Revenue and profits up in Fuller's half-year
Fuller’s half-year has delivered growth in both revenue and profit.
Pub company Fuller's has revealed a strong set of financial results for the 26 weeks to 27 September 2025.
In the first half of the year, the Simon Emeny-led business delivered growth in both revenue and profit, with adjusted profit before tax growing by 28% to £22.5m (H1 2025: £17.6m) and revenue growing by 7% to £207.5m (H1 2025: £194.1m).
Managed Pubs and Hotels like-for-like sales increased by 4.6% on the prior period. Total revenue in the Managed Pubs and Hotels division
increased by 8%. This growth has been assisted by the acquisition of the Lovely Pubs business and The White Swan, Twickenham (pictured).
In fact, all categories of revenue showed like-for-like growth against the prior period, with drink sales up by 6.5%, food sales up by 2% and accommodation sales up by 3.3%. Fuller's says this improvement in revenue was delivered through pricing, mix and volume growth.
"In my first report as executive chairman, I am delighted to be delivering such a great set of results," says Emeny. "The business has performed exceptionally well, outperforming the market. This has been achieved through a combination of factors – a clear long-term strategy, our well
invested, predominately freehold, property portfolio, a premium and resilient customer base, and a team of amazing people throughout the organisation who strive every day to support, promote and deliver brilliant food, drink, accommodation and an outstanding customer experience."
Looking to the Budget
Fuller's says its labour costs remain challenging. The business had a further £8m of annualised costs imposed upon on it with effect from April 2025 due to increases in National Living Wage and National Insurance. It says it has managed to mitigate some of these costs through improvements in labour efficiency and some selected price increases.
"On 26 November 2025, the government will announce its Budget for the coming year," adds Emeny. "I hope the chancellor has heeded the arguments and proposals articulated by the hospitality sector to avoid further punitive financial measures but, more so, I am frustrated by the lack of a clear plan to deliver the growth the chancellor claims to be seeking.
"The country needs ambitious and innovative ways to drive sustainable economic success. It needs new ideas, new thinking – and I genuinely hope the government succeeds in that and succeeds quickly."
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