After two bumper summers, London brewer and pub-owner Fuller, Smith & Turner today declared it was “optimistic and confident” about the second half of its financial year as more pubs come on tap.
“Last month we opened The Admiralty, the only pub on Trafalgar Square, and today we are opening a new-build pub on the Thames, One Over the Ait,” said chief executive Simon Emeny.
“Along with our London’s Pride pub at Heathrow Terminal Two, opened in June, we are investing in quality pubs for the future.”
Fuller’s has two more riverside pubs lined up and it’s bringing craft cider and gourmet pizza from The Stable — the West Country business in which it bought a 51% stake in June — to the South-East.
Emeny is also looking at more transport hub opportunities after its success at Heathrow and at the Parcel Yard pub at King’s Cross which now serves more than 500,000 pints a year, making it Fullers’ highest-volume outlet.
Fuller’s will not be hit by this week’s changes to the law on tied pubs because it is too small but Emeny reckons it will damage the industry.
He said: “The change is totally misguided and will not help the people it is meant to help. I can’t see how it will benefit the consumer in any way.”
Pre-tax profits rose by 8% to £19.6 million in the six months to September on revenues up 10% at £161 million.
The dividend for the half year rises 10% to 6.4p a share. The shares rose 32.5p, or 3.5%, to 949p.
