Fuller’s LFL sales rise 5.3% in Q1
According to the pub group, the sale of non-core pub properties has strengthened its balance sheet and reduced underlying net debt to £92m
Fuller’s has reported that trading momentum has continued, as it delivered a strong like-for-like sales growth of 5.3% for the first 16 weeks of the year.
The pubs and hotels business also revealed that its margins have recovered off the heels of inflationary pressures easing.
Since the year-end, Fuller’s has completed the sale of 37 non-core pubs to Admiral Taverns for £18.3m, as well as completed the sale of The Mad Hatter in Southwark for £20m.
According to Fuller’s, the sale of these properties has strengthened its balance sheet and reduced underlying net debt to £92m.
This has provided Fuller’s the capacity to fund its on-going share buyback programme, which makes it “well positioned” to take advantage of appropriate acquisition opportunities.
Simon Emeny, CEO of Fuller’s, said: “I am delighted to see our sales growth momentum continue, particularly against the backdrop of easing inflation, which will help us to grow margins and profit, as well as revenue.
“We have had a strong start to the financial year, and we look forward to the opportunities the future will bring. We have a new UK government in place, and I urge Sir Keir Starmer to stand by his commitment to overhaul our archaic business rates system.”
He added: “With the continued commitment of our inspiring teams, we will take the company forward, grow the business, and deliver excellent returns for all our stakeholders.”
