Fuller's results show positive momentum

Fuller's is enjoying a strong period of sales, reporting like-for-like revenue for the 10 weeks to 10 June 2023 being up 13.9%.

The momentum follows the announcement of the pub operator's full year financial results, which also paint a pretty picture for the Simon Emeny-led business.

Revenues throughout the year grew 33% to £336.6m (FY2022 £253.8m) as the business recovered from the impact of Covid-related restrictions on trade.

Like-for-like sales in the year grew by 17.5% compared to 2022, with central London growing by 40.1% as more workers returned to their offices. Adjusted profit before tax at Fuller's increased by 76% to £12.7m (FY2022 £7.2m).

"We have made good progress in the last year, with continued investment in our people and properties, providing the perfect post-Covid springboard for the future," says Emeny. "Looking forwards, that future looks very positive. We continue to build on our five strategic pillars, investing in the areas that have the greatest impact on our business and growing our profitability. We live by our values and our culture, and despite having had a lot to contend with over the last year – with interruptions from tube and train strikes and high cost inflation in energy, food and wages – our teams across the estate are successfully delivering experiences that nourish the soul."

Portfolio management

Throughout the year, Fuller's has maintained investment in the existing estate, with £25m being invested in the period to enhance capital values and drive further growth.

Three new pubs opened during the year – The Rising Sun in the New Forest, The Willow in Bourton-on-the-Water, and The Queen’s Arms at Heathrow Terminal 2. Four pubs transferred from managed operations to tenanted inns, with a further 23 identified.

Fuller's also reopened The Admiralty on Trafalgar Square following a major fire last July and completed £2.5m refurbishment at The Sanctuary House near Westminster Abbey.

Its Portsmouth pub The Vaults was also named Hampshire Pub & Bar of the Year. 

"I am more optimistic about the future than I have been since before the pandemic," adds Emeny. "While the well-documented inflationary environment has been a challenge, there are positive signs on the horizon. In addition, we are ever hopeful of a resolution to the ongoing train strikes to allow us to further benefit from the increasing numbers of office workers and
international tourists returning to the capital.

"We have a clear pathway to further growth based on enhancing profitability from our underlying business, proactively managing our property portfolio to ensure we are getting the best returns and continuing to seek out appropriate acquisitions.

"I am excited by the opportunities ahead, optimistic about the future, and confident in our ability to deliver excellent service to our customers, careers for our people and returns for our shareholders."

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