8 Sep 2015 07:00
| 08 September 2015 |
GREENE KING plc
TRADING STATEMENT
At its AGM today, Greene King will make the following trading statement for the 18 weeks to 6 September 2015.
CURRENT TRADING
In the first 18 weeks of the year, like-for-like (LFL) sales in Greene King Retail grew by 1.3% with growth of 1.9% in the last ten weeks. All major sales categories are in LFL sales growth.
Excluding the continued impact of drink-driving regulations in Scotland, LFL sales were up 1.8% in the first 18 weeks, and up 2.4% in the last ten weeks.
LFL sales in the Spirit managed estate grew by 0.8% over the last 18 weeks.
In our Pub Partners business, LFL net income was up by 2.0% after 16 weeks, while it was up 1.1% in the Spirit leased estate. Brewing & Brands own-brewed volume grew 1.7% in the first 18 weeks of the year with good growth seen from Old Speckled Hen, Greene King IPA and Abbot Ale, despite strong Take Home comparatives due to the World Cup last year.
SPIRIT UPDATE
Although it is still early in the process, the integration of Spirit is going well and we remain confident of generating at least £30m of cost synergies. On 28 August 2015, we exchanged contracts on all 16 of the pubs that we were required to sell by the Competition and Markets Authority and we expect completion in early October 2015.
We will provide a further update on the integration at our interim results on 2 December 2015.
FOR FURTHER INFORMATION
Greene King plc | Rooney Anand, chief executive officer Kirk Davis, chief financial officer | Tel: 01284 763222 |
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Finsbury | Steffan Williams | Tel: 0207 251 3801 |
| Philip Walters |
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NOTES FOR EDITORS
· Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs c.42,000 people across both Greene King and Spirit Pub Company.
· After the acquisition of Spirit, it operated c.3,100 pubs, restaurants and hotels across England, Wales and Scotland, of which c.1,800 were retail pubs, restaurants and hotels, and c.1,300 were tenanted, leased and franchised pubs. Its leading retail brands include Hungry Horse, Fayre & Square, Old English Inns (OEI), Chef & Brewer, Eating Inn, Flaming Grill and Loch Fyne Seafood & Grill.
· Greene King also brews quality ale brands from its Bury St. Edmunds and Dunbar breweries, and is the UK's leading cask ale brewer and premium ale brewer. Its industry-leading portfolio includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.