Greene King said it is confident of meeting full-year expectations despite the more challenging trading environment.

The Suffolk-based brewer and pub company said like-for-like sales at its managed pubs business are down 0.1% for the 38 weeks to 20 January, in line with last year. Meanwhile its tenanted like-for-like profit was up 0.2%.

Greene King said the Loch Fyne seafood restaurant chain had a strong Christmas and New Year with like-for-like sale up 2.3% since its acquisition last summer. Shares were up 26p, or 3.5% in early trade to 771.5 pence.