Independent brewer Fuller Smith&Turner has reported revenue growth of six per cent, reaching £146.3m for the six months ended 28 September. The London-based brewer saw an eight per cent rise in in adjusted profit before tax to £18.1m, with adjusted earnings per share rising nine per cent to 24.79p.
The company enjoyed like-for-like sales growth of 7.9 per cent in managed pubs and hotels driven by strong food growth, while profits for managed pubs and hotels soared by 16 per cent with good operating margins. However, total beer an cider volumes were down one per cent for the period.
Fuller's believes it is making good progress on its long term strategic initiatives, which include the launch of Frontier, a new wave of craft lager and the recently acquired Cornish Orchards premium cider business.
Commenting on today's results, chief executive Simon Emeny said:
The second half has started well and the underlying momentum which characterised our trading in the first half has continued over the last seven weeks, with Managed Pubs and Hotels like for like sales up 7.8 per cent over the 33 weeks. Our London and South East based portfolio of well invested quality pubs, a strong balance sheet and consistent long term strategy leave us well placed for the future as we continue to invest in our people, our pubs and our brands. We remain confident of another year of progress for the Group.