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The Markets
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The Markets
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The Markets
by Proactive
Proactive UK has moved.
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Pharma & Biotech

Wednesday's agenda: Greene King in high spirits

Are the Chinese really going mad for Greene King's bitter? Do they drink it when they "go out for an English"?

The bête noire of the Campaign for Real Ale (CAMRA) pressure group, Greene King, is expected to give an update on progress on its acquisition of pubs group Spirit.

CAMRA is miffed at Greene King because of the Suffolk-based brewing and pubs group history of acquiring rival brewers, shutting down the brewery and keeping the pubs, but Spirit comes with no cherished brewing heritage.

The group has already indicated it sees more than £30mln of cost synergies from the takeover, but analysts are concerned about the effects of the increase in the so-called living wage.

Bizarrely, the company, which brews Britain's most heavily consumed cask ale, is said to be enjoying increased popularity in China after the Chinese President was filmed sampling a brew in one of the group's pubs on his recent visit to Britain.

Accountancy software firm Sage (LON:SGE) releases full-year results and the whisper is it might also announce the acquisition of Reckon Software, the number two operation in the accounting software sector down under.

Analysts are expecting full-year sales to have risen to £1.38bn from £1.31bn the year before, with pre-tax profit of £354.5mln from £277.5mln the previous year.

Significant announcements expected

Final: Urban&Civic (LON:UANC), Brewin Dolphin Holdings (LON:BRW), Sage Group (LON:The) (LON:SGE)

Interim: Iomart Group (LON:IOM), Greene King (LON:GNK)

Economic: UK – PMI construction; Eurozone – PPI

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