Greene King plans for nodeal Brexit as sales rise

Belhaven owner Greene King toasted its investment strategy and a warm summer as it unveiled sales growth for the first half of the year.

But the company hinted at stockpiling plans as it said it was preparing for the eventuality of a no-deal Brexit, while warning that uncertainty could hit consumer demand.

Revenue was up 1.95% to more than £1 billion in the 24 weeks to October 14, while adjusted profit before tax was almost flat at £128.2 million.

Chief executive Rooney Anand said: “Ongoing uncertainty around Brexit may impact on consumer confidence, but, as a team, we are focused on our key strategic priorities and remain confident of our outlook for the financial year.”

The company said it was “working closely” with supply chain partners to safeguard the continued supply of goods to our pubs and breweries post-Brexit.

It said it was also working to ensure beer exports were protected.

Mark Brumby, of Langton Capital, said: “Consumer confidence has declined recently and Brexit uncertainty remains but these are industry wide issues and Greene King is pulling the levers available to it.”

Like-for-like sales in Greene King’s own pubs division, which accounts for the majority of revenue, were up 2.7%.

The figure was ahead of the wider market but Greene King’s pub partners division saw a reduction in sales in the period, primarily due to a reduction in the number of trading outlets.

Brewing and brand revenues were 7.5% higher, largely thanks to a World Cup boost.