London pubs owner and beer brewer Fuller, Smith & Turner is poised to cash in on the Queen’s jubilee and notes that investors have done well during her majesty’s reign.
Chief executive Michael Turner says dividend payments to shareholders —the company is controlled by the founding families — are up 14,000% in the past 60 years.
That divi is up 8% to 7.6p, the company said today, as it unveiled annual results that show profits steady at £30 million and revenue rising 5% to £253 million.
“It will be the summer of a generation,” said Turner.
“There will be a wonderful Jubilee, then the Euro football championships and the Olympics. Few people will leave the country.”
In the past year Fuller’s bought 30 new pubs and spruced up many more. One boozer winning approval is The Parcel Yard at the newly renovated King’s Cross station, set over two floors of a listed building.
On the wider economy, Turner is relatively upbeat, while noting that people go out drinking less often.
“Things could be a lot worse. People are short of money and they are being fussy on how they spend it. If they want to have a good time, they want it to be a really good time. So they don’t go to the pub and spend less, they just don’t go to the pub.”
Turner thinks London in particular will benefit from the summer feelgood factor: “With our pub estate based in London and the South East and London Pride as our flagship beer, we aim to give our customers a wonderful summer to remember.”
