Greene King share price: what to expect from its full-year results
The UK’s largest pub retailer and brewer will unveil its full-year results next week, with investors expecting the FTSE 250-company to wrap up the financial year on a high.
When is Greene King’s results date?
Greene King will release its full-year results on June 27.
Greene King’s results preview: what does the City expect?
Greene King has had a strong year in relation to its peers, with sales for the 52 weeks to April 28 climbing 2.9%, reflecting the success of its growth strategy over the last 12 months which have focused on driving value, service and quality for its customers.
Its strong performance has investors expecting a good end to the financial year when the pub retailer and brewer unveils its results next Thursday, with equity analysts from Peel Hunt reissuing its ‘buy’ rating for the stock.
HSBC has increased its target price for Greene King’s stock from £5.60 to £6.55 a share ahead of its full-year results, with the company’s share price currently trading at £6.05 levels as of 14:30 GMT on Wednesday.
Meanwhile, Liberum Capital was the most optimistic about Greene King’s share price, with the investment bank upping its target price for the stock from £6.90 to £7.90 a share.
‘We have traded strongly this year and have returned to market outperformance,’ former Greene King CEO Rooney Anand said before handing over the reins to Nick Mackenzie.
‘I believe that, with our strong pub and beer brands, talented and dedicated team and high-quality estate, Greene King is well positioned to make further progress and continue outperforming the market,’ he added.
Greene King creates refinancig headroom
During the second half of the financial year, Greene King made significant progress with its debt refinancing plan.
By the end of the financial year, Greene King plans to have repaid £393 million, or 51% of the Spirit debenture, while also repaying its securitisation for £250 million at 3.6%, creating headroom within our revolving credit facility for future bond repayments from the debenture, the company said.
‘We expect to limit net cost inflation this year to between £10-20m and for full year profit before tax, no underlying and exceptional items to be between £244m and £247m.
‘We are broadly on track to deliver our disposals programme and new builds/single site acquisitions for the year.’
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