Greene King pulls up £32m

REAL ale brewer Greene King posted a 10% leap in profits for the six months to 13 October, thanks largely to a 3.5% rise in beer volumes. Pre-tax profit was £32m before exceptionals and goodwill against £29m last time. The interim dividend is up 10% at 7.85p.

The group, which has more than 1,600 managed and tenanted pubs, added like-for-like sales in its pub businesses were ahead. And its beer brands - Greene King IPA, Abbot Ale, Old Speckled Hen and Ruddles County - had continued to grow in volume and market share.

Its £105m acquisition of Old English Inns in September, boosting pub numbers by 136, gave it an 'excellent opportunity' to deliver future profit growth once it is integrated in early 2002, Greene King added.

The group plans to keep 81 of the Old English Inns under management, transfer 35 smaller properties to its tenanted division and sell 20 others.