E-Malt.com News article: 441

Green King, the UK regional brewer and pub operator, reported a profit before tax and exceptionals of about £35m ($55.20m) for the 24 weeks to October 19, 2002, what prevails the forecast. Analysts predicted a £34.5m profit.

Green King, the brewer of Greene King IPA, Abbott Ale and Old Speckled Hen beer brands, has registered a rise of turnover of about 17% up to £249m.

Company’s CEO, Tim Bridge said: "Consumer expenditure patterns are unpredictable, but we are confident that the strategic and financial position of the company, the quality of our businesses and the strength of our brands stand us in good stead even if general trading conditions deteriorate."

Greene King, which operates 1,760 pubs in southern England, said turnover from its pubs division rose by 19% to £152.0m, while trading profit increased by 10% to £25.5m. The company stated that its pubs business had gained from the addition of the Old English Inns and Morrells operations, but following a 0.3% rise in like-for-like sales in the first quarter, comparable sales fell by 0.4% for the half-year.


11 December, 2002