Fuller’s toasts stellar year as Brits flock to pubs
Hospitality giant Fuller, Smith & Turner has become the latest UK pub chain to report a stellar year of trading as Brits continue to head to pubs despite financial constraints.
The FTSE 250 company told markets this morning that revenue rose 4.8 per cent to £376.3m in the 52 weeks to March 29.
Like for like sales rose 5.2 per cent, with sales growth in drinks just beating food at 5.3 per cent versus 4.8 per cent.
Adjusted profit before tax increased by 32 per cent to £27m, from 20.5m last year.
The company subsequently boosted its dividend by 11 per cent to 19.76p, from 17.75p last year.
It said strong trading continued into the new financial year, with like for like sales for the first 10 weeks rising by 4.2 per cent.
Fuller’s invested £28m in its existing estate during the year, including The Drayton Court in Ealing and The Head of the River in Oxford, which is now a fully electric hotel.
It sold 37 tenanted pubs to Admiral Taverns for £18.3m, and sold The Mad Hatter in Southwark for £20m.
Fuller’s also acquired Lovely Pubs – adding seven pubs in Warwickshire and Worcestershire to its estate – for £22.5m.
Chief executive Simon Emeny said: “It has been an excellent year for Fuller’s. We have continued to build on our existing momentum and have delivered strong like for like sales growth.
“Our estate is well invested, predominately freehold, and full of iconic gems in great locations. Our people are dedicated and engaged, and our customers are more resilient to economic turbulence than most. Our financial position is robust and we make sensible decisions for the long-term,” he added.
Michael Turner steps down as Fuller’s chair
Michael Turner will retire as chair of Fuller’s at the company’s AGM on July 22, Fuller’s said.
Turner joined Fuller’s in 1978, initially running the Wine Division as Wine Director.
He became chair in 2007, having previously served as managing director and chief executive.
“Michael has played a leading role in Fuller’s for 47 years – and his contribution cannot be underestimated. He retires with our best wishes and gratitude, and he leaves an incredible legacy,” Emeny said.