Fuller's increases profit and revenue

10 June 2016 by Katey Pigden

Pub firm and brewer Fuller, Smith & Turner has reported strong growth in revenue and profit for the 52 weeks to 26 March 2016.

The company saw a 12% rise in adjusted profit before tax to £40.9m, with revenue up 9% to £350.5m compared with the previous year.

EBITDA was also up by 11% to £65m compared with £58.7m in 2015, while like-for-like sales in the firm's managed pubs and hotels grew by 4.8%.

Tenanted Inns reported a "solid performance" during the period, with like-for-like profits up 2%.

But total beer and cider volumes fell slightly with a drop of 1%, although profits remained level.

Fuller's acquired five new pubs and opened the Sail Loft, a newly built pub in Greenwich Reach. It also acquired the freeholds of three existing businesses and bought a 51% stake in wholesale drinks firm Nectar Imports.

It also opened six sites for pizza and restaurant group the Stable and purchased an additional 25% stake in the business, taking its total stake to 76%.

"We are seeing the rewards of our continued investment programme and the emphasis we have placed on recruiting, developing, rewarding and promoting the best people. We do this to ensure that across the business we are giving industry-leading service."

He said the business had also purchased pubs in areas where it previously lacked a presence, introduced premium brands and continued to develop its pub designs and menus.

In the first 10 weeks of 2016, Fuller's reported like-for-like sales for its managed pubs and hotels was up by 2.7%, with total beer and cider volumes down by 5%.

The firm said it has a record year planned for investment in the existing estate, having completed seven schemes already including the Harpenden Arms in Harpenden, the Drayton Court in Ealing and the Ox Row in Salisbury.

Four more projects are also under way, with completion expected in the coming months.

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