50

(Sharecast News) - Greene King reported that it had returned to market outperformance on Thursday, due to growth from its pub company and brewing and brands segments, although wet weather did hurt sales in the post year-end period.Revenue for the year ended 28 April came in at £2.2bn - an increase of 2% compared to the same period last year - while profit before tax rose by 2% to £246.9m when adjusted to exclude the impact of exceptional and non-underlying items.The pub company segment, which manages a chain of about 2,900 pubs, restaurants and hotels, saw revenue rise by 2% to £1.8bn after the impact of last summer's Football World Cup, while revenue from the brewing and brands segment - which makes drinks such as Greene King IPA, Old Speckled Hen and Abbot Ale - increased by 6% to £227.6m.Overall profit before tax, however, slid 13% to £172.8m, after operating costs increased by 2% to £1.9bn and finance costs rose by 19% to £143m.Even so, the FTSE 250-listed company said it was in the midst of an ongoing cost mitigation programme that focissed primarily on the pub company, which it said made good progress delivering sustainable procurement savings on labour productivity and efficiencies, and reducing non-direct costs.Nick Mackenzie, chief executive of Greene King, said: "The business delivered good results last year, regaining trading momentum in pub company and returning to market outperformance while fulfilling a strong cost mitigation programme and making further progress refinancing the Spirit debenture. The existing strategy we have in place has led the business through challenging times."In the first eight weeks of the new financial year, like-for-like sales from the pub company segment were below last year's strong comparatives amid poor weather, while the business acknowledged that political and consumer uncertainty was likely to continue to weigh on confidence.Analysts from Liberum said the results were in line with expectations and commented that the dividend remaining flat at 33.2p per share should be well received by the market amid industry cost headwinds that are expected to continue through the current year.Greene King's shares were 1.45% higher at 588.40p at 0813 BST.

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7 Sep 2018 07:30

Summer heat, World Cup add cheer to Greene King sales

(Sharecast News) - The hot summer spell and football World Cup boosted sales at Greene King in the first 18 weeks of the year as Brits inhaled 3.7m pints of beer during England's seven matches.

3 Sep 2018 12:39

Pubs sector 'in a precarious state' - Citi

(Sharecast News) - Many pub companies are in a "precarious state", Citi warned on Monday, as they have too much leverage and little surplus cash flow to bail themselves out as the increasingly indebted UK heads for a potential disorderly Brexit.

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16 Mar 2018 06:48

EUROPE RESEARCH ROUNDUP -BBA Aviation, Flughafen Zuerich, Greene King

March 16 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including BBA Aviation, Flughafen Zuerich and Greene King, on Friday. HIGHLIGHTS * :

16 Feb 2017 10:33

Spending on eating out remains resilient as inflation crunch looms

(ShareCast News) - In the normally quiet month for the pubs and restaurant sector, sales data for January was positive overall and showed casual dining chains enjoying a continued recovery. Industry like-for-like sales grew 1.9% in January 2017 compared to 2016, according to the Coffer Peach Busi

13 Feb 2017 09:29

BROKER RATINGS SUMMARY: Morgan Stanley Raises AB Foods To Overweight

10 Feb 2017 16:40

FTSE 250 movers: Elementis gains, Just Eat tanks

(ShareCast News) - The FTSE 250 closed up 0.47% to 18,715.36 points. Elementis was a top riser as it entered into an agreement to acquire specialty chemicals platform SummitReheis from an affiliate of One Rock Capital Partners for an enterprise value of $360m. SummitReheis - which is expected to re

10 Feb 2017 10:35

Friday broker round-up

(ShareCast News) - British American Tobacco: Berenberg upgrades to Buy with a target price of 5670p. Smith & Nephew: Jefferies reiterates Buy with a target price of 1350p. BT Group: UBS maintains Neutral with a target price of 325p. Ashmore Group: UBS maintains Buy with a target price of 390p. Da

10 Feb 2017 09:25

BROKER RATINGS SUMMARY: Berenberg Upgrades BAT To Buy From Hold

10 Feb 2017 09:21

Greene King's shares fall as Canaccord cuts target price, lowers guidance

(ShareCast News) - Greene King's shares fell on Friday as Canaccord Genuity reiterated a 'buy' rating but cut the target price to 850p from 900p and lowered its earnings guidance. The pub operator reported strong trading over the Christmas period on Friday as it sounded a confident note on its outlo

10 Feb 2017 07:47

London pre-open: Stocks set to track advance on Wall Street

(ShareCast News) - Shares were expected to start the session higher, tracking a record close overnight on Wall Street and on the heels of better than expected Chinese trade data. As of 0721 GMT the Footsie was being called to start the day higher by 23 points to 7,252. In parallel, the Shanghai Sto

10 Feb 2017 07:16

Greene King reports strong Christmas trading

(ShareCast News) - Pub group Greene King reported strong trading over the Christmas period on Friday as it sounded a confident note on its outlook. In the 40 weeks to 5 February, like-for-like sales grew 1.1%. Excluding Fayre & Square, LFL sales were up 1.6% over the period. Over the last 16 weeks,

9 Feb 2017 13:00

Friday preview: Greene King to report strong third quarter trading update

(ShareCast News) - Pub operator Greene King is expected to report a robust third quarter trading update on Friday during a strong performance across the rest of the sector. Numis anticipates the company will report a small recovery in Christmas trading, in line with the sector, but believes the pres

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