Acquisitions boost Greene King profits

24-08-2006

Pub operator Greene King recorded an impressive 21 per cent increase in profits in its end-of-year results, earning its shareholders a dividend of 20.15p per share.

Largely driven by the acquisition of two pub chains, Essex-based Ridley's and Belhaven in Scotland, the results spring from a 16 per cent increase in overall revenue to £818.6 million.

Rooney Anand, Greene King's chief executive, said the profit increase reflected their successful adoption of the smoking ban in Scotland and effective marketing strategy for the World Cup.

"There have been significant developments across all areas of Greene King over the last year and this is reflected in these record results," he said.

"The intrinsic quality of our assets, combined with the passion and talent of our team, along with recent acquisitions, give us confidence that there are exciting opportunities to deliver further growth in the future."

Greene King, which brews Old Speckled Hen, IPA and Abbot Ale from its base in Bury St Edmunds in Suffolk, has operated pubs and breweries for over two centuries.

Its recent successes saw shares in the company rise by 20 per cent in the company's last financial year.


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