Sponsored by
Brewing giant announces £15.6 million fall in profits
Brewing giant Greene King has announced a £15.6 million drop in profits for the past year in the face of falling consumer confidence.
Despite a 12.3 million boost in revenue, the Bury St Edmunds firm reported a 6.7 per cent drop in operating profits to 216.2 million in its preliminary results for 52 weeks up to May 3, released yesterday.
Rooney Anand, chief executive, said: "We have delivered a resilient set of results in the face of extremely challenging trading conditions.
"Trading generally improved from December, although cost pressures remain and both economic and political uncertainty are affecting consumer confidence."
Following a 207.5 million rights issue in April, the brewery snapped up 11 freehold Punch Taverns for 30.4 million in a deal last month, as well as buying back 22.4 million of bonds to reduce its debt.
Mr Anand said: "we look forward with cautious optimism and believe we have the best assets, brands and people to continue growing our share of the market."
Click here to go back to our main news index.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Bury St Edmunds
Wednesday 23 May 2012
Today
Sunny spells
Temperature: 11 C to 24 C
Wind Speed: 9 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 11 C to 22 C
Wind Speed: 14 mph
Wind direction: North east
