Greene King profits fall

03 December, 2008

Operating profit in the brewing division of Greene King fell 11.5% in the 24 weeks to Oct 19, compared with a similar period a year earlier.

Profits slipped to £9.2 million on flat revenue of £41.4 million.

The company blamed the fall mainly on rising costs.

Old Speckled Hen volumes were up 6%, driven by off-trade growth.

Group operating profit – including Greene King’s pubs business – was 4.5% down on the corresponding period in the previous year, again on virtually flat revenue.

Chief executive Rooney Anand described it as a “solid set of results” given the current economic climate.

“Trading conditions are the toughest we’ve known for a long time,” he said, but added: “When the going gets tough, we have shown in the past that we have the capability and the energy to withstand difficult trading conditions.”




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Talking terroir

When Bordeaux was in fashion, it seemed almost logical that we should fetishise winemakers. Here were people responsible for brilliant acts of blending, across large estates and multiple grape varieties, including superstars such as cabernet sauvignon and merlot. These days, fashion has moved on and pinot noir is ascendant. As a result, the star of the winemaker has fallen and we find ourselves following a new star in the sky: terroir.

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