City bonuses raise London’s Pride

City bonuses are expected to soar this year, and for once the good times will be including the drinks industry.

Shoulder pads and enormous mobile phones could be making a come-back with the news that City bonuses are expected to soar this year, and for once the good times will be including the drinks industry.

Fuller, Smith & Turner – the biggest pub-owner in the square mile – credited increased spending by happy bankers for a rise in profits. Interim turnover rose by 4% during the six months to October 1 to £67.4m, and like-for-like sales of the brewer’s flagship ale, London Pride, rose 7% over the same period. Pre-tax profits actually fell slightly by 1.3% to £8.3m as the company made no profit on property disposals during the period. However, operating profits (excluding one-time sales and gains) were up by 5% to £8.4m

 “There is a feeling now that it is good to be seen our celebrating,” said chief executive Michael Turner. It seems like the drinks are on him.