SMITH & TURNER PROFITS DOWN SHARPLY
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.
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.
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."
company has spent heavily in marketing its
brand at major sporting events which it claims
has helped increase volumes in this part of
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.
group has 239 pubs and hotels, including 8
hotels, 114 managed pubs and 117 tenanted pubs.
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.
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