The UK brewer Fuller, Smith & Turner today reported normalised profit before tax up 4% to £8.0m for the full year.

Turnover increased to £71.3m up from £68.8m a year before while EBITDA reached £13.4m from £12.9m a year before.

Anthony Fuller, chairman, said: "We continue to invest in the business, targeting areas that offer the best long-term prospects. The extensive refurbishment programme undertaken in the first half will continue into the second half of the year. This will inevitably have some impact on short-term returns, but will provide a strong platform for future growth.

"We remain active in seeking opportunities to invest in quality new sites but, with pubs continuing to be sold in such large packages, it remains difficult for Fuller's to make substantial acquisitions.

"We are continuing to make strong progress in the Beer Company and in the tenanted pubs. Long-term prospects for our City pubs and hotels remain good, but the continuing weak economy and downturn in tourism and business travel make the short-term outlook uncertain."

He continued: "Our underlying objective is to continue to add value for shareholders through earnings growth. The £13.8m invested over the last two years on share buybacks has added 12% to our reported earnings per share, bolstering returns to shareholders in what has been an unfavourable market for pub acquisitions."