Greene King announcement triggers sell off

The price of shares in brewer and pub operator Greene King (LON:GNK) dropped by 7.14% to 643.14p (as of 13:10 BST) despite like-for-like sales over Easter rising by 4.6%. Beer volumes rose by 0.9% over the year ended 28th April, but own brewed volumes dropped by 3.4%. Management said that the group had made progress on refinancing its debt during the second half of the year.

Chief executive Rooney Anand commented: “We have traded strongly this year and have returned to market outperformance. As I hand over to my successor Nick Mackenzie, I believe that, with our strong pub and beer brands, talented and dedicated team and high-quality estate, Greene King is well positioned to make further progress and continue outperforming the market“.