Greene King, the brewer and pub operator, has reported a 15% rise in annual profit to �62.8m ($88.9m).

"We have produced another set of record profits," said chairman David McCall.

"Although trading conditions continue to be volatile, our pub businesses are performing strongly and our beer brands continue to make headway against their competitors."

The Bury St Edmunds-based group said like-for-like sales at its managed pubs rose 1.2%.

Outperform

As well as 1,600 pubs across southern England, Greene King has beer brands including IPA, Abbot Ale, Old Speckled Hen and Ruddles.

In 1999, it acquired the Morland pub estate and 165 Marston's properties in the south of England.

On Wednesday, Greene King said it planned more acquisitions and had about �150m to spend.

Its shares have outperformed rivals and the FTSE all-share index by about 45% over the past year.

The shares stood at 645 pence in early trading on Wednesday.

This compared with a low of 321.5p touched in February last year and July 1999's 700p high.