Brewer and pub operator Greene King has posted a 15% drop in full-year group pre-tax profits to £118.5m, on sales up 1.3% at £954.6m.
Its brewing arm, which makes Greene King IPA, Old Speckled Hen and Abbot Ale, reported an 8.2% increase in sales to £93.9m and a 1.2% increase in EBITDA to £25.4m.
Greene King said the brewing company figures were boosted by “significant” market share gains in the UK ale market and a “consistent, focused strategy”.
Chief executive Rooney Anand added that although the outlook remained uncertain, current trading was encouraging.
“We believe we are in a stronger position now than we were two years ago, when the initial warning signs of an impending slowdown appeared at the front line of our businesses,” he said.
“The sector is polarising, with the weaker players underperforming and reducing investment while the stronger players have healthier profits and cash conversion, are maintaining investment, accelerating market share gains and selectively targeting acquisitions.”
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