Pub company Fuller’s saw like-for-like drinks sales increase by 5.3% in the 52 weeks to 29th March. Some £28m was invested in the company’s estate.
Revenue was up 4.8% to £376.3m, with adjusted profit before tax increasing 32% to £27m.
A new share buyback programme commenced in March, with the intention of acquiring up to one million ‘A’ shares, further enhancing shareholder returns.
In addition, the company has agreed a new £185m bank facility with a consortium of existing relationship banks. The unsecured facility is available until 31st August 2028, at an interest margin lower than existing terms, reflecting the strong financial position of the company.
During the year, Fuller’s invested £28m into its existing estate, including 14 transformational schemes, such as those at The Drayton Court, in Ealing, and The Head of the River, in Oxford — now a fully electric hotel.
The company completed the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3, and also sold The Mad Hatter, in Southwark, London, for a total consideration of £20m.
Trading and profit growth momentum has contiued into the new financial year, with like-for-like sales for the first ten weeks rising by 4.2%.
“It has been an excellent year for Fuller’s,” said chief executive, Simon Emeny. “We have continued to build on our existing momentum and have delivered strong like-for-like sales growth in our managed pubs and hotels of 5.2%.
“We have converted this strong revenue growth into improved profitability, with adjusted profit before tax rising by 32%. And even more pleasing is that these results, combined with our effective allocation of capital, have delivered impressive adjusted earnings per share growth of 40%.”
He added: “After 18 years as our chairman, Michael Turner will be retiring at the AGM on 22nd July 2025. Michael has played a leading role in Fuller’s for 47 years, and his contribution cannot be underestimated. He retires with our best wishes and gratitude, and he leaves an incredible legacy.”
Mr Emeny will become executive chairman following the AGM.
