Greene King ? the brewing company behind Old Speckled
Hen and Abbot Ale ? has unveiled lacklustre results for
the last quarter, as tough market conditions continue to
hit brewers? bottom lines.
Greene King?s retail arm reported a dip in like-for-like
sales of 1.6% for the period to 24 August, although the
company said its food-led sites had performed strongly.
The company?s tenancy and lease division, Pub Partners,
saw profits slide by 1.7%. Sales volumes of its
own-brewed drinks, meanwhile, dipped by 3%.
?Market conditions remain challenging as consumer
confidence continues to weaken and consumer expenditure
continues to contract,? the company said in a statement.
?Within this environment, Greene King is well placed to
withstand many of the pressures these trends create:
[our] model is robust and resilient; strong cashflows
allow continued investment in growth areas such as food,
accommodation and premium ale; and the tough approach to
cost management creates opportunities to drive further
value into the business.?