Revenue was up 4.8%, to £376.3m (FY2024: £359.1m), with like-for-like sales up 5.2%, against the previous year. The company said it made an “impressive profit conversion” with adjusted profit before tax increasing 32% to £27m (FY2024: £20.5m).
Trading and profit growth momentum has continued into the new financial year, with like-for-like sales for the first 10 weeks rising by 4.2%, the company said.
It also revealed that Michael Turner is retiring as chairman at the AGM on 22 July 2025, with Simon Emeny becoming executive chairman.
Like-for-like sales increase
Fuller’s recently agreed a new £185m bank facility with a consortium of existing relationship banks. The unsecured facility is available until 31 August 2028, at an interest margin 75bps lower than existing terms.
These year-end financial results showed growth across the business with food like-for-like sales up by 4.8%; drink like-for-like sales up by 5.3% and accommodation like-for-like sales up by 5.4%.
Fuller’s invested £28m in the existing estate during the year, including 14 “transformational” schemes including the Drayton Court in Ealing and the Head of the River in Oxford – now a fully electric hotel. It also completed its investment at the Chamberlain in the City of London, one of its largest hotel sites, which reopened in May.
Fuller’s also completed the sale of the Mad Hatter in Southwark, London for £20m and acquired Lovely Pubs, seven pubs in Warwickshire and Worcestershire villages for £22.5m as well as The White Swan, Twickenham.
It also completed the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3m, which Fuller’s said resulted in a more profitable and sustainable tenanted business.
Excellent year
Emeny said it has been an excellent year for Fuller’s and the company had continued to build on its existing momentum. He added that there were a number of clear priorities for the year which will focus on properties, people and customer proposition.
“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,” he said.
“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.”
