Fuller's reports solid results

London brewer and retailer Fuller's has reported solid full-year results with profit before tax down just 1% to £22.8m.

Revenue was up 3% to £210m and the final dividend increased to 7p from 6.9p last year. Chairman Michael Turner said: "I am pleased to report a strong set of results in what has been a very difficult year given tough market conditions. We have achieved a 3.0% increase in like for like sales in our managed pubs and hotels, yet again an industry leading performance.

"We have made a solid start to the new financial year with like for like sales in our Managed Pubs and Hotels growing by 1.8% for the nine weeks to 30 May 2009.

"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. "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."

There were net exceptional costs before tax of £8.4m largely relating to asset impairment charges. Its own beer volumes were level but beer company profits were up 4%.