One of the biggest British pubs operators and brewers, Fuller Smith & Turner has witnessed a jump of 17% in the full-year pretax profit. The news was brought out on Friday.
It is reported that with the increase in profits, the Company has not only taken down the market expectations but has also ensured a solid start to the current year.
Disobeying the forecast of 25.2 million, which was made by a Thomson Reuters I/B/E/S poll of 6 analysts, the brewer giants made an adjusted pretax profit of 26.6 million pounds ($38.8 million) in the year to Mar. 27.
As per the reports, the Company, which is 165-years old, has 366 pubs in the south of England.
The official reports from the Company claim that the comparable sales at the 163 pubs, which it manages directly has climbed up by 2.7% during the year. Also, for the first 10 weeks of the current year, the growth of the same fostered at a rate of 3.5%.
The Chairman of the Company, Michael Turner said, "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".
However, he also added that the Company was adopting an extremely cautious approach as the environment of the country’s economy was extremely tense.
It is also reported that the shares in Fuller's closed at 545 pence per share on Thursday. With this the value of the business was recorded at 178 million pounds.
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