Fuller’s has revealed profits before tax up 4% to £23.8 million for the 26 weeks to September 30, with revenue up 6% to £209.3m.
Total beer and cider volumes for The Fuller’s Beer Company rose 1% against a flat UK market, while managed pubs and hotels outperformed the market, with like-for-like sales growing by 3.6% and a rise in like-for-like accommodation sales of 8.2%.
Tenanted inns’ like-for-like profit increased 3%, with 11 pubs sold and average earnings before deductions per pub rising 7%.
Fuller’s says there will be a continued programme of investing in its estate, and it is targeting growth in its tenanted inns.
There has been rebranding and increased marketing investment in London Pride to reinforce the quality and authenticity of the core brand.
Chief executive, Simon Emeny, said: “The last six months have seen some unprecedented influences on the business, not only in our particular industry, but in the context of the wider UK economy and global political
“I cannot remember a time when we have faced such an array of additional cost pressures, particularly in our managed pubs, starting with the 26% rise in business rates. The pub sector is now responsible for 2.8% of the total business rates bill, despite only generating 0.5% of total turnover.”
He added: “Although we have already faced and absorbed a number of prevailing headwinds, future economic and political uncertainty may still cause further challenges. However, we are well placed to face these.
“I am confident that our long-term vision, clear strategy and commitment to ongoing investment, delivering an outstanding customer experience throughout the business and creating an atmosphere in our pubs that cannot be rivalled at home, will ensure our further growth.”