Greene King PLC Trading statement for the 18 weeks to 04 Sept 16 (3746J)

TIDMGNK

RNS Number : 3746J

Greene King PLC

09 September 2016

 
 Press release   09 September 2016 
 

Trading and integration progress

Trading statement for the 18 weeks to 04 September 2016

At its AGM today, Greene King will make the following trading statement for the 18 weeks to 04 September 2016.

Current trading & outlook

In the first 18 weeks of the year, Pub Company delivered like-for-like (LFL) sales growth of 1.7% including a strong start to the year as customers enjoyed the European Football Championships and better weather. Growth was driven by our Local Pubs estate.

In Pub Partners, LFL net income was up 4.5% after 16 weeks, while in Brewing & Brands, own-brewed volume declined 0.5% over the same period.

We continued to make strong progress with the integration of Spirit including the delivery of further planned synergies and over a quarter of our managed pubs now operating with the 'best of both' IT system. We also completed 41 brand conversions in the year-to-date with encouraging sales uplifts.

As expected, uncertainty surrounding the UK's future withdrawal from the European Union has translated into a softening of some economic indicators and a reduction in consumer confidence. While the broader implications remain unclear, a number of recent industry surveys have flagged risks to leisure spend and we are alert to a potentially tougher trading environment ahead.

With this in mind, we will continue to focus on delivering great value, service and quality to our customers. Greene King has a track record of success in challenging trading environments and our strong balance sheet and enhanced opportunities following the Spirit acquisition will help limit any potential impact from prolonged uncertainty in the environment.

We remain confident of delivering another year of strategic and financial progress.

For further information:

 
 Greene King plc   Rooney Anand, chief executive         Tel: [phone] 
                    officer 
                   Kirk Davis, chief financial officer 
 
 Finsbury          James Leviton                         Tel: [phone] 
                   Philip Walters 
 

Information on Greene King plc is available at www.greeneking.co.uk; follow us on Twitter: @greeneking

Financial calendar

The group will publish its interim results on 30 November 2016

"Time Well Spent"

Notes for editors

   -- Greene King was founded in 1799 and is headquartered in Bury St. Edmunds, Suffolk. It currently employs around 
      44,000 people across its main trading businesses; Pub Company, Pub Partners and Brewing & Brands 
 
   -- At the year end, it operated 3,035 pubs, restaurants and hotels across England, Wales and Scotland, of which 
      1,823 were retail pubs, restaurants and hotels, and 1,212 were tenanted, leased and franchised pubs. Its leading 
      retail brands and formats include Hungry Horse, Farmhouse Inns, Chef & Brewer, Flaming Grill and the Greene King 
      Local Pubs estate. 83% of the estate is either freehold or long leasehold 
 
   -- 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 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 09, 2016 02:00 ET (06:00 GMT)