 Fuller's has described the UK's real ale market as 'challenging' |
London Pride brewer Fuller, Smith & Turner has reported a 13% drop in pre-tax profits to �15.3m ($28m). The UK company said the cost of integrating the historic Gales brewery, which it bought in 2005 for �91.8m, had hit its full-year profits.
However, Fuller's said the underlying performance of its business remained strong throughout the year.
The company's Fuller's Inns chain of pubs and bars reported a 13% jump in turnover to �111.9m.
Despite what it described a "challenging" market for cask ales, Fuller's said its beer brewing business continued to perform well, with adjusted profits at the division rising by 6% to �8.7m.
The company's London Pride beer continued to be the UK's top selling premium cask ale, the company said.
"Fuller's underlying businesses had a strong year with profits up in all areas," said Fuller's chairman Anthony Fuller.
However, he added: "Costs of integrating the Gales business have resulted in an exceptional charge for the year of �2.9m."