30th Jan 2020 13:20
(Alliance News) - Fuller, Smith & Turner PLC on Thursday reported a like-for-like sales increase at its pubs & hotels unit, helped by promising trading over the Christmas period.
In the 42 weeks to January 18, like-for-like sales were 2.5% higher year-on-year in Managed Pubs & Hotels. Over the six-week Christmas and New Year period, like-for-like sales in the division were 4.3% higher.
"All areas of the business - food, drink and accommodation - have been in like-or-like growth," Fuller's said.
In Tenanted Inns, like-for-like profits were down 3% year-on-year during the 42 weeks, Fuller's said.
Chief Executive Simon Emeny said: "It's been a year of change for Fuller's, and this is a good first Christmas as a focused premium pubs and hotels business. We have exciting plans in place for the coming months including the opening of our new sites The Windjammer at Royal Dock, The White Horse at Wembley Park and The Parcel Office at Liverpool Street Station.
"In addition, we are approaching the conclusion of the transitional services agreement with Asahi, while maintaining a keen focus on reducing our central costs against a backdrop of rising wage inflation and business rates. There is a lot to do - but we relish the challenge."
The company last January called time on its brewing operations, selling its entire beer business to Japan's Asahi Group Holdings Ltd for GBP250 million.
Fuller's beer business included all beer, cider, and soft drinks production, all distribution, as well as its Griffin Brewery in west London, plus Cornish Orchards, Dark Star Brewing, and Nectar Imports businesses.
Shares in the company were 0.4% lower at 955.80 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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