UK: Fuller's FY beer profits flat, buys Cornish Orchards cider group
- Beer company EBITDA stays flat at GBP11.7m (US$18.2m)
- Brewing net sales increase by 4% to GBP113.6m
- Operating profits before exceptionals down by 3% to GBP8.7m
- Beer volumes stay flat
The London Pride maker saw beer volumes come in flat for the year
Fuller, Smith & Turner's brewing division has seen full-year profits stay relatively flat, while it has announced its first foray into cider with the acquisition of Cornish Orchards.
EBITDA from the group's beer company remained flat at GBP11.7m in the year to the end of March, the London-based company said today (7 June). Net sales rose by 4% to GBP113.6m over the same period while operating profits before exceptionals fell by 3% to GBP8.7m.
As a group Fuller's, which also operates a chain of pubs and hotels, saw sales and EBITDA up by 7%.
Overall beer volumes for the fiscal year were flat, with own beer volumes falling by 1% and foreign beer volumes up by 3%.
The deal marks Fuller's entry into a category that is seeing strong growth, particularly in exports to Australia and North America. In January, Magners producer C&C Group reported a 45% jump in export volumes in the nine-month period to the end of November, while a leading cidermaker has branded cider a “British success story”.
Looking ahead, the company said it will continue to develop its world beer portfolio, which started with German Pilsner Veltins in July last year and Trappist draught Chimay Gold last month.
Fuller's also launched craft lager Frontier this week.
Shares in Fuller's were up by about 3% in morning trading.
To read the company's official statement, click here.
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