LONDON (Alliance News) - Fuller, Smith & Turner PLC Friday reported growth in profit in its recently-ended financial year as revenue grew in all three sectors of the business, and said it has made a good start to the current year as it continues to invest in its estate and develop its brands.
The pubs and brewing company reported a pretax profit in the year to March 28 of GBP36.1 million, up from the GBP33.5 million reported the prior year, as revenue grew to GBP321.5 million from GBP288 million.
Fuller said it made like-for-like sales growth of 6.3% in the Managed Pubs and Hotels business, while Tenanted Inns like-for-like profit before exceptional items grew 5%, and beer and cider volumes in Fuller's Beer Company rose 4%.
Fuller will pay a total annual dividend of 16.60 pence, up 10% from the 15.10p paid the year before.
Fuller added that it has made a good start to the current financial year, with a 5.5% increase in Managed Pubs and Hotels like-for-like sales during the first nine weeks, and Tenanted Inns like-for-like profits up 2%. However, total beer and cider volumes were down 2% during the period.
"We have taken on new companies, new brands and new ideas over the last two years, and while they have all started well, the best is yet to come. We are looking forward to completing the integration of these new businesses and building for our future. We will also continue to invest heavily in our existing pub estate and develop our range of brands," Chief Executive Simon Emeny said in a statement.
"We have a successful business model, interesting fledgling opportunities, a first class, predominately freehold estate, a team with passion and ability and a very healthy balance sheet. This gives me confidence that we will continue to deliver strong results for our customers, our employees and our shareholders," Emeny added.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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