Greene King reports a 20% rise in pre-tax profits

Brewer and pub operator Greene King has reported a 20% increase in pre-tax profits for the first half of its financial year and said it benefited from good trading conditions and recent acquisitions.

The company said profit before tax in the 24 weeks to 15 October rose to £67.1m, with revenue up 16% to £419m.

The results include six weeks’ contribution from Hardys & Hansons, acquired in September this year, and a full 24 weeks from Belhaven, which Greene King purchased in October last year.

With 300 mostly urban Scottish pubs, Belhaven achieved an 8% increase in operating profit of £11.5m, despite the imposition of the Scottish smoking ban in March this year.

Greene King chief executive Rooney Anand said: “This has been another very strong first half year, with encouraging organic growth and profit conversion. We have benefited from our acquisition of Belhaven, which is proving a great addition to Greene King.

“The strength of our customer offer, our pub estate, our brands, and most of all our people, gives me confidence for further success and growth into the future.”

Greene King recently sold 155 sites to pub landlord Admiral Taverns for around £57m.

Greene King to sell 150 tenanted pubs >>

Staff development scheme saves Greene King £2m >>

By Kerstin Kühn 

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