Profits at Fuller's up 32%

Revenue and profits at pub company Fuller's are both in strong positions, as the London and south east operator reveals its financial results for the 52 weeks to 29 March 2025.

Revenue was up 4.8% to £376.3m (FY2024: £359.1m), with like-for-like sales up 5.2% against a decent prior year.  

Adjusted profit before tax increased by 32% to £27m (FY2024: £20.5m).  

"It has been an excellent year for Fuller’s," says CEO Simon Emeny. "We have continued to build on our existing momentum and have delivered strong like-for-like sales growth in our Managed Pubs and Hotels of 5.2%.

"We have converted this strong revenue growth into improved profitability with adjusted profit before tax rising by 32% and even more pleasing is that these results, combined with our effective allocation of capital, have delivered impressive adjusted earnings per share growth of 40%." 

Strategic highlights

During the period, food sales increased by 4.8%, with drinks up 5.3%. Accommodation like-for-likes were up 5.4%.

Over the year, Fuller's invested £28m in the existing estate, including 14 transformational schemes including those at The Drayton Court in Ealing and The Head of the River in Oxford.

The group completed the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3m; sold The Mad Hatter for a total consideration of £20m; and acquired Lovely Pubs – seven pubs in Warwickshire and Worcestershire villages for £22.5m. Fuller's also bought The White Swan, Twickenham (pictured). 

"We have started the new financial year well with like-for-like sales in the first 10 weeks of the year rising by 4.2%,"adds Emeny. "We have completed our investment at The Chamberlain in the City of London, one of our largest hotel sites, which reopened in May and we have a number of clear priorities for the year focused on our properties, our people and our customer proposition.  

"After 18 years as our chairman, Michael Turner will be retiring at the AGM on 22 July 2025. 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. 

"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. I have no doubt that interesting times are ahead and I’m looking forward with confidence and excitement." 

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