Fuller's results continue in right direction
Fuller’s has released its trading figures for the first six months of the new financial year.
Fuller’s has released its trading figures for the first six months of the new financial year, which saw revenues grow to £168.9m as the business recovered from the impact of Covid-19.
Like-for-like sales at the Simon Emeny-led business have grown by 20% compared to the prior year, with central London growing by 67%.
Adjusted profit before tax increased to £9.8m (H1 2022: £4.6m) as the benefit of the sales recovery exceeded inflationary increases in the cost base.
Net debt is currently at £129.2m (H1 2022: £131.5m) with the cash generated by Fuller's funding investment in the estate and returns to shareholders.
Fuller's says that it has significant capacity to invest in growth with a four-year £200m bank facility that has been effective from May 2022.
“Following on from a good first half performance, we have maintained our forward momentum in the seven weeks post the period end, with like-for-like sales up by 13% against the same period last year," says Emeny. "As commuters return to their offices and international tourists once again visit the capital, our central London and City sites have seen like-for-like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of tube and train strikes.
“While we look forward to our first Christmas free of restrictions for three years, and the added bonus of a FIFA World Cup, we are trading in an increasingly challenging environment. Cost pressures from energy bills, wage and food inflation, and increasing interest rates continue to impact us and all businesses in the hospitality sector. Our teams are working hard to manage these pressures, while ensuring we continue to deliver an outstanding experience for our customers.
“We are a long-term business, with excellent foundations both in terms of the strength of our Balance Sheet and our predominately freehold estate, and we have the talent, desire and drive to deliver future growth and success.”