Cheers for Greene King

The group's retail arm, incorporating pub and restaurant chains such as Hungry Horse and Old English Inns, was the key driver. Operating profits rose by 12.1 per cent to £167m, accounting for two-thirds of the total, boosted by a sector-beating 2.3 per cent rise in like-for-like sales. This was despite poor weather in the second half. The growth was needed, too, because Greene King's two other trading arms - Pub Partners, and Brewing and Brands - both delivered lower profits.

Underlying cash earnings per pub held steady in the core estate of Pub Partners, the division that covers tenanted and leased outlets. However, scaling back the estate from 1,451 to 1,326 pubs resulted in profits falling almost 6 per cent to £68.1m. More than 100 non-cores sites were sold and another 125 will be disposed of in the current year. The group's brewing operations fared less well; profits were down 9 per cent to £30m, reflecting an increase in supplier costs, declining volumes in the tenanted industry and a reduction in Pub Partner sites.

Broker Numis Securities is forecasting adjusted pre-tax profits of £169m and EPS of 59.6p, up from £162m and 56.6p in 2013.