Profits Rise Brings Jubilee Cheer to Fuller's

Chiswick brewery takes pride in positive performance

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Local brewery Fuller’s is gearing up for a right royal Jubilee weekend, as it announced today (Thursday, May 31st) that the company revenue is up by 5% to £253 million, and dividends to shareholders also increased by 8%.

The company adjusted profit before tax was up 3% to £30.3 million – its 2011 figure was £29.3 m.

Chairman Michael Turner promised customers “ the summer of a generation” with the Jubilee, the European Football championships and the Olympics to come and said;

"This is a really positive performance in a year where we have laid strong foundations for future growth after capital investment of £75 million across the business.

"Our adjusted earnings per share rose by 7% to 39.82p, showing growth over the last five years of 44%, a testament to the success of our long-term strategy.

Dividend payments to shareholders —the company is controlled by the founding families — are up 14,000% in the past 60 years.

The dividend is up 8% to 7.6p, the company said today, as its annual results showed profits holding steady at £30.3 million and revenue rising 5% to £253 million.

“It will be the summer of a generation,” said Mr. Turner.

"As the summer sun chases away the economic gloom, we now look ahead to what promises to be an historic time for the country.

"This coming weekend we have the Queen¹s Diamond Jubilee followed by the European Football Championships and then the Olympic Games."

The company, Fullers, Smith and Turner, whose flagship beer London Pride is brewed in Chiswick, has continued to invest in new outlets, with 30 pubs acquired over the last 12 months boosting the estate of 174 managed and 209 tenanted houses.

Major investment has been made in the Chiswick brewery, adding 30,000 barrels of bottle and keg beer capacity to support export growth in the future.

On the wider economy, the chairman remained relatively upbeat, while noting that people go out drinking less often.

“Things could be a lot worse. People are short of money and they are being fussy on how they spend it. If they want to have a good time, they want it to be a really good time. So they don’t go to the pub and spend less, they just don’t go to the pub.”

Turner thinks London in particular will benefit from the summer feelgood factor: “With our pub estate based in London and the South East and London Pride as our flagship beer, we aim to give our customers a wonderful summer to remember.”

You can read the full statement and results on the company's website

Fuller’s is London’s only remaining traditional family brewer, and has been brewing at their Griffin brewery in Chiswick, since 1845, although brewing has taken place on the site for at least 300 years.


May 31, 2012