Fuller's hails good first half of year despite economic challenges

18 November 2016 by
Fuller's hails good first half of year despite economic challenges

London-based pub, hotel and brewing firm Fuller's has hailed a positive start to its financial year, despite headwinds like rising business rates and the increase in the National Living Wage.

The company reported an 11% increase in revenue to £197.6m for the first 26 weeks of the year to 24 September 2016, with adjusted pre-tax profit up 6% to £22.8m.

Its managed pubs and hotels division grew like-for-like sales by 3.4% supported by growth in food, although like-for-like profits in its tenanted division were down 2% and total beer and cider volumes dropped 4% against strong comparatives, thanks to last year's rugby world cup.

The company bought two new managed pubs: the Gun in Docklands in London, and the Half Moon in Herne Hill. It also added 16 boutique hotel rooms to its estate.

Commenting on the results, chief executive Simon Emeny said: "We have had a good start to the year and our managed pubs and hotels, which represent the largest share of our profits, have yet again led the way with a rise in like-for-like sales that has outperformed the market.

"There is no doubt that the UK economy is facing some significant challenges. The impact of increases in business rates and the National Living Wage, combined with uncertainty around the UK's departure from the EU, make for changing times ahead. However, Fuller's has a long-term, strategic vision, a solid balance sheet and a predominantly freehold estate, which is well-invested and supported by excellent, engaged team members and dedicated, skilled management.

"These are the qualities needed to continue to delight and excite our customers, provide a good return for our shareholders and attract the best new recruits to our business."

Fuller's Jonathon Swaine to speak at Arena pub sector >>

Fuller's reports ‘solid start' for new financial year >>

Fuller's increases profit and revenue >>

Looking for a job? See all the current pub and bar vacancies available with The Caterer Jobs >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking