Fullers profit drops in 'difficult' year

5th Jun 2009 07:56

London- focused pub group and brewer Fuller, Smith and Turner reported a drop in profits in what it called a 'very difficult year given tough market conditions'. Profit before tax fell to £14.4m in the year ended 28 March compared with £23.8m last time on revenue up 3% to £210m.The final dividend increased to 7.00p from 6.90p in the previous year."We remain very cautious about the outlook for the UK economy. With interest rates at an all time low and unemployment rising, we now have the prospect of rising VAT, rising interest rates, and significant tax increases in order to service the nation's debt mountain," said chairman Michael Turner."However, we are well placed to meet the challenges ahead with strong brands, well-controlled costs and delightful, well-invested, smoke-free pubs that serve outstanding cask ale and delicious food."