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Greene King - Strong Christmas trading

March 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In common with the rest of the industry, Greene King enjoyed a strong Christmas followed by weather related disruption. All told, like-for-like sales in its retail (managed pubs) side rose 4.3% in the 38 weeks to 24 January, with food sales very strong. However, the group cautioned that sales growth would moderate throughout the rest of the year due to tougher comparatives and the VAT hike. Meanwhile, the improving trend in its pub Partners (tenanted) side continued with average profit per pub since 18 October being down 0.8%, compared with down 4.9% for the whole 38 week period. In brewing, own brewed volumes were up a healthy 7.2%, while Scottish business, Bellhaven achieved like-for-like sales growth of 7.4%.Greene King ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Greene King - Strong Christmas trading

March 2010

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