Fuller’s revenues hit £169 in H1

Fuller’s has seen revenues increase to £168.9m in its half-year results, up from £116.3m the prior year, as trade recovered from the impact of Covid restrictions.

Over the period, like-for-like sales rose by 20% compared to the prior year, with Central London sales growing by 67%.

Adjusted profit before tax also increased to £9.8m, up from £4.6m the prior year, as the benefit of the sales recovery exceeded inflationary increases in the cost base.

The group noted that sales momentum has continued despite the temporary disruption caused by ongoing train and tube strikes.

Like-for-like sales for the seven weeks to 12 November 2022 were up by 13%, with a strong sales growth across Central London, up by 20%. Christmas bookings are strong and additional uplift expected from the World Cup.  

CEO Simon Emeny said: “Following on from a good first half performance, we have maintained our forward  momentum in the seven weeks post the period end, with like-for-like sales up by 13% against the same period last year. As commuters return to their offices and international  tourists once again visit the Capital, our Central London and City sites have seen like-for-like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of tube and train strikes. 

“While we look forward to our first Christmas free of restrictions for three years, and the  added bonus of a FIFA World Cup, we are trading in an increasingly challenging  environment. Cost pressures from energy bills, wage and food inflation, and increasing  interest rates continue to impact us and all businesses in the hospitality sector.”

He added: “We are a long-term business, with excellent foundations both in terms of the strength of  our Balance Sheet and our predominantly freehold estate, and we have the talent, desire and drive to deliver future growth and success.”