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Greene King sees H1 profits slip, but brewing sales up

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  • Half-year net profits fall 6.3% to GBP64.3m (US$100.8m)
  • Net sales in six months to mid-October up 3.3% to GBP614.9m
  • H1 operating profits slip 3.1% to GBP123.3m
  • Sales from brewing unit rise 4.1% to 91.1m 

Greene King has reported a fall in half-year net profits, but rising sales against a “challenging backdrop”.

Greene King has seen a "challenging" environment in the UK

Greene King has seen a "challenging" environment in the UK

The UK brewer and pub operator saw net profits in the six months to 19 October fall by 6.3% to GBP64.3m (US$100.8m), after a 3.3% lift in sales, it said today. Operating profits in the period slipped by 3.1% to GBP123.3m. 

In the Suffolk-headquartered group's brewing and brands division, sales grew 4.1% to GBP91.1m, but profits fell by 0.7% to GBP13.8m.

Rooney Anand, Greene King's CEO, said the group delivered “record sales and strong returns against a challenging backdrop”. 

Anand also referenced the company's move to acquire Spirit Pub Co, announced last month. "We have made further, significant strategic progress by increasing our retail estate and disposing of non-core tenanted pubs to enhance further the quality of our estate, and making a recommended offer for Spirit Pub Co," he said.

Looking ahead, Anand added: “We expect a slight moderation in the operating margin decline for the retained business in the full-year, due to improved trading, increased cost savings and lower net cost inflation.”

Greene King currently operates around 1,900 pubs, restaurants and hotels across England, Wales and Scotland. Its beer brands include Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best.


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