Greene King PLC Trading Update (0495A)
07 September 2018 - 4:00PM
UK Regulatory
TIDMGNK
RNS Number : 0495A
Greene King PLC
07 September 2018
LEI: 213800R9N5F2WRMGTR50
7th September 2018
Q1 AND AGM TRADING UPDATE
Trading statement for the 18 weeks to 2(nd) September 2018
At its AGM today, Greene King will make the following trading
statement for the 18 weeks to 2(nd) September 2018.
The positive momentum in Pub Company continued through the
summer with like-for-like (LFL) sales up 2.8% for the first 18
weeks of the year, ahead of the market(1) which was up 1.2%. Growth
over the last 10 weeks was 3.2%. This strong performance was
underpinned by the ongoing benefits from our sales driving
investment to further improve our Value, Service and Quality, and
boosted by the weather and a successful World Cup.
Our Greene King branded local pubs traded particularly well with
LFL sales of +5.5%, driven by very strong LFL drink growth. 3.7m
pints of beer were sold in total during England's seven World Cup
matches and LFL sales on the day of the semi-final were up 61%.
LFL net profit in Pub Partners was -0.4% after 16 weeks,
impacted by the timing of higher overhead costs which we expect to
balance out over the year. Total beer volumes in Brewing &
Brands were up 4.0% and own-brewed volumes were up 0.3%.
Our cost mitigation programme to help offset gross cost
inflation of c.GBP45-50m is on track and we are making good
progress with our refinancing programme, which will reduce the cost
of debt and increase flexibility.
We remain on course to dispose of 100-110 pubs this year and
expect to open around nine new pubs.
We continue to focus on profitably driving top line growth,
developing a more streamlined and efficient organisation and
further strengthening our capital structure to deliver long-term
value creation for our shareholders.
1. Coffer Peach Business Tracker for the comparative 18 weeks
FOR FURTHER INFORMATION
Greene King Rooney Anand, chief executive Tel: 01284 763222
plc officer
Richard Smothers, chief financial
officer
Finsbury Alastair Hetherington Tel: 0207 251 3801
Philip Walters
NOTES FOR EDITORS
-- Greene King was founded in 1799 and is headquartered in Bury
St. Edmunds, Suffolk. It currently employs around 39,000 people
across its main trading businesses; Pub Company, Pub Partners and
Brewing & Brands.
-- At the end of the financial year, Greene King operated 2,855
pubs, restaurants and hotels across England, Wales and Scotland, of
which 1,745 were retail pubs, restaurants and hotels, and 1,110
were tenanted, leased and franchised pubs. Its leading retail
brands are Greene King Local Pubs, Chef & Brewer, Farmhouse
Inns and Hungry Horse.
-- Greene King also brews quality ale brands from its Bury St.
Edmunds and Dunbar breweries. Its industry-leading portfolio
includes Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven
Best.
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END
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