Greene King credits Brexit boredom for profit boost as pubs see upturn in trade
BRITONS ARE taking a break from the Brexit debate by heading to their local for a pint, Greene King said as it reported an increase in profit over the last six months.
The pub operator, which brews beers such as Greene King IPA and Old Speckled Hen, said that it was making contingency plans to protect against disruption if Britain leaves the trading bloc next March without a deal.
Chief executive officer Rooney Anand said people were “bored of Brexit”, adding: “Pubs are benefiting in some respects from every time we turn on the television, radio or read the newspaper – all you hear about is Brexit and it doesn’t really take you forward.”
Greene King’s pre-tax profit rose 3.2 per cent to £127.7m for the first half of its financial year.
The company also said comparable sales for Pub Company, through which it manages its chain of 2,900 pubs, restaurants and hotels, had risen 2.7 per cent, and Christmas bookings are well ahead of last year.
The company has been battling rising costs from a minimum wage increase, higher property prices and a Brexitdriven slide in the pound.
Greene King shares rose 6.5 per cent to 540.4 pence yesterday morning, pushing them to the top on London’s midcap index.
The company said it had identified key areas of risk to its business from a “no deal” outcome and is working closely with its supply-chain partners to safeguard supplies and exports.