Fuller's reports healthy festive sales
Fuller, Smith & Turner said it traded well over the festive period as the London-based pub and hotel group increased sales across its business.
Sales at managed pubs and hotels open a year or more rose 4.3% in the six weeks covering Christmas and New Year, the company said in a trading update. In the 42 weeks to 18 January like-for-like sales increased 2.5%.
Fuller's said food, drink and accommodation all registered like-for-like growth though profits at tenanted pubs fell 3% in the 42-week period.
The company is revamping its business after selling its brewing and drinks distribution arm to Asahi of Japan in 2019. Fuller's is expanding its remaining pubs and hotels operations and in October agreed to buy Cotswold Inns & Hotels for £40m.
Chief executive Simon Emeny said: "It's been a year of change for Fuller's and this is a good first Christmas as a focused premium pubs and hotels business.
"This is a very busy time for Fuller's as we complete the integration of Cotswolds Inns & Hotels … We are approaching the conclusion of the transitional services agreement with Asahi while maintaining a keen focus on reducing our central costs against a backdrop of rising wage inflation and business rates."
Fuller's shares were unchanged at 960p at 0938 GMT.