28/04/2010 - Greene King sees slowing growth
"Fragile consumer confidence" is expected to hit beer sales throughout the year, pubs and brewing group Greene King warned investors.
There was news of a further slowdown in sales growth at the group's managed pubs, including the Hungry Horse and Old English Inn chains, with like-for-like sales in the 49 weeks to April 11 of 3.6% falling, from the 4.3% figure after 38 weeks of the year.
Beer volumes were up 3.9% for the brewer of Old Speckled Hen and IPA, in a beer market that was showing falls of 6%. The figure was below the 7.2% growth witnessed in January.
The Suffolk-based firm warned: "We are still cautious for the remainder of 2010 as election uncertainty, rising taxes, public sector cutbacks and fragile consumer confidence may continue to limit consumer spending."
The company is confident of meeting profit targets for the year after a "strong" performance, but shares in the firm fell 4%.
Copyright © Press Association 2010
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