Pubs and brewing group Greene King shrugged off the poor summer weather and the distraction of the Olympics to boost sales in the last four months.
Like for like sales rose 5.1%, with food revenues up 5.2% and drink sales up 5%. The company - whose brands include Hungry Horse and Old English Inns, said:
The Olympics had a minimal net impact on the overall retail performance. In London, the City and west end were generally quiet while in the suburbs, trading was noticeably stronger.
Despite expecting - like everyone else - that consumer demand will continue to be weak, the company was positive about the outlook for the rest of the year. James Hollins at Investec said:
Greene King has proven its credentials as a quality pub operator during 2012 so far, with a strong London/south east bias supported by lower than expected input cost inflation and a more resilient consumer than we had projected through the year. Following its solid first quarter update we are adjusting our forecasts, price target and recommendation (hold versus sell) to reflect the more benign outlook, but retain a relatively cautious view.
Greene King's shares have added 19.5p to 583p. Meanwhile rival Spirit Pub Company had dipped 0.75p to 56.25p. It also reported a sales increase in its managed estate, up 4.1% in the final quarter. But this showed a slowdown in the final three months compared to full year growth of 5.8%. And its leased estate continued to struggle, with net income down 5.4%.
