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.

“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.