 Fuller's had a record first half but says conditions are now challenging |
Brewers Greene King and Fuller, Smith & Turner have both warned that trading conditions are getting difficult as costs rise amid a consumer slowdown. But both of them reassured investors that full-year profits would still be within market expectations.
"We expect the rest of the year to remain challenging," Greene King said, while Fuller's echoed the sentiment.
Greene King said while there was strong trading on peak days over Christmas, it had been more subdued at other times.
"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."
Sales figures
Fuller's released figures for the past 43 weeks, with like-for-like sales up 4% in managed pubs and 4.4% in tenanted pubs.
Total beer volumes rose 2%.
Greene King's own-brewed volumes grew 6.5% in the last 38 weeks.
Its managed pub sales fell 0.1%, while tenanted and leased pubs grew 0.2%.
"Nevertheless, the inherent strengths of our business, the resilience of our business model and the encouraging contributions from recent acquisitions give us confidence that our earnings expectations for the year to 4 May will be met," its statement concluded.
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