UK: Greene King reports record full year
Greene King said today it has reported record results for its full year, with turnover up 33% to GBP732.6m, leading to profit before tax of GBP94.0m, a rise of 14%.
The pub and brewing company also said that trading in the current year has begun well for all three of its divisions and is in line with expectations. In the first eight weeks, total like-for-like sales in Pub Company, excluding the Euro 2004 effect, were up by 1.9%. In Pub Partners, beer sales have improved by 8.0% and Brewing Company's total beer sales by volume have improved by 3.0%.
Chief executive, Rooney Anand, said: "Last year was one of significant progress for the group leading to record results. The acquisition of Laurel, its successful integration and an improved funding structure have made Greene King a stronger business. Trading in the current year has begun well for all three of our divisions and is in line with expectations. We have a proven strategy that delivers value for our shareholders and there are exciting opportunities to deliver further growth in the future."
Full year EBITDA (before goodwill and exceptional items) was up 39% to GBP189.7m, whilst trading profits (before goodwill and exceptionals) rose 39% to GBP155.7m.
The board said it has recommended a final net dividend of 25.85 pence per share, which will produce an increase of 10 % in the total net dividend for the year to 36.3 pence per share. The final dividend, if approved, will be paid on 12 September 2005 to those shareholders on the register at the close of business on 5 August 2005.
Sectors: Beer & cider
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