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UK: Profits up 10% at Greene King

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UK brewer and pub operator, Greene King, posted a pre-tax profit before exceptionals of £69.2m for the 53 weeks to May 4, up 10% from last year's £62.8m. The result was in line with analysts' forecasts which had been for profits in the £65m to £70m range.

Turnover at the company rose by 15% from £431.7m to £494.5m. Like-for-like sales from Greene King's managed pubs rose by 3.6% while its tenanted pubs showed a 5% increase in comparable sales. Sales of the company's beer brands, which include Greene King IPA, Abbott Ale and Old Speckled Hen, rose by 5%.

Greene King, which operates 500 managed pubs and has more than 1,000 tenanted outlets, has been expanding steadily beyond its stronghold in the east of England. In 2001, it acquired Old English Inns for £105.2m and recently bought the Oxford-based beer company, Morrells, for £67m.


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