Greene King has today posted robust quarterly trading figures and announced the appointment of a former CEO of Tesco Ireland as a Non-Executive Director.
In the first 18 weeks to 4 September, the group said its like-for-like (LFL) grew 1.7%, marking a strong start to its new financial year as customers enjoyed the European Football Championships and better weather at its pubs. Growth was driven by its Local Pubs estate.
In Pub Partners, LFL net income was up 4.5% after 16 weeks, while in Brewing & Brands, own-brewed volume declined 0.5% over the same period.
The group added that it continued to make strong progress with the integration of the Spirit business acquired last year including the delivery of further planned synergies and over a quarter of its managed pubs now operating with a ‘best of both’ IT system. It also completed 41 brand conversions in the year-to-date with “encouraging sales” uplifts.
Greene King said the uncertainty surrounding the UK’s future withdrawal from the European Union has translated into a softening of some economic indicators and a reduction in consumer confidence. While the broader implications remain unclear, it said a number of recent industry surveys had flagged risks to leisure spend and it was alert to a potentially tougher trading environment ahead.
Meanwhile, Greene King announced the appointment of Gordon Fryett to its board as a non-executive director with effect from 1 December. He will also become a member of its audit, nomination and remuneration committees.
Fryett spent much of his career at Tesco, where his roles, prior to his retirement in 2013, included playing a leading role in Tesco’s expansion in the UK and overseas, the development and management of the group’s property portfolio and CEO of Tesco Ireland.
Philip Yea, chairman of Greene King, said: “I am delighted that Gordon has agreed to join our board. His extensive experience of retail and property will undoubtedly add value to our decisions as we develop Greene King over the coming years.”