News: November 2009

Profits for the first half of the financial year are up at Fuller, Smith & Turner, but tougher times may still lie ahead, according to the company’s latest report.

In the six months to 26 September, Fuller’s saw revenue rise 10 per cent and profit before tax climb 26 per cent. Beer volumes grew three per cent and there was strong performance from managed pubs and hotels. Tenanted trade, however, showed a small dip in like-for-like profits.

‘Our first half performance has defied the recession but it has been boosted by factors that may not repeat or may even reverse: incremental earnings from acquisitions, record low interest rates, a pay freeze and better weather,’ explained Chairman Michael Turner.

‘We remain cautious about the outlook for the UK economy and we expect our second half to be significantly tougher than the first.’