Dividend Increase 070: Greene King

GREENE KING

 

Continued market outperformance

  • Pub Company like-for-like (LFL)2 sales up 1.5%, ahead of the market3, driven by a good Christmas, a stronger fourth quarter and a strong performance from Greene King Locals.
  • Record performance from Pub Partners; LFL net profit2 up 5.0%.
  • Brewing & Brands revenue up 1.7%; own-brewed volume (OBV) down 2.8%, beating the UK cask ale market4.

Strong financial metrics supporting growth and shareholder returns

  • Record revenue, up 6.9% to £2,216.5m, and operating profit before exceptional and non-underlying items, up 4.9% to £411.5m.
  • Strong free cash flow generation; £119.6m post core capex2 & dividends, covers scheduled debt repayments.
  • 4.0x net debt to EBITDA1,2; long-term debt financing.
  • Return on capital employed2 (ROCE) maintained at 9.4%.
  • Dividend per share up 3.6%; continued long-term dividend progression.

Spirit integration completed a year ahead of schedule

  • £35m targeted annual synergies delivered.
  • Pub Company IT system rolled out across over 1,700 pubs.
  • Integrated supply chain in place.
  • Organisational restructure completed.
  • Year one brand conversions achieved sales uplifts of over 30%.

Rooney Anand, chief executive officer

“Greene King has delivered another set of record results, generating full year EBITDA of over £500m for the first time. The team has worked hard to maintain momentum during the period and successfully completed the integration of Spirit a year ahead of schedule. This has led to a stronger, more competitive business with an industry-leading portfolio of brands.

“Our performance has been achieved against a demanding backdrop of increased costs, weaker consumer confidence and increasing competition. While I expect these challenges to intensify over the next few years, Greene King has a very strong track record of delivery in tough market conditions.

“Using the scale that the Spirit acquisition has brought, we will continue towards our aim of being the best pub company in Britain. We will achieve this goal by ensuring we have the best brands, the best invested estate and the best people in the industry. We will target further market outperformance, in a growing market, supported by additional cost efficiencies, a robust balance sheet and strong cash generation to deliver long-term growth and attractive returns for our shareholders.”


GREENE KING fa parte del gruppo “FOOD&BEVERAGE” all’interno del portafoglio Black Dog.

Ad oggi ha restituito 71.3 euro che corrispondono ad un tasso di payback del 4.65%.

Il nuovo dividend yeld netto “on cost” si attesta al 3.18% e al 3.33% considerando i dividendi già incassati.

Ad oggi l’investimento in GREENE KING corrisponde allo 2.1% dell’intero portafoglio.

Il rendimento attuale ,dividendi inclusi , si attesta al -6.03%.


 

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