Fuller’s Reports Robust Revenue and Profit Growth in Latest Financial Results

Pub and hospitality operator Fuller’s has reported a strong set of full-year results, reflecting steady growth across its portfolio of venues in London and the South East. Covering the 52 weeks to 29 March 2025, the company has demonstrated a resilient performance, despite ongoing industry challenges.

Turnover for the year climbed by 4.8%, reaching £376.3 million, compared to £359.1 million in the previous financial year. Like-for-like sales across the group’s Managed Pubs and Hotels rose by 5.2%, building on a solid prior year.

Pre-tax profits on an adjusted basis saw a notable uplift of 32%, rising from £20.5 million to £27 million.

Chief Executive Simon Emeny described the performance as “an excellent year” for the business. “We’ve maintained strong trading momentum, particularly in our Managed Pubs and Hotels division, which has delivered like-for-like growth of 5.2%,” he commented. “This revenue performance has translated directly into stronger profitability, and our disciplined capital management has contributed to a 40% increase in adjusted earnings per share.”

Performance Drivers and Investment Activity

Food and drink sales contributed significantly to overall growth, with food revenues rising by 4.8% and drinks sales up 5.3%. Accommodation also performed well, with like-for-like revenue from rooms increasing by 5.4%.

Fuller’s invested £28 million in its estate during the year, undertaking 14 major refurbishment and development projects. Notable schemes included enhancements at The Drayton Court in Ealing and The Head of the River in Oxford, helping to elevate the customer experience and drive footfall.

The company also made strategic adjustments to its property portfolio. It completed the disposal of 37 non-core tenanted pubs to Admiral Taverns in an £18.3 million deal, and separately sold The Mad Hatter for £20 million.

On the acquisition front, Fuller’s strengthened its managed estate with the purchase of Lovely Pubs — a collection of seven high-quality venues located in Warwickshire and Worcestershire — for £22.5 million. The business also acquired The White Swan in Twickenham, expanding its footprint in west London.

Chief Executive Simon Emeny said:
“It has been an excellent year for Fuller’s. 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%.

“We have started the new financial year well with like for like sales in the first 10 weeks of the year rising by 4.2%. We have completed our investment at The Chamberlain in the City of London, one of our largest hotel sites, which reopened in May and we have a number of clear priorities for the year focused on our properties, our people and our customer proposition.

“After 18 years as our Chairman, Michael Turner will be retiring at the AGM on 22 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.

“Our estate is well invested, predominately freehold, and full of iconic gems in great locations. Our people are dedicated and engaged, and our customers are more resilient to economic turbulence than most. Our financial position is robust and we make sensible decisions for the long-term. I have no doubt that interesting times are ahead and I’m looking forward with confidence and excitement.”