Fuller’s has credited soaring demand for high-volume pints like Asahi and Jubel for its higher profit, as the premium pubs group hailed “excellent” trading.
The London-listed pubs operator said it has seen growing demand for drinks with weaker alcohol content among its affluent customer base.
Fuller’s said sales of Japanese lager Asahi grew by 18 per cent in the six months to September, while sales of peach-flavoured lager Jubel soared by 71 per cent. Demand for spritzes soared by 118 per cent.
Jubel, which is priced at £8-a-pint in some City establishments, has surged in popularity in recent years. Pub sales of the lager up 117 per cent year-on-year over the summer and takings across fruit beer reached £40m in the UK in recent months.
Fuller’s says its affluent target audience has allowed the pub firm to brush off fears that falling consumer confidence means Brits are spending less on food and drink.
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SUBSCRIBE HERE“Across our pubs and hotels, we have an affluent customer base that is more economically resilient to the impact of rising costs,” the firm told shareholders on Wednesday.
The pub group grew its revenue by six per cent to £221m in the year, while its pre-tax profit jumped from £21 to £28.5m.
Fuller’s revamps estate
The group said it attracts more high-income households than its competitors, and has turned to premium drinks ranges and summer events – like Shakespeare in the Garden – to retain these punters.
Fuller’s invested £1.5m into its gardens over the summer, providing 14 per cent more bookable space to capitalise on the World Cup, which boosted the UK’s pub firms earlier this year. The group runs theatre shows in the gardens of 81 of its pubs.
The firm is set to spend £33m by the end of the year upgrading its pub estate, focussing on sites including The Pavilion End in Moorgate, The Hereford Arms in South Kensington and The Prince’s Head in Richmond.
Executive chairman Simon Emeny said: “Across the business, we set ourselves up for success and our teams have delivered outstanding results, capitalising further on the opportunity presented by exceptional summer weather and the football World Cup.
“We had a clear focus, made good preparations in advance, and these results are a testament to those plans and the manner in which we have executed them – growing sales, volumes and margin.”