Greene King has posted record profits, buoyed by a strong performance from its pubs business.

Sales at the brewer of Abbots Ale and Old Speckled Hen were up 6% to break the £1bn barrier. Pre-tax profits grew by almost 14% over the year to 1 May, reaching a new high of £140m.

Profits for its brewing arm, meanwhile, increased by 4%.

“This has been a very successful year for Greene King, delivering revenue of over £1bn for the first time, record profits and a 7.4% dividend increase,” said chief executive Rooney Anand.

But he warned: “The UK economy continues to face inflationary pressures, impacting on both our customers' spending power and our cost base, and the impact of the government's cutbacks is still to take full effect.”

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