Fuller profits hit by land write-downs

Jun 5 2009 By nebusiness

PUBS group and London Pride brewer Fuller, Smith & Turner today reported a near 40% plunge in profits following hefty property writedowns in a "very difficult year".

But the group said it had made a "solid" start to trading since the year-end, with comparable sales in its managed pubs and hotels estate up 1.8% in the nine weeks to May 30.

The West London-headquartered firm added that with a £6.2 million hit to the value of recently bought properties stripped out, underlying profits fell by 1% to £22.8 million in the year to March 28.