Fuller, Smith & Turner buoyant amid downturn
Saturday 21 November 2009
The pubs and brewing group Fuller, Smith & Turner cheered an 18 per cent rise in first-half profits but warned that the rest of its financial year would be "significantly tougher".
The London Pride brewer yesterday posted underlying pre-tax profits of £14.1m for the 26 weeks to 26 September, helped by low interest rates, better weather and a clampdown on costs including pay.
Fuller expects a much tougher second half as VAT goes back up in January. Michael Turner, the chairman, said: "Our first-half performance has defied the recession, but it has been boosted by factors that may not repeat, or may even reverse."
Like-for-like sales at its managed pubs rose just 2.8 per cent, but profits from the managed estate rose 20 per cent and it gained from the acquisition of seven managed pubs from Punch Taverns, boosting its presence in the West End.
- 1 Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
- 2 Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
- 3 Zayn Malik already working on solo material, just days after quitting One Direction
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Zayn Malik gives first interview since quitting One Direction: 'I've never felt more in control of my life'
Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Saudi Arabia says it won't rule out building nuclear weapons
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Andreas Guenter Lubitz intentionally crashed flight 9525 into the Alps in act of mass murder and suicide – latest
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...