UK: Greene King boosted by rise in FY beer volumes
- FY net profits fall 0.04% to GBP102.4m (US$159.1m)
- Net sales rise 9.4% to GBP1,140.4m
- Opertating profits up 6.4% to GBP236.2m
- Customers' spending will continue to be squeezed; beer volumes up 8%
Total beer volumes were up 8% in the full-year
UK pub company and brewer Greene King has reported a 6.4% rise in full-year operating profits, helped by an 8% increase in beer volumes.
Net profits fell slightly to GBP102.4m (US$159.1m) in the 52-week period to the end of April, the Bury St Edmunds-based company said today (28 June). Net sales rose by 9.4% to GBP1,140.4m.
The company, which owns 2,334 pubs, restaurants and hotels in the UK, said total volumes in its brewing divison were up 8% over the year, with revenue up 5% to GBP173.8m. However, sales of its core ale brands fell 0.7%.
It said a drop in second-half volumes was "driven by a more competitive environment in Scotland, price increases, particularly in take-home and more difficult comparatives".
In March, Greene King annouced it was investing GBP4m (US$6.4m) in rebranding and promoting its flagship IPA ale in the UK.
“Our team has once again delivered record results and attractive returns to our shareholders in a difficult environment. We have achieved strong growth and made further strategic progress," said Rooney Anand, Greene King's chief executive.
However, he warned: "Looking further ahead, our customers’ spending will continue to be squeezed and concerns remain about job security."
Shares in Greene King were up 0.09% to 532p this morning.
Full the full announcement, click here.
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