Fuller's reports ‘solid start' for new financial year
Pub firm and brewer Fuller, Smith & Turner has reported a "solid start" to the new financial year despite a more challenging environment.
That's according to the company's trading statement for the 16 weeks from 27 March to 16 July 2016, which was released this morning (21 July), ahead of its Annual General Meeting.
It said like-for like sales in managed pubs and hotels rose by 2.1% for the period, while like-for-like profits in the tenanted division were down by 2%.
Total beer and cider volumes in the Fuller's beer company were also down by 5%.
Since the year end, the firm has purchased the Gun, a riverside pub on the edge of Canary Wharf with views across to the O2 Arena.
It has also opened the first London site for the Stable in Whitechapel, with a second on Kew Bridge due to open before the end of July.
In addition, a number of refurbishments have been carried out in the last 16 weeks including the Harpenden Arms in Harpenden and the Drayton Court in West Ealing.
The Queen's Head in Kingston, which is one of two pubs to have been transferred from tenanted to managed, has also been refurbished with 10 bedrooms added.
Simon Emeny, chief executive, said: "We have seen solid growth in our managed pubs business during the first part of the new financial year against tough comparatives from last year and despite some unseasonably poor summer weather and an uncertain economic and political environment.
"Fuller's has always focused on building a business with genuine longevity and this ability to take a long-term view during short-term external pressures stands us in good stead. We have exciting plans in place and will continue to invest in our people, our premium brands and our pub estate."
The next report will be on 18 November 2016, when the company issues its half year results for the 26 weeks to 24 September 2016.
Fuller's increases profit and revenue >>
