Fuller's proud of results after "strong year"

Revenue and profit are both considerably up at Fuller's, as the London and south east operator reveals its latest full-year financial results. 

Against a 53-week year in 2023, revenue for the 52 weeks ended 30 March 2024 was up 7% to £359.1m (2023: £336.6m) driven by strong performances across the estate.  

Like-for-like sales were up 11%, which has resulted in a strong profit conversion, with adjusted profit before tax increasing by 61% to £20.5m (2023: £12.7m).  

"It has been a strong year for Fuller’s and I am pleased and proud of the progress we have made," says Fuller's chief executive Simon Emeny. "All parts of the company have performed well. Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year."

Since September 2022, Fuller's has bought back 3m ‘A’ shares, with a further 1m in progress since March 2024. As part of its latest results, the pub company has announced its intention to buy up to a further 2.5m ‘A’ shares – bringing the total number of shares repurchased to 6.5m.  

Strategical highlights

Throughout the year food like-for-like sales increased by 14.5%, with drinks up by 9.8%. Accommodation like-for-like sales increased by 7.8%. 

Fuller's also invested £27.2m in the existing estate, including transformational schemes at The Rising Sun in the New Forest, The 
Windmill at Portishead, The Butcher’s Hook & Cleaver in Smithfield, and The Forester in Ealing. 

The pub operator transferred 23 pubs from its Managed Pubs and Hotels to its Tenanted Inns division, generating an incremental £1m profit in a full year. It has also agreed terms on the sale of The Mad Hatter in London's SE1, which will realise £20m of value in July 2024.  

As reported by Pub & Bar, in May 2024, Fuller's sold of a portfolio of 37 pubs to Admiral Taverns for £18.3m.

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