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Resilient Performance by Fuller, Smith & Turner

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Resilient Performance by Fuller, Smith & Turner

Resilient Performance by Fuller, Smith & Turner
June 13
12:20 2011

Driven by a strong performance from its managed pubs and hotels business, London-based regional brewer and pub operator Fuller, Smith & Turner increased profit before tax by 16% to £31.0m and revenue by 6% to £241.9m for the 53 weeks ended April 2nd 2011. Revenues across the group’s managed pubs and hotels business increased by 7% to £147.2m and like for like sales grew by 3.9%. Operating profit before exceptional items grew by 15% to £18.1m driven almost equally by sales growth and margin expansion.

The Fuller’s Beer Company put in a robust performance in what remains a difficult marketplace. For the 53 week period total beer volumes increased by 2%, which combined with higher duty rates led to a 6% increase in revenue to £104.1m. However, operating profit fell by 1% to £8.8m as a result of higher costs due to an increased proportion of packaged beer going to the export and off trade markets and a £0.3m increase in marketing costs.

The company again grew its share of the UK ale market despite volumes of own beer sold in the UK declining 4% as a consequence of the continued challenging climate in the free on trade market. Volumes in the off trade continued to grow ahead of the market with a 6% increase, whilst a thirst for Fuller’s beer abroad drove export volumes up 16%. Indeed, one in seven barrels of beer that Fuller’s produces is exported to one of 62 countries around the world.

In order to support growth in the off trade and export channels Fuller’s is investing more than £4.5m in new conditioning tanks at the Griffin Brewery in Chiswick. This will enable it to continue to meet the growing demand for bottled beers both at home and abroad. The tanks will be commissioned in October 2011. The company’s London Pride brand remains the UK’s leading premium ale and this year became the number one free trade cask ale by value in the UK.

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