"Estate has never been such good shape," says Fullers
Fuller’s has said that its pub estate has never been in such good shape.
With sales and profits up for the 26 weeks to 28 September 2024, Fuller's has said that its pub estate has never been in such good shape.
Like-for-like sales for its Managed Pubs and Hotels division are up 5.2%, while adjusted profit before tax increased by 21% to £17.6m.
Its statutory profit before tax of £29m reflects the book profit of £17.2m arising from the disposal of The Mad Hatter hotel.
"We have had a great start to the year – delivering on all five pillars of our strategy and ensuring that we succeed in our purpose, to create experiences that nourish the soul," says chief executive Simon Emeny. "Our estate is in amazing shape. The sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3m, followed by the acquisition of the Lovely Pubs business on a multiple of 7.25x EBITDA for £22.5m, gives us 185 outstanding Managed Pubs and Hotels and 153 excellent Tenanted Inns. Without a shadow of doubt, our estate has never been in such good shape."
Sales and investments
During the period, food like-for -ike sales increased by 5.5%, while drinks and accommodation increased by 4.9%. Fuller's invested £10m across its estate, including a transformational development at The Head of the River in Oxford.
"We will be investing a further £20m in our estate during the second half, including substantial schemes at The Drayton Court in West Ealing, The Chamberlain in the City and the Bel & The Dragon in Odiham," says Emeny. "We also continue to look at appropriate opportunities to drive our long-term strategy of growing the estate.
"Following our strong first half results, we have continued to build on our momentum with like-for-like sales for the 32 week period rising by 5.4%. This sustained underlying performance, combined with the added benefit from our Lovely Pubs acquisition and encouraging Christmas bookings up 15%, provides us with confidence that we are on track to meet current market expectations for the financial year."
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