Greene King is confident of delivering another year of strategic and financial progress, shareholders at the annual general meeting today will be told.
Greene King says that 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. A statement says: "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."
Greene King also announced the appointment of Gordon Fryett as a non-executive director with effect from 1 December. He will also become a member of the audit, nomination and remuneration committees. He has many years' experience in retail and property matters, having spent his career at Tesco plc, where his roles, prior to his retirement in 2013, included playing a leading role in Tesco's expansion in the UK and overseas, the development and management of the group's property portfolio and CEO of Tesco Ireland.