UK: Greene King posts profit rise to May
UK pub and beer group Greene King has reported profit before tax for the full year up 10% to £82.6m, on th eback of turnover up 3% to £552.7m.
Chief executive, Tim Bridge, said: "We have produced some very good figures in 2003-04. Our strategy has been consistent for many years and is founded upon three integrated trading divisions. Yet again all three have increased their turnover and trading profits. The first eight weeks of the new financial year have started well and we have every confidence that the quality of our assets and our people will
continue to add value for our shareholders."
Turnover in its Brewing Company increased by 11% to £106.1m and trading profit by 21% to £16.1m.
Turnover in its Pub Company, which operates the pubs it runs under direct management, rose by 1% to £331.6m and trading profit by 4% to £56.9m.
Pub Partners, the trading division which runs Greene King's tenanted and leased estate,
increased turnover by 3% to £115.0m and trading profit by 9% to £47.8m.
The company also said that the first eight weeks of the new financial year had started well.
It said: "The profits for all three trading divisions are running ahead of last year and up to expectation. We have every confidence that our integrated business model and the quality of our assets and our people will continue to add value for our shareholders."
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