Greene King reports strong performance

July 3, 2007: Greene King's chief executive has hailed strong performances in all sectors of the business, unveiling pre-tax profits up 17% to £139.8 million for the 52 weeks to April 29.

The brewing company profit rose by 12% and the pub partners operating profit by 6% per pub. Pub company like-for-like sales were up 3.4%.

The company reported that its integration of the Hardys & Hansons business was complete, and that operating profits at its previous acquisition, Belhaven, in Scotland were up 4%.

"Our unique experience across the whole of the Scottish pub and beer industry has stood us in good stead for the English smoking ban," said chief executive Rooney Anand. "We are well prepared and in a good position to grasp the opportunities afforded by the ban by broadening the appeal of our pubs.

"We are today also announcing plans to release significant additional funds from further increasing the efficiency of our balance sheet; and to unlock substantial extra value from our quality property estate.

"These steps, along with the intrinsic quality of our assets, brands and people, and the benefit of recent acquisitions, combined with a good start to the current year, underpin our confidence in the future."