Fuller's cruises past forecasts

11th Jun 2010 07:13

Pub group and brewer Fuller's posted record profits last year as its managed pubs and hotels pushed forward with its brewing business also going well.Profits in the year to March jumped 86% to £26.8m, with underlying profits 17% ahead at £26.6m - well ahead of market forecsats. Revenues rose by 18% to £228m.Managed Pubs and Hotels like for like sales increased by 2.7%, which led to a 25% increase in operating profits before exceptional items. Tenanted Inns like for like profits declined by 1%, with operating profit before exceptional items down 3%.Fuller's Beer Company's profits before exceptional items rose by 7% to £8.9m (2009: £8.3m). Own Beer sales volumes rose by 2% with increased market share in the UK, and strong export business, the company said. "We have made a solid start to the new financial year with like for like sales in our Managed Pubs and Hotels growing by 3.5% for the ten weeks to 5 June 2010. For the same period Own Beer volumes are level with last year, with weakness in the UK On Trade market offset by continued growth elsewhere, particularly exports" chairman Michael Turner said.The dividend for the year is 11p, up 12%.