Fuller’s cheers sales and profits rise – London Business News | London Wallet

Fuller’s has cheered an increase in sales and profits despite a “challenging and volatile” market and posted a 32% increase in underlying pre-tax profits to £27 million in the year to 29 March.

Like-for-like sales increased by 5.2% and the pub firm had continued growth in the first 10 weeks of the new financial year.

Michael Turner – chairman and member of one of the three founding families said, “This strong performance has been achieved despite the business operating in a challenging and, at times, volatile economic environment.

“The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.”

He added, “The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market.”