Fuller’s hoping for ‘enduring boost’ from Olympics

Brewer and pub group Fuller's believes the London Olympics could deliver an "enduring boost" to the company's profits.

The prediction came as the group released its latest half-year results, in which it reported an eight per cent rise in revenue to £137.9 million, compared to £128.2 million for the same period last year.

This resulted in a pre-tax profit of £17.1 million for the 26 weeks to September 29th, a rise of four per cent on 2011's figure of £16.5 million.

While there has been debate over the extent to which the Olympics and Paralympic Games benefited the hospitality sector during the course of the events, Fuller's believes that the long-term impact will prove a positive one.

"Whilst the economic outlook remains uncertain, we are confident that the business is well placed for the future, with a healthy balance sheet and a successful long term strategy," said Fuller's chairman Michael Turner.

"The 2012 London Olympic Games showcased our vibrant capital city and generated fantastic goodwill and publicity around the world. We have no doubt that Fuller's historic London heritage and iconic brands will receive an enduring boost for many years to come from this unique summer."

Meanwhile, the group's strong performance will raise hopes of an increase in the availability of hospitality jobs in the pub sector.

Fuller's expanded its portfolio with the acquisition of two new pubs during the half-year period and a further two shortly after its end.

Like-for-like sales at managed pubs and hotels were up 1.6 per cent, with profits rising by five per cent, while profits at tenanted pubs were up one per cent on a like-for-like basis.

"Despite what has been an extraordinary six months, I am pleased to announce a strong set of results, driven by a very encouraging performance from the exciting acquisitions we have made over the past year and a half," said Mr Turner.

"Managed Pubs and Hotels, our largest division, has delivered a robust performance against the backdrop of a unique combination of events in London and the wettest summer in 100 years."

Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions