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Greene King ‘fails to inspire’ in spite of record profits

The Greene King pub under construction at Dunsinane Industrial Estate in Dundee. The group served up record profits for the fifth year in a row.
The Greene King pub under construction at Dunsinane Industrial Estate in Dundee. The group served up record profits for the fifth year in a row.

Shares in Belhaven-owner Greene King lost their fizz yesterday despite the pub and brewery giant serving up record profits for a fifth year in a row.

The firm which operates 92 Belhaven outlets in Scotland from a total portfolio of more than 1,900 locations across the UK failed to impress investors despite total revenues in the 53 weeks to May 4 increasing by 8.9% to £1.3 billion and pre-tax profits climbing 9.4% to £173.1m.

Adjusted basic earnings per share climbed 10.4% over the extended 53-week period, and were up 8.3% on a direct 52-week comparison.

The firm said profits had lifted through a mixture of organic sales growth and acquisitions which saw it splash out £24.3m to add 48 new pubs to its managed estate during the year, taking the total number of outlets in the key division to just under 1,100.

The group said it expected to add between 50 and 60 managed outlets this year as it looked to cater for “increasingly dynamic” clientele who tended to go out less but were demanding more choice over the food and drink on offer.

Like-for-like retail sales grew 4.1%, with food sales up 5% in the full year. The overall figure is up 1.1% in the first eight weeks of its new financial year, with the company forecasting that the improving trend would continue through the rest of the year.

Chief executive Rooney Anand said: “We have delivered four years of record results since the credit crunch and maintained this momentum over the last 12 months by giving our customers what they want, in the right way and at the right price.

“Profit growth of 12% in our largest business retail was driven by strong like-for-like sales growth and by newly-acquired sites. Pub Partners and Brewing & Brands also performed well.

“As a result we achieved strong earnings, ROCE (return on capital employed) and dividend growth for the year.”

Shares in the firm closed the day down 30.50p at 816.50p.

Hargreaves Lansdown equity analyst Keith Bowman said: “Despite in-line results, the news from Greene King has failed to inspire.”

Greene King’s local estate includes a string of well-known local establishments such as the Fisherman’s Tavern and Post Office Bar in Broughty Ferry, Trades House, and Laings in Dundee and Greyfriars Hotel in St Andrews.

It is currently in the throes of building a new pub and restaurant at Dunsinane Industrial Estate in Dundee which is expected to create more than 60 jobs once complete.