Continued LFL sales momentum in Pub Company
· Pub Company like-for-like (LFL) sales up 2.7%, ahead of the market4 up 1.1%
· Driven by the ongoing benefits from our investment in value, service and quality (VSQ), our strategic focus on four core brands, and boosted by good weather and the World Cup
· Pub Partners LFL net income up; Brewing & Brands revenue up 7.5%
Consistent cash generation, disciplined capital allocation & attractive property valuation
· Operating cash generated5 covers scheduled debt repayment, core capex and dividends
· Further steps taken to refinance Spirit debenture, reducing cost and increasing flexibility of our debt; to date annualised cash interest saving c.£13m and net present value benefit c.£45m
· Interim dividend maintained at 8.8p per share; dividend cover5 of 1.9x
· Estate optimisation; tail disposal proceeds fund new builds, helping to grow average weekly take in Pub Company by 7.9% over the last three years
· Pub estate valuation supports maintained leverage; market value of £4.5bn
Current trading and outlook
· LFL sales in Pub Company were up 2.9% at week 30; Pub Partners and Brewing & Brands performing in line with expectations
· Christmas bookings well ahead of last year
· Remain on track to limit full year net cost inflation to £10-20m
And later;
DIVIDEND
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 18 January 2019 to shareholders on the register at the close of business on 7 December 2018.
https://www.investegate.co.uk/greene-ki ... 00108386I/