Revenues at pub company Fuller’s grew to £168.9m in the 26 weeks to 24th September as the business continued to recover from the impact of Covid-related restrictions.
Like-for-like sales in the first half of the financial year have grown by 20% compared to the prior year, with central London growing by 67%. Adjusted profit before tax increased to £9.8m, compared to £4.6m in the first half of 2021.
The company says sales momentum is continuing, despite the temporary disruption caused by ongoing train and tube strikes. There is continued strong performance in Fuller’s hotels, with revenue per available room increasing by 17% against the same period last year.
Investment in the estate has been maintained, to the tune of £12m, to enchance capital values and drive further growth.
“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,” said chief executive Simon Emeny.
“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.
“Our teams are working hard to manage these pressures, while ensuring we continue to deliver an outstanding experience for our customers.”
He added: “We are a long-term business, with excellent foundations both in terms of the strength of our balance sheet and our predominately freehold estate, and we have the talent, desire, and drive to deliver future growth and success.”