Brewer hails 'resilient' performance
SUFFOLK-based pubs and brewing company Greene King today hailed a “resilient” set of annual results despite a sharp dip in profits.The Bury St Edmunds firm reported a better-than-expected pre-tax profit of �118.
SUFFOLK-based pubs and brewing company Greene King today hailed a “resilient” set of annual results despite a sharp dip in profits.
The Bury St Edmunds firm reported a better-than-expected pre-tax profit of �118.5million for the year to May 3 - 15% down on last year's equivalent figure of �1.39.4million but ahead of the �115million forecast in its most recent trading update.
Despite the impact of the recession on consumer spending, revenue for the year came in 1.3% ahead, at �954.6million against �942.3million.
The group's managed estate saw like for like-for-like sales growth of 1.7% while trends in its tenanted and leases estate stabilised and its brewing operation increased its volumes by 1.8%.
At the bottom line, Greene King reported a profit of �54.3million, well down on last year's �147.9million, but this was due largely to a write-down of �53.5million in the paper value of part of its pub estate most of which it had already warned of in its half-year results.
“We have delivered a resilient set of results in the face of extremely challenging trading conditions,” said Greene King chief executive Rooney Anand.
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“Trading generally improved from December, although cost pressures remain and both economic and political uncertainty are affecting consumer confidence.”
A proposed final dividend of 15.1p per share will make total for the year of 22.4pps - unchanged from last year.