Fullers sees 33% rise in revenues to £336.6m
It said its sales momentum has continued into the new financial year and like-for -like sales for the first 10 weeks are up 13.9%
Pub and hotel chain Fuller, Smith and Turner has reported a 33% rise in revenues to £336.6m in FY2023 compared with £253.8m in FY2022, according to its latest figures for the 53 weeks ended 1 April 2023.
According to Fuller’s, who continues to recover from the pandemic, revenues increased despite interruptions from tube and train strikes and high-cost inflation in energy, food, and wages.
Its like-for-like sales in the year also grew by 17.5% compared with the prior year, with Central London growing by 40.1%. It said its sales momentum has continued into the new financial year and like-for -like sales for the first 10 weeks are up 13.9%.
Fuller’s also reported an adjusted profit before tax of £12.7m, which was 76% higher than £7.2m in FY2022.
Additionally, its EBITDA increased from £44.3m to £51.8m.
The overall property portfolio was valued by the directors in May 2022 at £995.6m, approximately £400m more than its present book value, resulting in an implied adjusted net asset value per share of £14.07.
Simon Emeny, chief executive, said: “We have made good progress in the last year, with continued investment in our people and properties, providing the perfect post-covid springboard for the future. Looking forward, that future looks very positive. We continue to build on our five strategic pillars, investing in the areas that have the greatest impact on our business and growing our profitability.
“Our recent investments at The Willow in Bourton-on-the-Water, The Sanctuary House by Westminster Abbey, and The Admiralty in Trafalgar Square are outperforming our expectations, and we have exciting projects planned for this financial year at The Counting House in the City, The Forester in Ealing, and The Rising Sun near Bashley in the New Forest.”
He added: “We have a clear pathway to further growth based on enhancing profitability from our underlying business, proactively managing our property portfolio to ensure we are getting the best returns and continuing to seek out appropriate acquisitions.
“I am excited by the opportunities ahead, optimistic about the future, and confident in our ability to deliver excellent service to our customers, careers for our people and returns for our shareholders.”
