A decision to focus on investment saw Fuller’s adjusted profit before tax drop 1% in the 26 weeks to September 29, to £23.6m.
Revenue, however, was up 6% to £222.1m, with good performances from both the managed and tenanted properties, while volumes for beer and cider, via The Fuller’s Beer Company, rose marginally by 0.2%, with revenue up 7% and operating profit up 9%.
Highlights during the six months included continued integration of the Dark Star Brewing operation, more collaboration projects, and the Pilot Brewery coming on stream.
Chief executive, Simon Emeny, said: “I am pleased to be reporting another good performance. Each division is delivering growth and we continue to benefit from having a well-balanced business. Our excellent management team has further strengthened the business through a clear vision, a strong set of values and a commitment to growth through offering an outstanding customer experience and recruiting, developing and retaining the best people.
“While our revenues have continued to grow, we experienced a small drop in group profits — however, this should be taken in context. We made a conscious decision to front-load our investment programme, impacting our profitability by £0.9 million.
Right decision
“Although we would have seen profit increase had we not taken this action, we believe this is the right decision, and ensures our estate is in the best possible position to benefit from the busy Christmas period and beyond…
“Since the period end, we have opened The Albert Arms in Esher, with six bedrooms, and added seven new bedrooms to The Fox and Goose, Hanger Lane, while a further 28 bedrooms are due to come on stream before the year end. We will also be opening The Signal Box at Euston Station in December.
“The second half of the year is also an exciting time for The Fuller’s Beer Company. We are installing our new canning line at Dark Star, will be brewing our second suite of Fuller’s & Friends collaboration beers, and building on the early work of our Fuller’s First initiative to grow the share of our own beers in our Managed and Tenanted estates…
“Finally, it would be impossible to look forward to the second half of the year without reference to Brexit, which is due to happen on the penultimate day of our financial year. Facing uncertainty is never easy, but Fuller’s is an exceptionally well-established operation and benefits from a balanced business model which is designed to be flexible enough to adapt to changing trends and markets yet resilient enough to weather any storm.
“With a first class team of people, a well-invested pub estate, and a portfolio of outstanding brands, we are ready and able to face the future.”
