Fuller’s reports £10m hit on trading due to coronavirus pandemic
Pub chain Fuller, Smith and Turner said this morning it has taken a hit of more than £10m this year due to the impact of coronavirus on trading.
The figures
Fuller’s said revenue in the year ended 28 March was up three per cent to £333m.
Profit before tax was £174.5m, including proceeds from the sale of its brewery business, up from £26.1m the previous year.
The impact of coronavirus on 2019/20 trading is estimated to be more than £10m, it said.
Basic earnings per share were 305.86p, compared to 35.12p in the previous year.
Why it’s interesting
More than 75 per cent of managed Fuller’s pubs and almost all tenanted sites have reopened after its entire portfolio was closed from 20 March.
The pub chain said it was “comfortable” with current levels of trade but added that it is “too early to draw meaningful conclusions for the longer term”.
Fuller’s warned that business, particularly in London, could take “some time to return to normal”.
But it added it could benefit from the uptick in demand for staycations.
Chief executive Simon Emeny said the decision to sell Fuller’s brewery business had proved “fortuitous”.
It “ensured we were in a strong position, with substantial liquidity headroom, when the coronavirus pandemic struck2.
What Fuller’s said
Fuller’s chief executive Simon Emeny said: “In these uncertain times, it is challenging to accurately predict the future.
“But having begun reopening our pubs nearly four weeks ago, it is encouraging to see customers returning to our pubs and this steady growth in consumer confidence will be the key to success – not just of our Company or our industry but the economy as a whole.
“We have a well-balanced estate geographically and that, combined with a freehold asset base and the calibre of our people, puts us in a stronger position than many to build towards sustained profitability in this full year and a strong start to the FY2022 financial year.”