Fullers not sure whether glass half full or empty


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London Pride brewer Fuller expects a much tougher second half as VAT goes back up in January and warned the economy was 'likely to remain challenging for some considerable time'.

Pleased to post raised revenues, up 10 per cent to £117million, and profits, up 18 per cent to £14million, the firm remained cautious on conditions.

'Our first half performance has defied the recession but it has been boosted by factors that may not repeat or may even reverse,' chairman Michael Turner said.

Michael Turner

Chairman Michael Turner: 'Our first half performance has defied the recession'


It was indeed helped by low interest rates, the cut in VAT, and some decent weather which got the punters to the pub. VAT reverts to 17.5 per cent in January.

Shares in Fuller rose 4 per cent today.

Astaire analyst Mark Brumby said: 'These are good results against a difficult economic backdrop.

'Fuller has added a realistic note as regards the economic outlook but is well-positioned to trade through the current malaise and has the financial firepower to pick up more assets should they become available.'

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