Pub company and brewer Fuller's expects an "enduring boost" from the London Olympics, as it revealed a strong performance for the first half of its financial year.
The company saw with revenue increase 8% to £137.9m, while adjusted pre-tax profit climbed 4% to £17.1m, for the 26 weeks to 29 September 2012.
The company's managed pubs and hotels division saw operating profits before exceptional items rise 5% and like for like sales climb 1.6%. Fuller's bought 13 managed pubs last year and said it had seen improvement in their performance in recent months, following investment in the sites.
Operating profits in Fuller's tenanted inns division increased by 19%. Growth was driven by the 17 pubs acquired last year and like-for-like profits increased 1%. Revenue rose by 15% and Fuller's operating margin was up by 1.5%.
Fuller's has 173 managed pubs and hotels and 212 tenanted inns.
The Fuller’s Beer Company saw total beer volumes increase by 1%.
Michael Turner, chairman of Fuller’s, said: “Despite what has been an extraordinary six months, I am pleased to announce a strong set of results, driven by a very encouraging performance from the exciting acquisitions we have made over the past year and a half.”
“Managed Pubs and Hotels, our largest division, has delivered a robust performance against the backdrop of a unique combination of events in London and the wettest summer in 100 years. The 13 Managed pubs purchased last year have seen considerable focus and investment in this period and their performance in recent months has been particularly encouraging. There is gathering momentum as these pubs climb towards their full trading potential.”
“The 2012 London Olympic Games showcased our vibrant capital city and generated fantastic goodwill and publicity around the world. We have no doubt that Fuller’s historic London heritage and iconic brands will receive an enduring boost for many years to come from this unique summer.”