Greene King turns in ‘resilient’ performance
02 July 2009 09:29
Pub operator and brewing group Greene King has said that the summer weather and a shift in focus towards food sales resulted in strong recent trading at its outlets.
Like-for-like sales across its managed pubs, which include Old English Inns and the Hungry Horse chain, rose 5.2% in the eight weeks to June 28th.
The company added that food now accounts for over a third of its retail sales, although the better weather also saw an improved performance from its drink-led pubs. Pre-tax profits were down 15% to £118.5 million in the year to May 3rd, but higher than had been predicted.
In April, the company announced plans to raise £200 million from shareholders in order to expand its estate and cut its debt by £46 million.
Rooney Anand, Greene King chief executive, commented: "We have delivered a resilient set of results in the face of extremely challenging trading conditions.
"Trading generally improved from December, although cost pressures remain and both economic and political uncertainty are affecting consumer confidence.
"The funds raised by our recent rights issue will further strengthen our position through selective acquisitions and opportunistic debt reduction, resulting in an enhanced estate, an even stronger capital structure and greater opportunities for growth.
"We therefore look forward with cautious optimism and believe we have the best assets, brands and people to continue growing our share of the market".
Retail news is updated every weekday and is provided courtesy of: 
