Greene King doubles half-year profits

British brewer and pub operator Greene King has nearly doubled its half-year profits in the six months to mid-October, the group announced on Wednesday (2 December).

Greene King’s IPA is performing particularly well in China following a recent photo-op with president Xi Jinping (Photo: Greene King)

Greene King’s half year pre-tax profits topped £121.3 million, a rise of 47% on the same half-year period in 2014.

Revenue and profit grew across each division of the business, which last year expanded greatly with the acquisition of the Spirit Pub group, adding around 1,000 pubs to its portfolio.

The financial benefit of the merger is expected to reach £35m as it “outperforms the initial cost synergy guidance,” a Greene King statement said.

Greene King now operates over 3,000 pubs in the UK and brews a range of beers including Old Speckled Hen.

Its IPA has quickly become incredibly popular in China following president Xi Jinping’s state visit to the UK in October, during which he was pictured drinking the brew with British prime minister David Cameron.

Greene King CEO Rooney Anand described it as a “strong” first half performance, “with the Greene King business strengthening and significant progress made in the Spirit integration.

“Like-for-like sales growth in Greene King Retail improved during the half and both Pub Partners and Brewing & Brands delivered profit growth and margin expansion,” he said.