LONDON (dpa-AFX) - Pub operator Greene King plc (GNK.L) reported that its profit before tax for the fifty-two weeks ended 29 April 2018 rose 6.8% to 197.5 million pounds, from the prior year.
Profit attributable to equity holders of parent rose to 162.5 million pounds or 52.3 pence per share from 151.7 million pounds or 48.9 pence per share in the prior year.
Profit before tax, exceptional and non-underlying items was 243.0 million pounds, 11.2% lower than last year.
Basic earnings per share before exceptional and non-underlying items of 62.7p was down 11.4%.
Total revenue declined 1.8% to 2.18 billion pounds from last year, reflecting lower Pub Company LFL sales, somewhat impacted by snow, and the impact of the non-core pub disposal programme.
Pub Company revenue was 1.77 billion pounds, down 2.7% due to the tough trading conditions and the 4.4% decrease in the average number of pubs trading, while average weekly take (AWT) was up 1.6% to £19.6k.
Pub Partners and Brewing & Brands are trading in line with expectations. For the new financial year the company expects 45 million pounds -50 million pounds cost inflation and it is targeting 30 million pounds -35 million pounds cost savings and Pub Company LFL sales growth.
The board has recommended a final dividend of 24.4 pence per share, in line with last year, subject to shareholder approval. This will be paid on 14 September 2018 to shareholders on the register at the close of business on 03 August 2018.
The proposed final dividend brings the total dividend for the year to 33.2 pence per share, in line with last year.
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