Brewer Greene King Sees Profits Up, Plans For ‘No Deal’ Brexit
Beer brewer Greene King has reported a 3.2% rise in first-half pretax profit, and said it was putting contingency plans in place to protect against disruptions if Britain leaves the European Union without a deal.
Greene King said it has identified key areas of risk to its business from a "no deal" outcome and is working closely with its supply chain partners to safeguard the supply of goods to its pubs and breweries, as well as the export of beers.
Preparing For Brexit
Greene King is the latest British company to announce preparations for the risk of interruptions to the flow of goods and parts across borders once Britain leaves the European Union next March.
The company has been battling rising costs from a minimum wage increase, higher property prices, a Brexit-spurred slide in the sterling and younger Britons shifting away from traditional pubs.
The company, which was founded in 1799 and brews beers such as Greene King IPA and Old Speckled Hen, said pretax profit for the 24 weeks to Oct. 14, rose to £127.7 million from £123.7 million a year ago.
The company also said comparable sales for Pub Company, through which it manages its chain of 2,900 pubs, restaurants and hotels, had risen 2.7% with growth sustained beyond the boost from England's World Cup soccer run and a summer heat-wave.