Southeast focus lifts Fuller's

10th Jun 2011 07:05

Economic resilience in the southeast of England helped brewer and pub operator Fuller, Smith and Turner post a strong rise in profits in the year to 2 April.The company, whose pubs only stretch as far north as the Midlands, saw adjusted pre-tax profits rise by 10% from the previous year to £29.3m on revenues up 6% to £241.9m.The company also said it got off to a strong start to the new financial year, helped by the Royal Wedding and other bank holidays as well as the warm weather. "With wages in the UK running behind inflation, our customers' incomes are being squeezed and we will have to work hard in the current year and beyond to earn their custom," the company said. "We believe, however, that as the consumer is forced to become ever more discerning, our high quality offer of leading beer brands and well invested, often historic, pubs will be increasingly attractive and position us well for growth."The company reduced its net debt by £19.2m to £88.5m during the year. The total dividend of 11.8p is up 7% on the previous year.---RG