Key pub operator and brewer, Fuller's has released a positvie set of results for the 26 weeks ended 24 September 2016
Total revenue has increased by 11% to £197.6m benefiting from the acquisition last year of Nectar and the expansion of The Stable (2015/16: £177.7m). Adjusted profit before tax has increased by 6% to £22.8m (2015/16: £21.6m) and in line with this.
Further growth has been seen in the firm's Managed Pubs and Hotels division, which has seen like-for-like sales rise by 3.4% (2015/16: 5.6%), once again outperforming the market.
The Managed Pubs continue to deliver a very clear customer offer based around delicious, home-cooked, seasonal food, a great range of premium drinks, well-invested pubs and excellent customer service.
The continuous programme of refurbishing and investing in the existing Managed estate, together with targeted acquisitions, ensures Fuller's looks after existing customers while attracting new guests in new locations.
Times have been tougher for Tenanted Inns and The Fuller’s Beer Company, but as a long-term business, the group looks with optimism to the future. There is a plan in progress to create a Tenanted division that better reflects the Fuller’s vision and values and a similar forward looking approach for The Fuller’s Beer Company.
Chief Executive Simon Emeny (pictured) said, “We have had a good start to the year and our Managed Pubs and Hotels, which represent the largest share of our profits, have yet again led the way with a rise in like for like sales that has outperformed the market.
“Trading since the period end has been good and as expected, with comparisons to last year being heavily influenced by the 2015 Rugby World Cup. For the first 33 weeks, like for like sales in our Managed Pubs and Hotels grew 2.6%, Tenanted Inns like for like profits declined 2% and Fuller’s Beer Company volumes fell 5%.'
Emeny continued, “There is no doubt that the UK economy is facing some significant challenges. The impact of increases in business rates and the National Living Wage, combined with uncertainty around the UK’s departure from the EU, make for changing times ahead.
'However, Fuller’s has a long-term, strategic vision, a solid balance sheet and a predominantly freehold estate, which is well-invested and supported by excellent, engaged team members and dedicated, skilled management. These are the qualities needed to continue to delight and excite our customers, provide a good return for our shareholders and attract the best new recruits to our business.”