Greene King revenues surge to £2.18bn
These investments brought its total core capital expenditure to £164.1m, compared with £68m last year
Greene King has announced that its revenues grew 62% to £2.18bn for the 12 months ended 1 January 2023.
Profit before tax rose to £66.9m from a loss before tax compared with the previous year which saw the closure of all pubs for the first 15 weeks of the financial year.
The company’s EBITDA was £321.1m which is almost double the figure of £156.3m it posted last year.
In the last year Greene King acquired Scottish pub and restaurant Ubiquitous Chip and prepared its American-style smokehouse brand Hickory’s for nationwide expansion.
It also invested in 43 sites across its ‘premium’, ‘urban’ and ‘ventures’ estate, as well as investing in a further 80 destination food brands, with a major focus on gardens, which amounted to £2.3m.
These investments brought its total core capital expenditure to £164.1m, compared with £68m last year.
Despite the growth across all five of its divisions the company is moving to just four divisions; Greene King pubs, Destination Brands, Partnerships and Ventures, and Brewing and Brands.
Nick Mackenzie, Greene King CEO, said: “Greene King delivered a strong operational and financial performance during 2022 despite the challenging macroeconomic backdrop with
progress made in all our businesses. This was only made possible by our hardworking and committed team members and tenants, who I would like to thank.
“We also continued to invest in the business, which meant we made important strategic progress, particularly in new format and brand developments, targeted acquisitions and through driving our cultural transformation.”
He added: “Looking ahead, we expect the tough backdrop to continue, and we have planned for this. We now have a stronger platform to deliver sustainable growth against a strategy that is working and with a strong balance sheet.
“By focusing on the things we can control and supporting our team members and customers, we will continue to do what Greene King does so well, playing a meaningful role in supporting the communities we serve and leading the way in making our industry a better place to work.”
