Greene King raises revenue by 8%

02 July, 2009

Greene King’s brewing company flew in the face of the recession to increase its revenue by 8.2% in the year to May 3, from £86.8 million to £93.9 million.

But lower margins meant operating profit was flat at £21.2 million.

Chief executive Rooney Anand said: “We have continued to both remove cost and switch from variable cost to improve efficiency.”

Greene King‘s group pre-tax profit was down 15% to £118.5 million on revenue improved by 1.3% at £954.6 million.

Anand said he was “encouraged “ by the figures.

He added: “Trading generally improved from December, although cost pressures remain and both economic and political uncertainty are affecting consumer confidence.

“We look forward with cautious optimism and believe we have the best assets, brands and people to continue growing our share of the market.”

Greene King has the number one premium ale in the off-trade with 13.3% volume share in multiple grocers, according to April’s Nielsen figures.

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