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(Reuters) – British pub operator Greene King Plc on Tuesday announced an annual profit before taxes higher than badysts' estimate, as demand for breweries during the Christmas period lasted until Easter .
The company, which replaced its long-time boss in November, had to deal with an increase in wages due to an increase in the minimum wage, higher real estate prices and the abandonment of Alcohol consumption by young Britons. It did, however, host a record number of drinkers on Christmas Day and recorded an increase in sales over the holiday season.
Greene King, which makes beers such as Greene King IPA, Old Speckled Hen and Abbot Ale, said it expects annual pre-tax profit excluding items between 244 and 247 million pounds.
The average consensus of badysts, established by the company, was 243.9 million pounds.
British consumers have not been troubled by the latest developments in the Brexit drama and companies have lowered their concerns, revealed two surveys published Tuesday.
Greene King said that comparable sales during the Easter weekend had risen 4.6%, thanks in part to better weather compared to last year, when most of Britain was affected by a cold snap caused by the weather system dubbed "the Beast of the East".
The company's comparable sales, through which it manages its chain of 2,800 cafés, restaurants and hotels, rose 2.9% at Easter.
"As I give way to my successor, Nick Mackenzie, I think with our strong pub and beer brands … Greene King is well positioned to continue to grow and continue to outperform the market," he said. said Rooney Anand, general manager.
Report by Chris Peters and Shashwat Awasthi in Bengaluru; Edited by Shounak Dasgupta
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