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Greene King Plc H1 Profit Rises; Revenue Down 1.2% - Quick Facts

Greene King PLC (GNK.L) reported pretax profit of 123.7 million pounds for the twenty-four weeks ended 15 October 2017 compared to 92.5 million pounds, prior year. Profit attributable to equity holders of parent increased to 96.7 million pounds or 31.2 pence per share from 73.8 million pounds or 23.8 pence per share. Operating profit before exceptional and non-underlying items was 188.4 million pounds, down 7.5% below last year. Profit before tax and non-underlying and exceptional items was 127.9 million pounds, 8.0% below last year, while adjusted earnings per share 33.0 pence compared to 35.9 pence.

First-half total revenue was 1.03 billion pounds, 1.2% below last year. Pub Company like-for-like sales were down 1.4%. Total Pub Company sales were 837.0 million pounds, a decrease of 2.2% from last year, impacted by disposals made over the last 18 months.

Rooney Anand, CEO, said: "The first half was challenging for our managed pubs, but our actions to strengthen performance have produced an improvement since the period end. We have committed additional investment to enhance the customer experience, including being more competitive on price, having more team members available at key times and strengthening local marketing activity. Pub Partners and Brewing & Brands again outperformed the market, generating cash for the group and raising the profile of Greene King."

The board has declared an interim dividend of 8.8 pence per share, which is in line with last year. This will be paid on 19 January 2018 to shareholders on the register at the close of business on 8 December 2017.

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