Fuller's drinks to 3% profit growth thanks to last year's long hot summer
Fuller's has grown pre-tax profit by 3% to £73.2m after strong performance in its managed pubs and hotels.
In its financial results for the 52 weeks to 30 March it reported revenue up 7% to £431m, driving earnings before interest, tax, depreciation and amortisation up 3% to £73.2m.
In the period Fuller's said that food sales grew by 3.9%, with a sharp increase in the number of people eating vegan or vegetarian meals.
Managed pubs and hotels saw revenues rise 8% to £294m and operating profit grow by 5% to £35m.
During the year, Fuller's opened 11 new sites, including six Bel & the Dragon country inns. It also acquired four City bars from the We Are Bar group and opened the Signal Box at Euston Station, overlooking the main concourse.
Chief executive Simon Emeny said: "Against some incredibly tough comparatives from the hot weather and football fervour of summer 2018, I am pleased to report steady trading for the first 16 weeks of the new financial year, with like-for-like sales in our managed pubs and hotels rising by 1.2% and total revenue rising by 2.3%. Like-for-like profits in our tenanted inns were down -3% against very tough comparatives.
"This is a transformational period for Fuller, Smith & Turner, which coincides with a great deal of political and economic uncertainty. However, we can see a clear way ahead for the company. With an exceptionally strong balance sheet, a predominantly freehold estate and a proven long-term business model, there will be undoubted opportunities and we are perfectly poised to leverage those over time as we embark on the next phase in our history."
