Shares in Belhaven owner Greene King fell yesterday after it reported a marginal rise in revenues from its 1,000-strong managed pub estate.
The brewing giant said like-for-like sales grew 0.4% in the first 18 weeks of the current financial year as the business struggled to keep up with “excellent comparatives” from 2013.
It said trade had been hit by a “disappointing World Cup” and it was evident that customers remained cautious about how much they were spending despite a general upturn in the economy.
The brewer has a major presence in Scotland, with Belhaven operating more than 90 pubs north of the border and producing Scotland’s best-selling ale from its historic brewery in Dunbar.
The company’s estate includes some of Tayside’s best-known pubs including the Fisherman’s Tavern in Broughty Ferry, Trades House and Laings in Dundee and Greyfriars Hotel in St Andrews.
It is developing a new pub and eaterie in Dundee’s Kings Cross Road which is expected to create more than 60 jobs one of a pipeline of new outlets Greene King yesterday said it expected to open in the second half of the year.
The firm said income from its Pub Partners division which works with hundreds of tenanted, franchised and leased pubs across the UK increased by 3.7% over 16 weeks, while sales of its own brews climbed 6.2% across the 18-week reporting period.
Overall, the company said its balance sheet remained strong and cash generation was in line with management expectations.
“We anticipate that retail like-for-like sales will improve as the year progresses and that the momentum in Pub Partners and Brewing & Brands will continue,” the company said in its interim statement yesterday.
Shares fell 4.09% or 34p to 797.50p.