Fuller Smith & Turner (LON:FSTA) saw shares sink nearly 3 percent in early trading on Friday, after flat sales in beer and cider pointed to uncertainty in the future.
The group reported a strong set of results despite the flat sales, with profit before tax increasing by 9 percent in the year to the end of March to £43.6 million. Revenue grew 5 percent to £403.6 million, despite the “challenging” market.
“While we are still in a time of national and global uncertainty – and we do not underestimate the related wider market and economic issues that we will have to navigate over the months ahead – we believe we are in a strong position,” said Chief Executive Simon Emeny.
Like-for-like sales in the the managed pubs & hotels division performed better, up 2.9 percent for the period, while like-for-like profit in the Tenanted Inns division rose 3 percent. Adjusted profit before tax rose 3 percent to £43.2 million, from £42.1 million.
Shares in Fuller, Smith & Turner are currently trading down 2.89 percent at 942.00 (0930GMT).
