Pub and hotels operator Fuller’s has unveiled strong financial results for the six months to 28th September, with adjusted profit before tax up by 21% to £17.6 million.
Like-for-like sales in managed pubs and hotels in the first half of the financial year were up 5.2%, demonstrating continued market out-performance, says the company.
A significant rise in statutory profit before tax, from £14.9m to £29m, reflects a book profit of £17.2m arising from the disposal of The Mad Hatter hotel, in London.
Like-for-like drink sales increased by 4.9% over the half-year, with food up 5.5% and accommodation up 4.9%.
Across the estate, £10m was invested. Lovely Pubs, a set of pubs in affluent Warwickshire villages, was purchased for £22.5m.
Building on momentum
“We will be investing a further £20m in our estate during the second half, including substantial schemes at The Drayton Court in West Ealing, The Chamberlain in the City, and the Bel and The Dragon in Odiham,” said Fuller’s chief executive Simon Emeny. “We also continue to look at appropriate opportunities to drive our long-term strategy of growing the estate.
“Following our strong first-half results, we have continued to build on our momentum with like-for-like sales for the 32 week period rising by 5.4%. This sustained underlying performance, combined with the added benefit from our Lovely Pubs acquisition and encouraging Christmas bookings up 15%, provides us with confidence that we are on track to meet current market expectations for the financial year.
“In summary, everything that is in our control is going well. We have an outstanding, predominately freehold, well-invested estate, a driven and motivated team — who are supported by continuous development — and a clear, consistent strategy.
“We are in excellent shape, and despite the fresh challenges presented by the Chancellor’s recent
Budget, we remain positive and optimistic about the future.”
