Managed pubs and hotels drive 5% revenue increase at Fuller's
A strong performance from managed houses and hotels at Fuller's has helped the pub company and brewer drive revenues up by 5% to £253m for the 52 weeks to 31 March.
Adjusted profit before tax also climbed slightly, up 3% to £30.3m for the period.
Fuller's managed pubs and hotels saw their like-for-like sales rise 4.2% in a year during which it acquired a further 30 pubs and invested in its Chiswick brewery. Of those 30 pubs, 13 joined the managed pubs and hotels division and 17 joined the tenanted inns division.
Meanwhile, operating profit before exceptional items was up 4% at the firm's tenanted inns, and operating profit at the beer company was up 2%.
Michael Turner, chairman of Fuller's, said: "I am pleased to announce a very positive performance in a year where we have laid strong foundations for future growth following capital investment of £75m across the business, which included the acquisition of 30 carefully selected pubs."
Total revenue at Fuller's managed pubs and hotels was up 6% and the company said that revenue in the division had grown 30% in the past five years.
But like many other pub companies, Fuller's complained of excessive duty increases totalling 45% over the past five years, which it said continued "to impact all parts of the business". The group paid total taxes and other government levies of £114m for the year, which represented 37% of group revenues including VAT.
By Neil Gerrard
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