By Joe Hoppe


Fuller Smith & Turner PLC said Tuesday that like-for-like sales for the 25 weeks to Sept. 17 rose 21% on year as it continues its pandemic recovery, though it expects energy costs to significantly rise.

The U.K. pubs-and-hotels business said that on a total sales basis, sales in the first 25 25 weeks of the financial year were 3% higher than prepandemic levels, and up 50% from a year earlier.

The company said that the global energy crisis is causing significant increases in expected gas and electricity costs, and that it has purchased additional forward contracts to cover its annual requirement given growing uncertainty and the risk of even higher market costs for energy.

The company expects total gas and electricity costs to increase to 18 million pounds ($20.6 million) from GBP8 million a year earlier. That is before factoring in any financial benefit from a U.K. government program to offer support to businesses during the energy crisis. The program was announced Sept. 8, though the details haven't yet been revealed.

The company said it has made progress implementing a number of initiatives to reduce energy use and help mitigate costs increases over the medium term, with more to follow.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

09-20-22 0301ET