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Beer and tenanted pubs growth lift revenues for Greene King

Published:  01 July, 2015

Brewing and pubs group Greene King saw revenue growth of 3% in the 52 weeks to May 3, driven by beer sales in beer (+4.2%) and its Pub Partners lease, tenancy and franchise division (+3.5%).

Its managed pub retail like-for-likes were ahead by only 0.4% but passed the £1 billion mark for the first time.

Total revenue for the group stood at £1.3 billion with operating profit of £256.2 million, a drop of 1.7%.

Statutory pre-tax profit was up 14.5% at £118.2 million.

Chief executive Rooney Anand said: "Greene King has delivered another record year in a challenging trading environment.

"We have delivered good underlying growth across all parts of the business with retail generating revenue of over £1 billion for the first time."

He added that underlying earnings growth of over 9% led to "confidence in the strength of the business and its prospects for future growth".

The best results in its retail division were from the premium London estate Metropolitan, Farmhouse Inns carveries and core local pubs.

The results come a week after Greene King completed its acquisition of Spirit Pub Co.

Greene King said group trading had been steady in the first eight weeks of the year with managed house division Retail up 0.6% and Pub Partners ahead by 1.2%, but with brewing off the pace at -3.7%.