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The Markets
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The Markets
by Proactive
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The Markets
by Proactive
Proactive UK has moved.
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Leisure, gaming and gambling

Greene King sees consumer confidence dent after Brexit vote; revenues rise

Greene King largely brushed aside worries over Britain's decision to leave the EU as it reported a year of solid growth and increased revenue.

Old Speckled Hen maker Greene King PLC (LON:GNK) largely brushed aside worries over Britain's decision to leave the EU as it reported a year of solid growth and increased revenue.

The firm, which also manages pubs chains like Hungry Horse, said it had seen a strong start to the current year, with like-for like sales up 2.8%.

It said it would not be "immune" from the uncertain effects of Brexit and consumer confidence will be dented but reassured investors:

"Greene King has a strong track record of performing well in challenging conditions, we are a resilient business with a talented team and a strong balance sheet, and we will benefit from the opportunities created by the Spirit acquisition."

Due to the boost from its $774mln acquisition of Spirit Pub, the combined group said like-for-like retail sales increased 1.5% in the 52 weeks to May 1.

Group revenue was up over 57% to £2.07bn, while pre-tax profit gained 52.2% to £256.5mln.

The final dividend payout was hiked 7.7% to 32.05p from 29.75p last year.

Shares nudged 1.12% lower to 751p.

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