Fuller's Sees Profit Surge and Strong Sales Growth
Company 'positive and optimistic' about the future
Fuller's headquarters on Strand on the Green. Picture: Fuller's
November 13, 2024
Chiswick-based hospitality company Fuller’s has just reported its most recent half year accounts which suggest strong current trading for the company.
There was a significant increase in profits in the six months to 28 September although this was boosted by the sale of an asset. Stripping this out pre-tax profits were still up by 21.4% and like for like sales were up by 5.4%
Chief Executive Simon Emeny, who had recently been critical of the impact of the Budget, said that, despite the challenges it presented, the company remained positive and optimistic about the future.
As well as the disposal of The Mad Hatter Hotel during the period which enabled the booking of a £17.2mn profit, the company completed the sale oof 37 non-core tenanted pubs to Admiral Taverns for £18.3m and the acquisition of seven country pubs in Warwickshire from Lovely Pubs.
These changes have led to a double digit increase in the average profitability of each tenanted pub that it operated.
The strong sales growth looks to be being maintained with Christmas bookings up by 15% and the company says it is on track to meet current market expectations. Net debt has been reduced and the company’s share buyback programme has continued.
A continued investment in the estate of £20 million includes a substantial scheme at The Drayton Court in West Ealing.
Mr Emeny added, “In summary, everything that is in our control is going well. We have an outstanding, predominately freehold, well-invested estate, a driven and motivated team – who are supported by continuous development – and a clear, consistent strategy. We are in excellent shape, and despite the fresh challenges presented by the Chancellor’s recent budget, we remain positive and optimistic about the future.”
The strong trading contrast with Asahi UK, the company that purchased Fuller's brewing operations, which recently reported an annual pre-tax loss of £14 million.
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