We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

Fuller's pubs raises a cheer with 5% profits rise


The pub group highlights its resilience in the face of tough economic conditions

Article comments

Fuller Smith and Turner posted first-half profits rise of 5 percent on Friday highlighting its resilience in the face of tough economic conditions and continued pub closures.

The pub management and beer company reported adjusted pre-tax profit for the six months to the beginning of October of £16.5 million, on of £128 million, a rise of 6 percent.

The company said it has experienced growth in all parts of its business, as its London focus gave it resilience to the economic downturn.

Although pub popularity has been very unpredictable, company chairman Michael Turner said in an interview with Reuters that Fuller's - which has a portfolio of 362 pubs and hotels in London and south east England - had made continued progress.

"This is a solid set of results, driven by growth in all parts of the business," Turner said.

"I think London, in particular, has been more resilient to the downturn. At the moment, however, consumer trends are unbelievably difficult to spot, there's a bigger variation than has ever been the case before."

Managed pubs and hotels, which make up the largest part of the business, were trading well with like-for-like sales up 3.8 percent in the 33 weeks to 19 November, it said in a statement on Friday.

Turner said the company, which has bought 12 pubs since the end of last year, has increased its bank facilities to £120 million to support further acquisitions.

"In this market we're able to identify specific sites and are able to buy on an individual basis whereas in the past you had to buy groups of pubs," said Turner.

Shares in the company were trading at 687 pence on Friday, valuing Fuller's at around £226 million.

Share:

Comments

Fuller's pubs raises a cheer with 5% profits rise
Financial Planning

Budget: What business wants

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..


Tesco sees 6% decline in annual profit

UK market leader faces up to 1.4% fall in like-for-like salesmore ..

Yahoo on the right path, says CEO

Marissa Mayer’s comments follow a 20 percent decline in quarterly earningsmore ..

Debenhams to increase investment in distribution centre automation

The retailer wants to cut distribution costs as omni-channel demands risemore ..

Stay ahead of the curve

CFOs used to low interest rates ignore working capital optimisation at their perilmore ..

Digital streamlining of travel and expense claims [Part II]

Concur shows CFOs how to make life easier when the auditors come knockingmore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

In Depth
What every company needs to do about big data?

What every company needs to do about big data?

In the first of a three part series, Pat Brans explores just how big 'big data' will get? more ..

Advertisement

* *