“Recovery Continuing” as Fullers Release Trading Statement

London pub operator Fuller’s has said its sales recovery is continuing, especially in the City and West End of London. The company stated ahead of its annual general meeting earlier this week.

In the first 16 weeks of the new financial year, total sales are up 3% on pre-pandemic levels and up 81% on the same period last year.

On a like-for-like basis, sales for the 16 weeks to 16 July 2022 are up 27% on last year. The company is well-financed, with total available facilities of £226m and with net debt reduced from £131.9m at the start of this financial year to £123.6m at 17 July 2022, demonstrating the healthy recovery in free cash flow generation.

The underlying strength of our long-term business is reflected in our implied net asset value per share of £13.80, based upon the directors’ valuation of the estate undertaken as at 26 March 2022. During the period, the company has acquired one new site – The Queen’s Arms, landside at Heathrow Terminal Two, The Queen’s Terminal – that will open in early August 2022.

The site is a perfect complement to London’s Pride, our successful airside pub in the same terminal.

A further three sites are in advanced stages of negotiation.” Chief executive Simon Emeny said:
“We are pleased with our sales growth trajectory, particularly in our central London sites where momentum is building well. The industry-wide inflationary cost pressures around food supply, labour and particularly energy are showing little signs of abating. Our premium offer and effective supply chain management provide a degree of protection, but we are not immune from its effects on costs or consumer behaviour.”

“Fuller’s is a long-term business with a strong balance sheet, a clear strategy, and great people to execute it. Hospitality continues to bear the brunt of many challenging external factors, but we remain confident that Fuller’s is well placed to continue to prosper.” The company said it will next report on 17 November 2022, when it issues its half-year results for the 26 weeks to 24 September 2022.”

The next report will be on 17 November 2022, when the Company issues its half year results for the 26 weeks to 24 September 2022.