London brewery and upmarket pub group Fuller, Smith and Turner delivered a "solid performance" in an update this morning.
In the 42 weeks to 20 January, like-for-like sales across managed pubs and hotels grew three per cent, while profits from tenanted inns were up two per cent. Beer and cider volumes were flat.
Chief executive Simon Emeny said: “These are a good set of figures in what remains a challenging trading environment. They prove that a great experience in a stunning pub with excellent service, delicious food and a fantastic range of interesting drinks, continues to appeal to our customers."
Earlier this month, analysts at Berenberg said that Fuller's, along with City Pub Company, was one of its top picks in the sector. As a premium operator, the group was "likely to continue outperforming with well-invested, differentiated offerings that tap into consumer trends towards premium alcohol consumption", wrote analyst Peter Lambie.
Emeny indicated this morning that the group would continue to target the premium end of the market.
“Our long-term vision and prudent financing keep us well-placed to maintain our strategy of investing in our pubs, our portfolio of premium beer and cider brands, our people and our marketing," he said.