Fullers reports good start to its financial year

London brewer and pub operator Fuller, Smith and Turner has reported a good start to its financial year, with growth in all parts of the business despite the economic pressures.

The Chiswick-based company reported a 6% increase in revenue to £128.2m in the six months to 1 October, compared with £121.5m for the same period last year.

Adjusted profit before tax rose 5% to £16.5m, up from £15.7m, while EBITDA (earnings before interest, depreciation and amortisation) were up 4% to £25m.

Like-for-like sales in the group's largest part of its business, the managed pubs and hotels division, increased 3.9%, while profits rose by 1%. Tenanted inns profits were up 2%.

Fuller's said it had acquired 12 pubs since last year end and added that it would continue to expand selectively.

Fuller's chairman Michael Turner, said: "Our balance sheet remains very strong and having increased our bank facilities to £120m during the period we have additional funds available to invest in new opportunities as they arise. Our strategy is to be highly selective and we have the patience to wait for the right assets to become available at the right price."

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By Kerstin Kühn

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