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Strong First Half Performance By Fuller, Smith & Turner

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Strong First Half Performance By Fuller, Smith & Turner

Strong First Half Performance By Fuller, Smith & Turner
November 22
13:07 2010

British regional brewer Fuller, Smith & Turner has increased pre-tax profit by 11% to £16.8m on revenue up 4% to £121.5m for the 26 weeks ended September 25th 2010. The managed pubs and hotels division, which is the largest part of the business, achieved a 3.3% increase in like for like sales and an 8% rise in profit, whilst the tenanted inns division again put in a robust performance, out-performing the industry, as like for like profits increased by 1%. The Fuller’s Beer Company increased total beer volumes by 1%.

“Our first half performance has again been boosted by low interest rates and our borrowing costs will rise in the second half. In January VAT will increase to 20% and we expect that, with the announced Government spending cuts, the economic climate is likely to remain challenging for some considerable time,” comments Michael Turner, chairman of Fuller, Smith & Turner. “Nevertheless, we expect the spending cuts to impact the South of England less than other parts of the UK and we are confident that with our strong brands and high quality, well invested estate, we are well placed for further growth.”

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