Greene King to report on Thursday

Greene King will announce its full-year profits on Thursday 3 July. The consensus is for an operating profit of £263 million and revenue of £1.28 billion.

Inside a Greene King pub
Source: Bloomberg

Greene King is trading at 828p, and the shares price is down 2.5% since the company announced its half-year results in December. The shares performed well in the first quarter of 2014 but has been drifting lower since May. The figures in December were well received by traders, as like-for-like sales and pre-tax profits (excluding exceptional items) were 3.5% and 6% respectively. The company also increased its dividend by 27% to 7.6p.

In May, Greene King sold off 275 of its non-core pubs for £75.6 million. The move not only generates cash for the group but also leaves the door open to focus on faster growing pubs.

In a recent trading update, the company stated that Mothering Sunday and Easter were busy periods for its restaurants and pubs.

The shares price has bounced off the 820p mark recently, and if the results are good the stock could target the 200-day moving average of 860p. From there it could move towards the 900p level.

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