Announcing its results for the 52 weeks to 30 March 2013, Fuller's today revealed revenue was up by seven per cent to £271.5m while adjusted pre-tax profits were also up to £31.7m - a jump of five per cent on a year ago.
Fuller's Inns
The London-based company attributed the success to its Fuller's Inns division which combines both Managed Pubs & Hotels and Tenanted Inns.
Like-for-like sales in the company's managed sites were up by 2.1 per cent in the period; meanwhile like-for-like profits in the firm's tenanted sites were also up one per cent on the previous year. Michael Turner, chairman of Fuller's, said the strong trading performance had continued into this financial year.
"I am pleased to announce a strong performance by the group, driven by our pub acquisitions and developments," he said. "Trading for the current year has started positively and like for like sales in our Managed Pubs and Hotels were up seven per cent.
"We look forward to the prospect of a year less blighted by the weather in which consumers are inspired to enjoy the summer in the great British pub, or even better, in that pub’s garden," he added.
Fuller's added two prominent freeholds to its managed portfolio in the period and also added two sites to its tenanted division.
Today the firm revealed its expansion strategy was set to continue - an agreement has been signed to open London’s Pride, the only airside pub within the new Terminal Two at London’s Heathrow Airport, next year.
The company has also pledged to spend in excess of £30m on capital expenditure which will include pub acquisitions, mainly: 'prime locations in market towns with our target demographics, high footfall locations in transport hubs and iconic pubs in our home city of London'.
Premium cider
Fuller's also revealed it was beginning to implement a new beer strategy which includes a number of initiatives including the acquisition, announced today, of Cornish Orchards for £3.8m.
“We are excited to be implementing our new Beer Company strategy which features a number of initiatives," said Turner. "We have just launched our latest product innovation, Frontier, a new wave craft lager brewed over 42 days and unpasteurised to satisfy discerning drinkers looking for more flavour.
"We have also entered into the premium cider market through the recent acquisition of Cornish Orchards and their flagship brand, Cornish Gold, a truly delicious, quality craft cider made from freshly pressed apples,” he added.