Fuller's reports 'excellent' results for pubs and beers

Fuller's has reported 'excellent' results for the six months up to the end of September.

The London brewer and pub operator announced its results for the period this morning and said profit before tax was up 35% to £91.1million on the same period in 2005.

It said it had successfully integrated the Gales estate - which it bought for £83million last year - profits were up 82% at its managed pubs.

Tenanted inns profits were up 61% and 'Beer Company' profits up 14%.

The Gales trading pattern provides a summer balance to our previously winter-weighted business ​ Chairman Anthony Fuller.

Chairman Anthony Fuller said: "We have seen an excellent start to the year, with all parts of the business performing well.​

Our profits for the first half increased by 31% to £10.9 million (2005: £8.4 million) on an increase in turnover of 35% to £91.1 million (2005: £67.4 million).

"The Gales trading pattern provides a summer balance to our previously winter-weighted business and we anticipate achieving further good results from the combined estate in the second half of the year, although the comparative figures will include four months of Gales trading.

"The £17.1 million proceeds from the sale of the Brigstow Hotel in Bristol will allow us to continue investing in new pubs for Fuller's Inns, and we expect to add to the five acquisitions that are already due to complete in the second half. We will continue to invest in both our managed and tenanted estates to prepare for the coming smoking ban.

Fuller's has a strong management team, a consistent long-term strategy and a commitment to growing returns for our shareholders.

With this in mind, we look to the future with optimism and determination and, although the second half will see more measured growth as we celebrate the anniversary of the Gales acquisition in December, we are well-placed to continue our good performance."