Strong perfomance drives record growth at Greene King

Stronger trading across all its divisions has driven full-year growth at Greene King.

Reporting results for the year to the end of April, the Suffolk brewer said revenue increased by 16 per cent to £818.6m, with operating profits up 21 per cent to £190.9m, and pre-tax profits up 25 per cent to £119.6m.

The company said it saw a strong performance in all divisions, including the managed Pub Company operation, tenanted business Pub Partners, the brewing company, and last year's Scottish acquisition Belhaven. With all acquisitions fully integrated and delivering the targeted savings, there has been a "strong start to the new financial year", with its 2000-plus pubs "well prepared for smoking bans in Scotland and England".

Chief executive Rooney Anand said: "There have been significant developments across all areas of Greene King over the last year and this is reflected in these record results. The results demonstrate our proven strategy that delivers value for shareholders.

'"The new financial year has started well and our pubs are also benefiting from the targeted plans that we put in place for the World Cup. 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."

Having acquired Essex brewer Ridley's as well as Belhaven during the financial year, Greene King said that its current bid target, Midlands-based Hardys & Hansons, provides it with an "excellent opportunity to broaden further the geographical footprint".

With shareholder approval for the agreed £271m offer likely to be a formality, Greene King expects to complete on the Hardys deal in September.