Last checked at (Sharecast News) - UK pub company Fuller, Smith & Turner said staff levels were 20% lower since the start of the new financial year as it swung to an interim loss due to the coronavirus pandemic.
The company, which sold its famous brewing division to Asahi last year, reported a pre-tax loss of £23m compared with a profit of £14.2m a year earlier. Revenue slumped to £45.6m from £167m in 2019 as pubs and restaurants were shut for 14 weeks in the six months to September 26.
"It is clear trading will take time to return to pre-coronavirus levels and we have streamlined the teams across our pubs and hotels accordingly. The result of this exercise ... means our total employee numbers are already 20% below where they were at the beginning of the financial year," said chief executive Simon Emery.
"We are optimistic about the future in the medium term and beyond, but there is no doubt that this will be a tough winter and a very different looking Christmas."
Rival pub group Mitchells and Butlers also revealed on Thursday that it had shed 1,300 roles since September 26.
4 Apr 2022 10:28
Berenberg lowers target price on Fuller, Smith & Turner
(Sharecast News) - Analysts at Berenberg lowered their target price on pub landlord Fuller, Smith & Turner from 1,000.0p to 850.0p on Monday but acknowledged that London's recovery was building steam.
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