Greene King profits fall

03 December, 2008

Operating profit in the brewing division of Greene King fell 11.5% in the 24 weeks to Oct 19, compared with a similar period a year earlier.

Profits slipped to £9.2 million on flat revenue of £41.4 million.

The company blamed the fall mainly on rising costs.

Old Speckled Hen volumes were up 6%, driven by off-trade growth.

Group operating profit – including Greene King’s pubs business – was 4.5% down on the corresponding period in the previous year, again on virtually flat revenue.

Chief executive Rooney Anand described it as a “solid set of results” given the current economic climate.

“Trading conditions are the toughest we’ve known for a long time,” he said, but added: “When the going gets tough, we have shown in the past that we have the capability and the energy to withstand difficult trading conditions.”

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