UK: Greene King 51-week sales rise on Old Speckled Hen and Abbott Ale
Greene King Plc, a U.K. brewer and pub company, said sales rose in the first 51 weeks of the fiscal year as more Britons drank more Old Speckled Hen and Abbot Ale, Bloomberg reported on May 2.
Revenue at the company's managed bars gained 1.8 percent in the period ended April 23, while sales at tenanted pubs advanced 2.1 percent, the Bury St. Edmunds, England-based company said on May 2 in a Regulatory News Service statement. Greene King sold 7 percent more beer in the period, led by 9 percent growth in Old Speckled Hen.
Greene King is seeking acquisitions and selling more food at its pubs as Britons increasingly choose to drink at home and spend less. In August, the company agreed to buy Scottish pub owner Belhaven Group Plc to add 271 outlets. First-half profit rose 15 percent, aided by purchases of other businesses and by food sales.
“Margins have remained strong and the overall performance is in line with our expectations'', the company said in the statement.
The company's integration of Belhaven has “run smoothly” and the realization of its cost saving targets “is on schedule,'' Greene King said. The company has been “pleased” with Belhaven's business since a ban on smoking in Scotland became law March 26.
The shares gained 36 pence, or 5 percent, to 763 pence at 3:22 p.m. in London. The stock has gained 2.8 percent this year, giving the company a market value of about 1.15 billion pounds.
The company said it will refinance about 550 million pounds ($1 billion) of its bank and debenture debt through an issue of bonds. This will take the total outstanding bond issuance to 1.14 billion pounds, backed by about 70 percent of its pubs, it said.
The company, founded in the 18th century by the great- grandfather of author Graham Greene, agreed to buy T.D. Ridley & Sons Ltd. in July to gain 73 pubs and a brewery in southern England. In 2004, Greene King acquired 432 pubs in villages and towns in southern England from Laurel Pub Co.
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