Fuller, Smith and Turner is eyeing new acquisition targets after profits were boosted by last year’s acquisition of George Gale & Co.
Fullers acquired Gales, the Hampshire brewer of HSB bitter, last December for £82.7m. Trading at Gales pubs is weighted towards the summer months, which balances the winter-weighted Fullers portfolio and has proved the major factor in improving sales and profits.
Pre-tax profits for the six months to September 30 increased by 31% to £10.9m, in excess of analysts’ expectations. Turnover rose by 35% to £91.1m. Beer sales were maximised by last year’s hot summer. Profits from the managed pubs rose 82% while profits in tenanted inns rose 61%. The business’s brewing arm saw profits rise 14%.
Chief executive Michael Turner said that proceeds from the sale of The Brigstow Hotel in Bristol last month would allow the group to invest in new pubs and add to the five new acquisitions already due to complete in the second half.
Fullers shares fell 24p to £15.31 on Friday.
Financial Times 25/11/06 page 18 (Companies & Markets)
The Daily Telegraph 25/11/06 page 31 (Business)
The Times 25/11/06 page 58 (Need To Know, Business), page 62
The Independent 25/11/06 page 54 (Business)
The Guardian 25/11/06 page 39 (Business)
The Daily Mail 25/11/06 page 77 (City & Finance)
