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Pub group Fuller's expects energy costs to more than double

·1-min read
Signage is seen outside of a Fuller's pub in Chiswick, London, Britain

(Reuters) - Fuller, Smith & Turner on Tuesday forecast full-year expenses for gas and electricity would more than double as the global energy crisis shows no sign of abating.

British pub operators have been struggling with surging prices of everything from fuel to food ingredients, while record-high UK temperatures keep consumers at home.

"Despite having proactively purchased forward contracts to limit the impact (of energy costs) on Fuller's, we will see significant increases this year," Chief Executive Simon Emeny said in a statement.

He also urged the government to provide "much needed" clarity on support measures it had proposed earlier this month to help businesses struggling to cope with soaring energy costs.

Fuller's expects annual gas and electricity costs of about 18 million pounds ($20.60 million), compared with 8 million pounds last year.

Emeny said the pub operator is looking forward to the forthcoming World Cup and its first Christmas free of pandemic restrictions in three years.

The group's shares were down 1.6% at 500 pence in early trade.

Its total sales for the 25 weeks to Sept. 17 were up 3% from pre-COVID-19 levels, as its operations continue to recover from the pandemic.

($1 = 0.8737 pounds)

(Reporting by Muhammed Husain in Bengaluru; Editing by Devika Syamnath)