Fullers sees 4.2% lift in like-for-like sales
31 May, 2012
Fullers saw like-for-like sales in its managed pub and hotel business grow 4.2% last year - with food sales up 4.5% and drink ahead 4%. Full year pre-tax profit was up 3% to £30.3m.
Total group revenue for the 52 weeks to 31 March (compared to 53 weeks in 2011) was up 5% at £253m. However, a "volatile" and weather affected start to this year saw managed pub and hotel like-for-likes drop 2% in the most recent eight weeks up to 26 May, although total sales were ahead 7.2%.
The London-based pub owner and brewer saw like-for-like profits in its tenanted pubs rise 2% for the full year, backed by investment, better training and new initiatives including mystery shoppers. It capped rent increases at 3%, which contributed to a drop in bad debts.
Own-brewed beer volumes were up 2%, boosted by a 22% rise in exports. Brewing profits rose 2%, despite a 5% increase in costs and changing sales mix.
Latest Coffer Peach Business Tracker figures show like-for-like sales across the total managed pub and restaurant sector currently growing at an an average annual rate of 1.8%. Market like-for-likes in April were, however, down 2%.
Fullers chairman Michael Turner said: “I am pleased to announce a very positive performance in a year where we have laid strong foundations for future growth following capital investment of £75m across the business, which included the acquisition of 30 carefully selected pubs.”
Douglas Jack, analyst at Numis, said the results were slightly ahead of forecasts, adding that managed pub investment in digital, food development and systems in 2012 "should pay back and benefit margins in 2013".
The full results statement can be downloaded from www.fullers.co.uk/
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