First-half profits fizz up at Fuller's

21st Nov 2014 07:34

Traditional pub grub and real ale have helped pub and brewing group Fuller, Smith & Turner to serve up higher first half revenue and profits.Fuller's, which brews London Pride and Chiswick real ales, said food sales had risen 14% while the Fuller's Beer Company boosted total beer and cider volumes by 6% on last year and profit by 3% to £4.1m.Total group adjusted pre-tax profit lifted 8% to £19.6m on a 10% gain in revenue to £161.6m. Adjusted earnings per share increased 12% to 27.67p and the group increased its interim dividend by a tenth to 6.4p.The company's managed pubs and hotels lifted like-for-like sales by 6.5% and its tenanted inns increased like-for-like profits by 5%.Fuller's, which is traditionally strong in London, is also expanding across southern England and acquired three new managed freehold sites in the period in Bridport, the capital's Covent Garden and Portishead and a leasehold site in Plymouth.It said it had a good line-up of openings to come in the rest of the year.The group said like-for-like sales in its pubs had continued to rise in the second half.Chief executive Simon Emeny said: "We have seen a positive start to the second half. The Company is in robust health and we face the future with optimism and confidence."