UK: Greene King remains on course, despite "challenging" market
Greene King has warned in a trading update that the rest of its fiscal year will prove "challenging".
The UK brewer and pub operator said today (1 February) that the 38 weeks to 20 January has seen the trading environment in the UK become "more challenging for the pub and beer industry". Managed pub like-for-like sales were flat at -0.1% in the period, while its tenanted and leased business in England and Wales produced profits up 0.2%.
On the brewing front, own-brewed volumes were up by 6.5%.
"We expect the rest of the year to remain challenging," Greene King said. "Nevertheless, the inherent strengths of our business, the resilience of our business model and the encouraging contributions from recent acquisitions give us confidence that our earnings expectations for the year to 4 May will be met."
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