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Greene King FY Pretax Profit Declines; Pub Company LFL Sales Up 2.9%

Greene King (GNK.L) said its Pub Company like-for-like sales were ahead of the market for the 52 weeks to 28 April 2019, driven by effective investments in value, service and quality and boosted by the good weather and successful World Cup.

For the 52 weeks ended 28 April 2019, profit before tax declined to 172.8 million pounds from 197.5 million pounds, while earnings per share was 38.7 pence compared to 58.9 pence. Adjusted profit before tax improved to 246.9 million pounds from 243.0 million pounds while adjusted earnings per share was 64.3 pence compared to 62.6 pence.

Fiscal year Group revenue was up 1.8% to 2.22 billion pounds. Pub Company revenue was up 1.8% despite a 2.5% reduction in the average number of pubs. Like for like sales were up 2.9%.

Greene King said, over the first eight weeks of the new fiscal year, trading was impacted by the poor weather and like-for-like sales in Pub Company were below last year's strong comparatives.

The board has recommended a final dividend of 24.4 pence. This takes the total dividend for the year to 33.2 pence, in line with last year.

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