Greene King shares the jump, because the brewer shows the sales increase caused by an increase in the number of pints during the English World Cup
- In the 18 weeks to 2 September, it saw an increase in like-for-like sales of 2.8 percent
- In total he sold 3.7 million liters of beer during the seven World Cup matches in England
Camilla Canocchi for Thisismoney.co.uk
Greene King shares rose by more than 11 percent this morning after the brewer and bar owner said the World Cup and the warm weather had boosted sales in the summer.
The Suffolk-based company, which owns the pubs Chef and Brewer and Hungry Horse, saw an increase in comparable sales of 2.8% in the 18 weeks to 2 September.
It said that it sold a total of 3.7 million pints of beer during the seven World Cup matches in England, with a like-for-like turnover of 61 percent on the day of the semi-finals.
Greene King shares rose 11 percent to 527.64p in morning trading.
Cheers: Greene King sold a total of 3.7 million pints of beer during the English World Cup matches
The local pubs of Greene King traded very well, with comparable sales that increased by 5.5 percent. But like-for-like sales at the pub partners department decreased by 0.4% due to & # 39; cost pressure & # 39;
However, the company said that this should be offset by the end of the year because the & # 39; cost reduction program & # 39; to help keep the cost inflation from £ 45 million to £ 50 million on schedule.
It also said that it is making good progress with a refinancing program, which will reduce the cost of debt, and that this year it will stay on course to sell 100-110 pubs and open around nine new stores.
Pints of wares grew up in increased speed in the summer, largely due to the English World Cup matches.
It comes as Greene King, who also owns ale brands, including Greene King IPA, Old Speckled Hen and Abbot Ale, fights against rising costs of the minimum wage rise of the government, higher real estate prices and a Brexit-induced slump in the pound.
This strong performance was supported by the continued benefits of our sales efforts to further improve our value, service and quality and backed up by the weather and a successful World Cup, Greene King said in a statement.