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LONDON (Alliance News) - Fuller, Smith & Turner PLC Thursday said that it has made a strong start to the new financial year as like-for-like sales and profit rose but beer and cider volumes remained flat.
The West London-based brewer and pub company said that like-for-like sales in the Managed Pubs and Hotels division grew 5.7% in the 16 weeks to July 18, as like-for-like profit rose 4% in the Tenanted division. Total beer and cider volumes in the Fuller's Beer Co were flat in the period.
Fuller's added that it has purchased a freehold pub, The King's Head, in Earl's Court Village in London since the year end, and has also opened The Stable in Plymouth and Winchester while relocating The Stable in Bath. It also bought the freeholds of two existing leasehold sites - The Blackbird in Earl's Court and The Stable in Poole.
"The new financial year has started well and we are in robust health. We have exciting plans for the coming months with new openings for Fuller's Inns and The Stable, as well as a continuation of our substantial programme of investment in our existing estate. In addition, the Rugby World Cup in the autumn - much of which takes place in our West London heartland - provides a focal point for some exciting activity, and we are well placed to maximise its potential," Chief Executive Simon Emeny said in a statement.
Shares in Fuller's were up 3.6% Thursday at 1,180.75 pence per share.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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