Fuller’s FY profits soar 61% to £20.5m

Fuller’s has today (13 June) announced a 61% increase in profit before tax to £20.5m for the 53-week period ended 30 march. 

It comes as sales at the brewing company rose by 7% to £359.1m, while EBITDA reached £60.8m. 

Like-for-like sales were up 11%, with Fuller’s announcing “strong” sales and volume growth across all areas of the business: food like-for-like sales increased by 14.5%, drink increased by 9.8%, and accommodation by 7.8%.

During the year, the company invested £27.2m in its existing estate of properties, including transformational schemes at The Rising Sun in the heart of the New Forest, The Windmill at Portishead, The Butcher’s Hook and Cleaver in Smithfield, and The Forester in Ealing.

In addition, Fuller’s transferred 23 pubs from managed pubs and hotels to tenanted inns, generating an incremental £1m profit in a full year, and agreed terms on the sale of The Mad Hatter in SE1, which will realise £20m of value in July 2024. The company also recently sold 37 non-core pubs to Admiral Taverns for £18.3m. 

For the 10 weeks to 8 June, the company has seen “good sales momentum” continuing, with like-for-like sales up 4.4%. It has also completed or is on site at seven investment schemes, including The Astronomer in Liverpool Street and The Head of the River in Oxford.

Chief executive Simon Emeny said: “It has been a strong year for Fuller’s and I am pleased and proud of the progress we have made. All parts of the company have performed well – with like-for-like sales in our managed pubs and hotels increasing by 11%, tenanted inns operating profit rising 4% and adjusted profit before tax rising 61% to £20.5m. 

“Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year.”

Emeny concluded: “As a company, we are primed for further success and growth. We will continue with our share buyback programme, and we will benefit from the sale of The Mad Hatter in July 2024 for a total consideration of £20m, and £18.3m from the sale of 37 non-core pubs to Admiral Taverns.

“With the solid financial foundation of a strong Balance Sheet and a first-class, predominantly freehold estate of iconic pubs and hotels, combined with a team that has the ability and capacity to drive the business forward, we are confident and excited by the opportunities the future will bring.”