Fuller Smith & Turner Share News (FSTA)

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690.00 -26.00 (-3.63%)

Bid:

672.00

Ask:

688.00

Spread: 16.00 (2.381%)

Market Cap: £361.59m

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Fullers strong but cautious

Fri, 20th Nov 2009 07:12

London-based pub group Fullers lifted underlying first half profits by 18% as it shrugged off the recession, though it is more cautious going forward."Our first half performance has defied the recession but it has been boosted by factors that may not repeat or may even reverse: incremental earnings from acquisitions, record low interest rates, a pay freeze and better weather," chairman Michael Turner said."We expect our second half to be significantly tougher than the first. Starting with VAT rising by 2.5% on 1 January 2010, taxes and interest rates must rise and the economic climate is likely to remain challenging for some considerable time," he added.Profits in the six months to September rose by 26% to £15.1m, with underlying profits 18% ahead at £14.1m. Sales rose by 10% to £117m. The interim dividend rises to 4.5p.