Greene King makes no-deal Brexit con­tin­gency plans

Western Morning News - - Westcountry Business -

Greene King toasted its in­vest­ment strat­egy and a warm sum­mer as it un­veiled sales growth for the first half of the year. Rev­enue was up 1.95%, amount­ing to more than £1bn in the 24 weeks to Oc­to­ber 14, but ad­justed profit before tax was al­most flat at £128.2 mil­lion. Like-for-like sales in Greene King’s own pubs di­vi­sion, which ac­counts for the ma­jor­ity of rev­enue, was ahead of the wider mar­ket, ris­ing 2.7%. Rev­enue in the pub part­ners di­vi­sion was down due to a re­duc­tion in the num­ber of pubs trad­ing. Rev­enue in brew­ing and brands was up 7.5%, thanks to the World Cup-re­lated beer sales boom.

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. 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 firm said it was “work­ing closely with our sup­ply chain part­ners to safe­guard the con­tin­ued sup­ply of goods to our pubs and brew­eries, as well as the ex­port of our beers”.

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