26th Jan 2017 09:05
LONDON (Alliance News) - Fuller, Smith & Turner PLC on Thursday reported growth in sales in the first 43 weeks of its financial year, boosted by strong trading over Christmas and New Year.
The pub company and brewer said like-for-like sales in its Managed Pubs & Hotels in the 43 weeks to January 21 grew by 3.7% year-on-year, helped by 7.4% growth in the 10 weeks to the same date, which covered the Christmas and New Year period.
Like-for-like profit at Tenanted Inns declined by 1% in the 43 weeks, however, despite a 2% rise in the 10 weeks.
Within the brewing division, beer and cider volumes also decreased by 4% in the 43 weeks, despite increasing by 1% in the 10 weeks.
Fuller's said it will accelerate investment in its estate and reinforce its marketing programme for its brewing arm, The Fuller's Beer Co, in the fourth quarter.
"With our clear vision and exciting initiatives for the coming financial year, we are well placed for the future. However, in common with many other companies we are facing increasing cost pressures including a steep rise in business rates, an increase in the National Living Wage and the introduction of the Apprenticeship Levy, all set against an ever-changing global political and
economic backdrop," Chief Executive Simon Emeny said in a statement.
Fuller's will release its annual results for the year ending April 1 on June 9.
Shares in the company were trading up 1.6% at 1,010.40 pence on Thursday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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