UK: Weak market hits Greene King beer sales
Greene King, the UK ale brewer, has said a weak market caused its beer volumes to fall in the first quarter.
Greene King, which makes Old Speckled Hen and IPA, said today (2 September) that own-brewed beer volumes fell 3% in the 16 weeks to 24 August.
Its announcement follows a stark warning from Coors Brewers yesterday that input cost rises threatened to "cripple the Uk beer industry".
Greene King said it remained in-line to meet expectations across the company, "despite a lacklustre outlook for the UK economy".
It said of the beer volume decline: "Given near double-digit declines in the on-trade beer market, this is a strong performance. Share gains continue in both the on- and off-trade, and in the standard and premium ale categories."
The ale brewer said consumer spending had continued to contract, but added: "The Greene King model is robust and resilient; strong cashflows allow continued investment in growth areas such as food, accommodation and premium ale; and the tough approach to cost management creates opportunities to drive further value into the business."
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