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LONDON (Alliance News) - Fuller, Smith & Turner PLC on Friday reported a rise in profit in its recently-ended financial year on good revenue growth, although the first part of the current year has demonstrated a mixed performance so far.
The pub company said its pretax profit in the year ended March 28 grew to GBP39.2 million from GBP36.1 million the year before, as revenue rose to GBP350.5 million from GBP321.5 million.
Fuller said like-for-like sales in its Managed Pubs & Hotels division grew by 4.8% in the year, while like-for-like profit in the Tenanted Inns business increased by 2%. Total beer and cider volumes slipped by 1%, but profit was level on the prior year, Fuller said.
Fuller will pay a total dividend of 17.9 pence for the year, up 8% on the 16.6p paid the year before.
In the first 10 weeks of the current financial year, like-for-like sales in Managed Pubs & Hotels rose by 2.7%, but Tenanted Inns like-for-like profit declined by 2% and total beer and cider volumes fell by 5%.
"The economy is difficult to read with the European referendum imminent, but while it is important to be aware of the external environment, we will continue with the exciting plans we have in place and our long-term perspective gives us the flexibility to react accordingly," Chief Executive Simon Emeny said in a statement.
Plans for the current year include investments in training staff as well as in refurbishing the estate.
"As we look forward to the year ahead, we know that our long-term strategy, combined with the vision to address the needs of our customers and consumers of the future, will keep Fuller's on the path of growth. By continuing to invest in our assets, our brands and, most importantly, our employees, we will continue to build a Fuller's that delivers outstanding service to our customers, excellent careers for our people and good returns for our shareholders," Emeny added.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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