Profits up at Greene King
Greene King’s Brewing and Brands division saw operating profits rise by 4.1% in its most recent financial year, despite a 2% fall in brewing output.
The Old Speckled Hen and Abbot Ale brewer achieved a turnover of almost £158 million, achieving operating profits of £31.8 million. The figures do not include the company’s pub operations.
Old Speckled Hen increased its market share of the premium bottled ale sector, helped by its sponsorship of the Dave TV channel.
Full-year pre-tax profit for 2010-2011 was £140 million, up 14% from a year ago.
Chief executive Rooney Anand said: “Looking ahead, we foresee another testing year. The UK economy continues to face inflationary pressures, impacting on both our customers’ spending power and our cost base, and the impact of the government’s cutbacks is still to take full effect.
“However, these results show, through our sales momentum, our retail expansion strategy and our strong profit conversion, that we can continue to deliver attractive returns to our shareholders.”