Morning:
3°c
Greene King's focus on London and the South-East seems to be paying off — today it was able to announce that its Abbot Ale has usurped London Pride as the capital's most regularly supped pint of bitter.
It is also the only major pub group still paying a dividend to investors — flat this year at 5.9p a share. A recent rights issue has left it with money in the till for expansion, and today bought seven pubs in Scotland from arch-rival Mitchells & Butlers for £12.7 million.
In the half year to 18 October, sales are up 4% to £464 million with profits up 3% to £62.4 million.
Although the England team isn't much good, Greene King's sponsorship of Rugby Union is also paying off.
The IPA beer sells at the rate of 6,000 pints an hour during games at Twickenham as fans try to distract themselves from England's performance.
Chief executive Rooney Anand reckons the company managed the downturn better than most, moving to cut prices as customers felt the recession bite. “We were a strong business going into the recession and as a result of the actions we have taken, we are well placed to outperform the sector,” he said.
JD Wetherspoons today said that it will create 10,000 jobs as it opens 250 new pubs.
Reader views (1)
Abbot ale is sold in wetherspoons so doesnt say much for peoples taste it is just more available although pleasant enough. Prefer Youngs myself even if it is now made in Bedford and the water is from the Chilterns and not the North Downs.
- Stuz Graz, Wimbledon, London
