Greene King enjoys a record half year

06 December 2005
Greene King enjoys a record half year

Greene King's record half-year results is down to organic growth and the successful integration of its recent spate of pub-group acquisitions.

A full contribution from the Laurel neighbourhood estate, a 24-week boost from Ridley's and a two-week input from Scotland's Belhaven, pushed turnover in the 24 weeks ended 16 October up 19% to £359.9m (2004: £302.1m).

Pre-tax profit increased 23% to £55.8m, compared with £48.6m a year ago.

Greene King chief executive Rooney Anand said: "We have benefited from our targeted acquisitions of Laurel and Ridley's, both of which have been successfully integrated ahead of plan."

Anand said the new licensing regime would provide additional trading opportunities over time, although on average, the company's managed pubs had only applied to stay open just four hours longer a week.

Pub Company, the 700-plus managed division, recorded turnover growth of 18% to £244.4m, and an increase in trading profit of 26% to £50.3m.

Pub Partners, which has 1,346 leased and tenanted pubs, saw turnover increase 21% to £67.2m and trading profit climb 22% to £29m.

With trading since the half-year in line with expectations and a full contribution from Belhaven due in the full year, Anand said he was confident of a successful result for the year.

By Chris Druce

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