Greene King announces positive full-year results

The brewer and pub operator said like-for-likes would be 0.8% without the impact of the Scottish drink-driving regulations.

In its update to the City the company also announced that the Competition & Markets Authority decision on Spirit acquisition​ was due on 11 May.

Breaking down its results, the company said like-for-like sales in its Metropolitan brand “comfortably outperformed the sector within the M25”; its Pub Partners tenanted estate like-for-like net income was up 3.6% after 48 weeks and in its Brewing & Brands arm own-brewed volume was up 4.1%.

Chief executive Rooney Anand said: “We once again traded well over key events, such as Valentine’s Day and Easter, as customers celebrated and enjoyed these occasions in our pubs. The second half of this financial year, however, has been tougher than the first half, with more difficult comparatives to last year and the additional impact of new drink driving legislation in Scotland.

Expansion strategy​

“Looking ahead, we are moving closer to the acquisition of Spirit and, in particular, to next week’s decision by the Competition and Markets Authority. The scheme of arrangement is expected to become effective during the first half of 2015, which will enable us to commence the integration process. The acquisition of Spirit will create the UK’s leading managed pub operator, accelerate our retail expansion strategy and deliver significant synergy opportunities and scale benefits for both sets of shareholders.”

The company said growth in brewing came from all major channels including take home, export and the free trade in England. In terms of brands, Old Speckled Hen achieved volume growth of over 15%