Greene King returns to profitability amid expansion plans
It announced an adjusted operating profit of £18.6m (loss of £186.9m) with statutory operating profit of £63.8m (loss of £433.0m), after being ‘significantly impacted by Covid-19’
Greene King has reported an adjusted operating profit of £18.6m (loss of £186.9m) for the year ending 2 January 2022, with statutory operating profit of £63.8m (loss of £433m), after being “significantly impacted by Covid-19”.
It comes as the group celebrated a strong second half with group revenue rising 41.6% to £1.34bn (£0.95bn), despite the fact all its pubs were closed for the first 15 weeks of the reporting period.
Meanwhile its EBITDA was was £156.3m.
The group also revealed it returned to being cash generative from operating activities, with free cash flow of £7.2m due to strong trading in the second half and cash preservation measures put in place during the pandemic.
Greene King has said it plans to increase investment in its businesses in 2022 to “drive future growth”, with a focus on investing in “proven concepts as well as continuing the development of exciting new innovative opportunities”.
Nick Mackenzie, Greene King chief executive officer, said: “Greene King has delivered a resilient performance over the past year, against the backdrop of unprecedented disruption to our business.
“We managed to return to underlying profitability, in spite of our pubs being shut or restricted for long periods of time and our customers facing massive uncertainty and disruption to their lives. This performance is down to the concerted efforts of our 39,000 team members and I want to thank them all for their incredible hard work and resilience.”
