GREENE King’s full year results suggest that the pub industry, if anything, is recession resilient.
The pub operator and brewer posted record pre-tax profits of £152m, up 8.6 per cent on the year before, as revenues jumped 9.4 per cent to £1.14bn.
Chief executive Rooney Anand told City A.M., “After reaching the £1bn turnover landmark last summer, this is another real milestone for us.
The business has proven itself in really tough conditions. Going to the pub is one of life’s little luxuries, an everyday treat, which will be reserved and cherished.”
Greene King, which operates 2,334 pubs, restaurants and hotels across the UK, reported a like-for-like sales growth of four per cent, while food sales charged ahead with a 17 per cent rise.
Brewing revenue, which includes Old Speckled Hen and IPA, grew five per cent.
Greene King’s shares added one per cent to 536p.