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Last Updated: Tuesday, 3 July 2007, 07:28 GMT 08:28 UK
Greene King upbeat on smoking ban
Greene King brands
Greene King's stable includes four popular tipples
Brewer and pub owner Greene King has said its preparations for the introduction of the smoking ban in England have left it in "good stead".

About 95% of its pubs had outdoor smoking areas, it said, adding that �10m had been spent on projects linked to the ban, which began on 1 July.

The firm said it had also upped its focus on food and encouraged more women and families to its outlets.

Pre-tax profits were up 17% to �139.8m in the year to 29 April.

Brand names

Chief executive Roony Anand said that Greene King's experience of running pubs in Scotland, which has had a smoking ban since March 2006, had helped.

"We are well prepared and in a good position to grasp the opportunities afforded by the ban by broadening the appeal of our pubs," he said.

Greene King's numbers today seem to have ticked all the right boxes
Richard Hunter, Hargreaves Lansdown Stockbrokers

Suffolk-based Greene King, which has about 1,400 pubs, including the Hungry Horse and Old English Inns brands, is perhaps best known for its IPA, Abbots Ale and Old Speckled Hen beers.

It also owns brewing and pub groups, including the Nottinghamshire firm Hardy & Hansons, which it bought last year, and Scotland's Belhavens, where it said business had improved after the smoking ban.

Green King has largely stayed out of the "volatile" High Street market, as its outlets are mainly in suburbs and villages.

In June, the firm announced a partnership with Coffee Republic, under which the cafe chain would put its machines into 28 of Greene King's London pubs in order to broaden the range of drinks on offer.

Property plans

The firm also said it was looking at plans to unlock more value from its property estate.

Greene King said it was seeking to split up to 870 of its pubs into separate operating and property companies.

The company's shares were up 7% to 1,028p in early trade.

"Greene King's numbers today seem to have ticked all the right boxes," said Richard Hunter, head of UK equities at Hargreaves Lansdown Stockbrokers.

"Of particular music to the market's ears was the announcement of its property plans, which should release value without ceding full control."




SEE ALSO
Coffee Republic expands into pubs
01 Jun 07 |  Business
Greene King absorbs smoking ban
29 Jan 07 |  Business
Shareholders vote to sell brewery
15 Aug 06 |  Nottinghamshire
Brewery giant makes takeover bid
15 Jun 06 |  England

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