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FULLER SMITH & TURNER PROFITS DOWN SHARPLY
The figures were marred by provisions made for write-offs in underperforming assets. Without these the fall in profits was less dramatic and the company's cash-flow remain stable allowing an increase in dividend. In his results statement Chairman, Antony Fuller stated, "We have met this year’s challenges head on and taken radical action where necessary to focus on sustainable retail brands. We are now beginning to see a return to steady growth across the estate, with positive like for likes in the current year to date. Further investment in both the marketing of our brands and the Brewery is much in evidence and our volumes so far this year are well up." The company has spent heavily in marketing its brand at major sporting events which it claims has helped increase volumes in this part of its business. Some of the blame for the poor results is being put on the outlets in the City of London where Fullers have a heavy concentration. Antony Fuller said that outside the City the group was seeing strong growth. The group has 239 pubs and hotels, including 8 hotels, 114 managed pubs and 117 tenanted pubs. The company had better news recently with the approval of plans for a controversial staff car park on Cranbrook Road. The site, a former workshop, will provide parking for 57 cars. "Whatever You Do - Take Profits" - on-line discussion of results Antony Fuller steps down as Executive Chairman of Local Brewer |
The
latest financial year has proved to be a dismal
one for Chiswick based brewer Fullers, with
profits after tax down to £5.8 million
from £14.4 million in the previous year.