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The sun shines on Fuller's trading
Brewer and pub owner Fuller, Smith & Turner revealed a weather-related boost to sales yesterday but warned of an uncertain outlook for the year ahead.
As well as concern over economic prospects, the London Pride brewer said much will depend on how consumers react to impending tax rises, most notably the reversal of last December's VAT cut in January 2010.
In the meantime, Fuller has enjoyed a strong start to its financial year, with like-for-like sales in its managed pubs and hotels up 2.9 per cent after the recent heatwave boosted sales growth from the 1.8 per cent seen in early June.
Like-for-like profits in its tenanted pubs were down 1 per cent, while the company's own brewed beer volumes grew by 2 per cent in the 16 weeks to July 18, helped by the popularity of its Organic HoneyDew beer.
Chairman Michael Turner said: "As the sun has shone, our customers have defied the economic gloom."
Numis Securities said the 2.9 per cent sales improvement in the managed pubs and hotels division suggested growth of 5 per cent in the last six weeks of the period.
Analyst Douglas Jack added: "This reflects ongoing investment, operational initiatives and a good London market."
Mr Jack noted that the 1 per cent drop in profits from the tenanted portfolio was better than the rest of the sector, while the brewing division should also benefit from lower utility and raw material costs.
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Weather for Yorkshire
Friday 10 February 2012
Today
Cloudy
Temperature: -9 C to 1 C
Wind Speed: 15 mph
Wind direction: South east
Tomorrow
Sunny spells
Temperature: -2 C to -1 C
Wind Speed: 8 mph
Wind direction: South
