Fullers wary despite profits increase

TAX hike fears were blamed by pubs and brewing group Fuller, Smith & Turner for its "very cautious" outlook, despite posting a 17 per cent rise in profits.
By The Newsroom
Published 11th Jun 2010, 10:42 BST

The firm announced underlying pre-tax profits of 26.6m for the year to March 27 and said pub sales had continued improving into the new financial year.

But Fuller said there were concerns for leisure spend ahead of austerity measures to slash the UK public debt.

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Recent duty hikes have already seen the Government take 30 per cent of the price of a pint of beer in the pub and sometimes more than 100 per cent of the price in the supermarket, according to Fuller.

Michael Turner, chairman of Fuller, said: "We continue to be very cautious about the outlook for the UK economy.

"We may technically have emerged from recession and the economy may no longer be contracting, however, with the prospect of personal taxation in our target market rising further and disposable incomes reducing there may be less leisure spend available in real terms."

Related topics:Government