, one of Britain’s best-known brewers and pub operators, turned in a 6.8% rise in pre-tax profit in the year to 29 April 2018, it announced today.
But the group preferred to use an adjusted measure that recorded an 11.2% decline in profit before tax to £43 million.
The adjusted figure excludes exceptional and non-underlying items such as legal and professional fees, impairment of property and plant and profits on sales of property and equipment.
Good progress reported
Perhaps influenced by the firm’s self-effacing take on its results, Greene King shares dropped 32.9p, or 5.15%, in early trading to 605.7p.
The full-year dividend is unchanged at 33.2p a share, despite earnings per share, on Greene King’s adjusted measure, falling 11.4% to 62.7p. Unadjusted earnings per share increased by 6.9% to 52.4p.
The third leg of the business, brewing and brands, saw revenue rise 7.4% to £215.1 million.
Rooney Anand, chief executive officer, said: “We made good progress improving the performance of the business during the second half of the year, despite a challenging trading environment. Our investment to improve the customer experience in our pubs and the focus on our strategic priorities are beginning to pay off.