Rise in profit at Greene King

Pub group Greene King posted a rise in profit as more customers flocked to its pubs, in its first set of interim results since taking over smaller rival Spirit Pub.
By The Newsroom
Published 2nd Dec 2015, 08:23 BST
BeerBeer
Beer

The company said pre-tax profit after adjusting for exceptional items grew 46.9 per cent to £121.3m in the 24 weeks to October 18.

Greene King said it expected to outperform its initial cost synergy guidance, and raised its target to £35m from £30m.

Hide Ad
Hide Ad

Rooney Anand, chief executive officer at Greene King, said: “It has been a strong first half, with the Greene King business strengthening and significant progress made in the Spirit integration.

“Like-for-like sales growth in Greene King Retail improved during the half and both Pub Partners and Brewing & Brands delivered profit growth and margin expansion.

“We completed the acquisition of Spirit Pub Company and, by combining the best of both companies, made good progress in capturing value from the acquisition and creating the UK’s leading pub hospitality company.

“We believe we have the best portfolio of retail pub brands, the best pub assets and the most talented team which, when combined with the strong contribution from synergies and the benefits of our enlarged scale, will ensure we continue delivering value to our customers and our shareholders.”

Related topics:Greene King