UK: Fuller, Smith & Turner recognises "challenging" UK market
Fuller, Smith & Turner has warned that trading conditions in the UK "are now less favourable".
The UK brewer and pub company said today (1 February) in a trading update for the 43 weeks to 26 January that the trading environment was tough in the period, with "the trading environment of the financial year … likely to continue to be challenging".
While sales in the managed and tenanted pubs and hotel business slowed to +4% year-on-year, tenanted revenues rose by 4.4%. The company's brewing division registered a 2% lift in sales for the period.
"Since the half year, the slowdown in consumer spending and input price inflation on top of the smoking ban have made operating conditions more challenging," said Fuller's chairman Michael Turner. "I am, therefore, very pleased with the way the company has performed in such a climate.
"(I) believe we are well positioned in what is, at least for the moment, a challenging market."
Preliminary results for the year to the end of March will be announced in June.
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