London-based pub company and brewer Fuller's has announced a 10% increase in pre-tax profits as it announced its half year results for the 26 weeks ended 26 September 2015.
Pre-tax profits stand at £21.6 million for the period, while revenues also grew 10% to £177.7 million. Like for like sales grew by 5.6% across the company’s managed pubs and hotels, against strong comparatives from last year. There was good performance from tenanted inns, with like-for-like profits up by 3% from Fuller’s tenanted estate, while total beer and cider volumes were up 1%. Adjusted earnings per share are up 11% to 30.74p, while EBITDA is up 8% to £33.3 million.
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. It is particularly rewarding, coming on the back of a good prior year.
'Fuller's is a company with clear values, [and] a consistent and well communicated strategy. We have the best team in the industry and iconic pubs, combined with the financial firepower and business acumen to stay ahead of the competition.'
The company noted that its pubs – particularly those based in West London – benefitted from a sales uplift from the Rugby World Cup. Its total like-for-like sales for the first 33 weeks rose by 5.8% in its managed pubs and hotels, like-for-like profits in its tenanted inns rose by 4%, and beer and cider volumes increased by 1%. Oliver’s Island is now Fuller's second best‐selling cask ale in the UK while Frontier sales have doubled year-on-year.
Fuller's has purchased two new sites since the period end, with the Great Northern Railway Tavern in Hornsey, North London, and The Sutton Arms, close to Farringdon Station in the City. It plans to open The Sail Loft on Greenwich Reach in January. The company has also acquired the freeholds of three existing sites including the Barrowboy & Banker on London Bridge.