Record results for Fullers
Fullers has announced a record breaking set of results with adjusted profits up 11% to £12.7m on last year.
Revenue for the half year to 29 September saw an increase of 3% to £93.3m while profit before tax was up 16%.
Like for like sales at its invested managed houses were up 5.3% while tenanted division with operating profits at Fuller's Inns up 4%.
Operating profits for brewing also saw an increase of 2%.
Money raised from the sale of two of its hotels has enabled the London brewer and operator to reduce its debts and puts it in a strong position to access funds for further acquisitions.
"We have had a very pleasing start to the year across all parts of the business and I am delighted to report another record-breaking set of results," said chairman Michael Turner (right, with finance director Paul Clarke).
"We have a strong geographical balance across London and the South of England and we continue to seek to acquire additional sites and to manage our portfolio between the managed and tenanted divisions."
Fullers also believes it is well set to cope with the smoking ban thanks to its investment in outside areas.
"Our investment in outside areas, marketing and focus on creating the best pub in any area ensure that we are well positioned to deal with the winter impact of the smoking ban," said Turner
"The strong increase in the interim dividend reflects our confidence in our financial strength and the potential for future growth.
"We will continue to use the skills of our people to implement our long-term strategy, maintain our profits growth and deliver good returns for our shareholders."
