1st Jul 2015 06:32
LONDON (Alliance News) - Greene King PLC Wednesday reported a drop in profit in its recently-ended financial year as it booked impairment charges and costs related to pub disposals, but revenue grew, driven by its Retail division.
The pub company, which recently bought Spirit Pub Co PLC, reported a drop in pretax profit in the year ended May 3 to GBP118.2 million from GBP105.2 million the year before. Revenue grew slightly to GBP1.32 billion from GBP1.30 billion.
Greene King said that profit was hit by lower like-for-like sales growth and the disposal of 275 pubs to Hawthorn Leisure, as well as impairment charges and advisory fees on the acquisition of Spirit, but revenue continued to grow driven by a 5.9% increase in the Retail business.
Greene King said it will pay a dividend of 29.75 pence for the full year, up 4.8% from the 28.4p it paid the year before.
"We now enter another exciting new phase in the company's history, with the acquisition of Spirit. We warmly welcome Spirit's employees and its shareholders to Greene King. The acquisition will further strengthen our platform to deliver sustainable, long-term success for the benefit of our customers, our employees and our shareholders," Chief Executive Rooney Anand said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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