Revenue rose 7% to £359.1 million in the 52 weeks to 30th March at pub company Fuller’s (against a previous 53-week year).
Like-for-like sales were up 11%, significantly outperforming the industry’s CGA RSM
Hospitality Business Tracker on average by four percentage points.
Adjusted profit before tax increased by 61% to £20.5m (against £12.7 m in the full 2023 year).
Like-for-like sales increased by 14.5% in terms of food, 9.8% ABV for drink, and 7.8% for accommodation.
Fuller’s invested £27.2m in its existing estate, including transformational schemes at The Rising Sun, in the heart of the New Forest, The Windmill, at Portishead, The Butcher’s Hook & Cleaver, in Smithfield, and The Forester, in Ealing.
The company also:
- Transferred 23 pubs from managed pubs and hotels to tenanted inns, generating an incremental £1m profit in a full year.
- Agreed terms on the sale of The Mad Hatter, in London SE1, which will realise £20m of value (due July 2024).
- Agreed sale of a portfolio of 37 non-core pubs to Admiral Taverns for £18.3m, at a £1.6m premium to the gross asset value of £16.7m.
“It has been a strong year for Fuller’s and I am pleased and proud of the progress we have made,” said chief executive Simon Emeny. “All parts of the ,ompany have performed well…
“Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year.
“We have continued to build on this strong momentum with like-for-like sales in the first ten weeks of the year rising by 4.4%. We have commenced a wide-ranging investment programme, with seven schemes already on site or completed since the start of the new financial year.
“Complementing this investment in our properties is continued investment in our people. We will be rolling out our leadership development programme to our support centre managers and head chefs, and continuing to provide development opportunities to team members at all levels across the business.”
He added: “As a Company, we are primed for further success and growth. We will continue with our share buyback programme, and we will benefit from the sale of The Mad Hatter in July 2024 for a total consideration of £20 million, and £18.3 million from the sale of 37 non-core pubs to Admiral Taverns.
“With the solid financial foundation of a strong balance sheet and a first-class, predominately freehold estate of iconic pubs and hotels, combined with a team that has the ability and capacity to drive the business forward, we are confident and excited by the opportunities the future will bring.”
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