By Marcus Leach
Fuller, Smith & Turner, the brewer and pub operator, have reported a rise on their yearly profit, as well as a strong start to the current financial year.
Their figures showed a 16% pre-tax profit for the year to 2 April 2011, up to £31 million, with total beer sales rising 2%, and revenues increased 16% to £241.9 million.
Fuller's said their profits had been boosted by the Royal Wedding, five bank holidays and 'generally very good weather'.
On top of that Fuller's said like-for-like sales in its managed pubs grew by 6.8% in the nine weeks to 4 June 2011, compared with the same period the previous year.
Despite a promising start to the current financial year group chairman Michael Turner sounded a note of caution.
"With wages in the UK running behind inflation, our customers' incomes are being squeezed and we will have to work hard in the current year and beyond to earn their custom," he told the BBC.
"Barley prices go up and down with the seasons. Clearly there's a drought on at the moment which may make life a little bit harder.
"But we actually buy our barley about three years ahead, which makes it easier for the farmer to predict his future income and also for us with our purchases."
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