UK: Fuller, Smith & Turner P.L.C. reports adjusted profits up 5% to £18.7 million
London brewer Fuller’s has reported strong figures for the year including a 5% increase in adjusted profits, The Morning Advertiser posted June 09.
The company, which recently bought Hampshire’s Gales brewery – almost doubling the number of pubs it owns – said profits at its managed houses were up 30% and like-for-like sales up 3.6%.
Chairman Anthony Fuller, said: “It has been an exciting year for the Group with the undoubted highlight being the acquisition of Gales in December 2005 which, together with other acquisitions made during the year, has increased the size of our pub retail estate by nearly 50%.
“Adjusted profits were up 5% to £18.7 million, including a small contribution from Gales net of acquisition finance costs.
“Fuller’s underlying businesses had a strong year with profits up in all areas.
Following the successful integration of Gales, we are well positioned to achieve synergies for the combined businesses in the next financial year of £3.5m, £0.5 million higher than first anticipated.
“The significantly larger estate will bring with it the benefits of economies of scale and, because of our retail structure, it also gives us more opportunity to maximise returns where appropriate by transferring pubs between the managed and tenanted estates. In addition, it presents excellent opportunities to expand our already successful free trade and wine divisions.
“In addition, we will continue our strategy of acquiring individual units to further grow our estate. I expect to see progress in the new combined business this year. ”
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