E-Malt.com News article: 283

Greene King, UK leading pub retailer and ale brewer, published its successful results for 53 weeks ended 4 May 2002: an increase of 15% in company turnover from GBP 431.7 mln to GBP 494.5 mln and 10% rise in profit before tax, goodwill and exceptional items from GBP 62.8 mln to GBP 69.2 mln in comparison with last year data.

Like-for-like sales from Greene King's managed pubs rose by 3.6% while its tenanted pubs showed a 5% increase in comparable sales. Sales of the company’s four key beer brands – Greene King IPA, Abbot Ale, Old Speckled Hen and Ruddles County – rose by 5%.

Greene King, which owns 500 managed pubs and has more than 1,000 tenanted outlets, has been expanding its strategy in the east of England. In September 2001 Greene King acquired Old English Inns for GBP 105.2 mln and in June 2002 completed the acquisition of Morrells of Oxford Limited for a consideration of GBP 67 mln, including the assumption of GBP 30.4 mln of debt.

More details are available on web-site: www.greeneking.co.uk


09 July, 2002