Greene King has posted preliminary results for the 52 weeks to 01 May 2016 showing like-for-like (LFL) sales rise by 1.5% (ahead of the market at 1.3%), as it reaches its £2bn revenue milestone.
The group's Pub Partners LFL net income rose by 2.7%, and Brewing & Brands own-brewed volume (OBV) rose by 2.9%. Ale market share was up by 40 basis points to 10.5%.
The firm saw record customer satisfaction scores in pub estate and Greene King was named Best Managed Pub Operator at the 2016 Publican Awards.
Having acquired the Spirit Pub Company, Greene King's integration and synergies are ahead of the plan.
Five retail growth brands were identified and an optimisation programme commenced to deliver long-term growth.
Rooney Anand, chief executive officer, said, “It has been a transformational year for Greene King. We completed the acquisition of Spirit Pub Company and reached the milestone of £2bn revenue. We have delivered growth across each of the three divisions, outperforming the market in a challenging environment, while making significant progress in combining the best of both businesses to build Britain’s best pub company.
“I am pleased to report a strong start to the new financial year, although it is likely that consumer confidence will be affected by Brexit in the near-term. However, 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. We are well placed to continue delivering value to our shareholders.”