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Fuller's Toasts Full-Year Profit Rise

Brewer and pub chain Fuller, Smith & Turner has seen a 5% rise in annual profit.

The group said adjusted pretax profit for the year to March 30 was £31.7m, up 5% £30.3m from a year previous.

The profit rise comes after the acquisition of more sites that helped boost the group.

It has around 400 mainly London and south-east based pubs and also brews ales such as London Pride.

New pubs boosted the performance of its largest division, managed pubs and hotels, with total sales rising 9% in the period.

Like-for-like growth was up 2.1% on the back of a robust London accommodation market and strong food sales.

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Underlying sales at its tenanted arm were up 1%, with operating profit up 18% driven by 17 pub acquisitions in 2012.

However, brewing volumes were flat.

Fuller's chairman Michael Turner described the group performance as strong.

"Trading for the current year has started positively and like for like sales in our managed pubs and hotels were up 7% (in 9 weeks to June 1)," he said.

"We look forward to the prospect of a year less blighted by the weather."

Rival firm Greene King (LSE: GNK.L - news) , also strongly exposed to the more affluent capital and south east region where pubs have generally fared best through an economic downturn, reported a 2.2% rise in like-for-like sales for the 51 weeks to April 21.

In early trading on Friday shares in Fuller's were up 2.7%.