Brewer and pub group Greene King (GNK) has made a positive start to its new financial year thanks to the Euro 2016 football championship and better weather.
The group said in a trading statement for the first 18 weeks of the year to 4 September, ahead of its AGM later today, that the pub division delivered like-for-like sales growth of 1.7%.
In its leased pubs, LFL net income was up 4.5% after 16 weeks, while in brewing and brands, which is the retail arm dealing with the supermarkets , own-brewed volume declined 0.5% over the same period.
“As expected, uncertainty surrounding the UK’s future withdrawal from the European Union has translated into a softening of some economic indicators and a reduction in consumer confidence,” Greene Kind said.
“While the broader implications remain unclear, a number of recent industry surveys have flagged risks to leisure spend and we are alert to a potentially tougher trading environment ahead.”
The group has also appointed Gordon Fryett to the board as a non-executive director with effect from 1 December 2016. He will also become a member of the audit, nomination and remuneration committees. Fryett has spent the majority of his career at Tesco, where his roles, prior to retirement in 2013, included playing a leading role in expansion in the UK and overseas, the development and management of the group’s property portfolio and CEO of Tesco Ireland.
Gordon was also a non-executive director of Severn Trent from 2009 until July 2016 and is currently non-executive director of W&J Linney.
Greene King chairman said: “I am delighted that Gordon has agreed to join our board. His extensive experience of retail and property will undoubtedly add value to our decisions as we develop Greene King over the coming years.”
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