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Strong Performance From Fuller Smith & Turner

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Strong Performance From Fuller Smith & Turner

June 25
11:47 2010

James Douglas (left), finance director, and Michael Turner, chairman of .Fuller Smith & Turner.

Despite the challenging environment for the UK economy and the drinks industry, British regional brewer and pub operator Fuller Smith & Turner increased revenues by 8% to £227.7m in the 52 weeks ended March 27th 2010 and adjusted profit before tax (excluding exceptional items) by 17% to £26.6m (2009: £22.8 million). Profit before tax was up 86% to £26.8m.

The managed pubs and hotels business showed resilience with like-for-like sales ahead by 2.7%, which combined with the first time contribution from acquired pubs, led to a 25% increase in operating profits before exceptional items in the largest part of the group’s business. At the tenanted inns division like-for-like profits declined by 1%, with operating profit before exceptional items down 3%.

The Fuller’s Beer Company performed well, with operating profit before exceptional items up by 7% to £8.9m. The company’s own beer sales, headed by the London Pride brand, grew in popularity with volumes up 2%, increased market share in the UK, and the export business continued to grow strongly.

”In these turbulent times, we continued to execute the strategy that has served us well in recent years. We have concentrated on broadening our range of beers by creating exciting new brands whilst maintaining the investment and the levels of innovation in our pubs and adding new properties to the estate,” says Michael Turner, chairman of Fuller Smith & Turner.

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