Fuller's sees profits rise 17%
London-based brewer and pub operator Fuller's has seen its pre-tax profit rise 17% to £26.6m for 2009/10, despite tough trading conditions.
The company also saw its total revenue increase 8% to £227.7m for the year to 27 March 2010.
The increased profit figures are largely thanks to the firm's acquisition during the year of eight managed pubs and one tenanted pub, some at premium sites in the capital, for a total of £30.2m.
Like-for-like sales at its managed pubs and hotels were up 2.7%, while its own beer volumes rose 2%. Meanwhile, its tenanted inns saw a 1% drop in like-for-like sales.
Commenting on the results, chairman Michael Turner said: "With the UK national debt so large and measures to tackle this through tax rises and public spending cuts now being implemented by the Government, we continue to be very cautious about the outlook for the UK economy.
"Despite these challenges we consider that we continue to be well-placed to compete."
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By Neil Gerrard
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