Fuller, Smith & Turner first half profit up 16%

Fuller, Smith & Turner reported a 16% rise in first half pre-tax profit thanks to strong growth in all areas of the business.

Pre-tax profit for the 26 weeks ended 26 September came in at £21.2m from £18.3m as revenue increased 10% to £177.7m. The company said it will pay an interim dividend of 6.90p, up from 6.40p in the same period last year.

Managed pubs and hotels saw like-for-like (LFL) sales growth of 5.6%, while Tenanted Inns saw LFL profit up 3%.

Chief executive Simon Emeny said: “We have had a strong first half with all areas of the business in growth, demonstrating the clear trading momentum underway in the business."

"The second half of the year has started well, with a number of our pubs - particularly in West London - benefitting from a boost during the Rugby World Cup.”

Fuller said the for the first 33 weeks, LFL sales in its managed pubs and hotels have risen by 5.8% and LFL profits in the tenanted inns division have increased by 4%, while beer and cider volumes were are up 1%.

The company said it has purchased two new sites since the period end: The Great Northern Railway Tavern in the North London suburb of Hornsey and The Sutton Arms close to Farringdon Station.

In addition, it opened The Stable in the cultural quarter of Southampton.

At 0827 GMT, shares were up 3.1% to 1,178.75p.