Fuller's sees sales and profits climb despite tough market
Pub company Fuller's has seen turnover and profits climb in the first part of the year, thanks to strong accommodation and food sales growth.
Reporting its results for the 26 weeks ended 25 September, Fuller's said that despite the challenging market it had benefited from a particularly strong performance from its managed pubs and hotels, with like-for-like sales up 3.3%.
The company, which now has 487 bedrooms across its estate, said accommodation revenue had bounced back from the low levels of last year, up 11.4% on a like-for-like basis. Food sales grew 4.2% like-for-like and now represent 29% of revenue in its managed estate.
Fuller's tenanted pubs also saw revenue growth, 1% to £13.5m, with like-for-like profits 1% ahead. This was enough to boost group turnover by 4% to £121.5m, with pre-tax profit 11% higher at £16.8m.
Michael Turner, chairman of Fuller's, said: "I am pleased to announce an excellent set of results for the first half of our financial year in what has been another challenging period for the industry."
The company added that it expected the Government public sector spending cuts, announced last month, to affect its base of operations in the South-east far less than the rest of the country, although an increase in VAT to 20% in the New Year would bring further pressure.
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By Chris Druce
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