Fuller’s Reports First Half Revenue Growth Of 6% To £174.8m

Pub group Fuller’s said profits jumped higher in the past six months following a £164.5 million boost from the sale of its brewing arm.

The company said its statutory pre-tax profits for the half-year to September 28 have surged to £176.2 million, from £20.8 million in the same period last year, after it was buoyed by the sale of its Chiswick brewery to Japanese company Asahi.

Earnings before tax and interest slipped marginally to £30.2 million for the period.

Pre-tax profit was flat at £17.9m , with little change in EBITDA at £30.2m, compared to £30.6m during the same period last year.

Like-for-like sales across the managed portfolio of pub and hotels increased by 2.7%, while tenanted revenue rose by 3% alongside a 3% reduction in profit.

Earlier this year Fuller’s completed the acquisition of Cotswold Inns & Hotels, including what it described as “seven stunning country inns and hotels”.

Simon Emeny, chief executive of Fuller’s, said: “The first half of this year has seen the biggest transformation in Fuller’s history. It has been a time of unprecedented change – and not without its challenges – but we have made good progress and we have a clear view and plan for the next steps in our journey from vertically integrated brewer and retailer to focused premium pubs and hotels business.

“We hope that the incoming government helps us to continue to grow our business by overhauling the business rates system, ensuring a manageable level of wage inflation and creating an immigration system that allows us to recruit and invest in excellent team members from both home and abroad.”

Simon added: “Fuller’s is well-funded, has a clear vision, a distinctive strategy, a portfolio of extremely high-quality assets and an excellent culture – which stands us in good stead to navigate further political and economic turbulence.

“Against this backdrop, and with an excellent and engaged team of people, we are poised to deliver further growth for our shareholders and our team members, and to ensure even more customers can enjoy all that Fuller’s has to offer.”