This week (Wednesday 11 June), Fuller’s announced positive results for the 52 weeks to 29 March 2025 in a trading update this week.
The company reported a 4.8% revenue rise (FY2024: £359.1m) while like-for-like sales were up 5.2% against the previous year.
Furthermore, it revealed it has invested £28m in its existing estate during the year including 14 “transformational” schemes such as the Drayton Court in Ealing and the Head of the River in Oxford - now a fully electric hotel as well as the completion of its investment at the Chamberlain in the City of London, which reopened in May.
Following the results announcement, Emeny told The Morning Advertiser: “It has been an outstanding year for the company, in terms of returning to shareholders.
“That’s come about through a number of things [such as] share buybacks [and] improving our margins in a difficult marketplace.
“We have invested £28m in our estate and had a significant sales uplift from those investments and that has helped drive profits."
Success secrets
“Investment in people has worked well, [we have] very high levels of staff retention, high performing teams and they stay longer and give great service,” Emeny added.
“[The] effectiveness of our marketing – we introduced an amazing prix fixe menu last year that has continued through the winter months.
“Investment in digital means we have a very engaged databased, helping with pre-booked sales particularly around key events such as Christmas, which last year was our best ever.”
The update also revealed Emeny is set to succeed Michael Turner as executive chairman at the company’s AGM on 22 July, the first non-family member to hold the role.
Emeny said he was hopeful there would be “very few” implications for the business as a result of the change, as it had been planned for a long time.
He added: “I have been fortunate to work with Michael for many years and am delighted for him that he’ll go out on a high.
“I will remain the leader and run the company and Fred Turner (currently retail director) will become COO, having full operational responsibility.”
Future planning
Looking ahead, the future of the business was bright thanks to those investments across the board, the pub group boss highlighted.
Emeny said: “The business has never been in better shape in terms of the quality of the estate, investment we have made in the estate, talent we have in the business and how we are far more progressive than we’ve ever been in the use of technology and the way we are responding to and anticipating market conditions.”
He was also optimistic about the future of the pub trade overall, despite the many headwinds operators face.
“The industry is incredibly resilient. It has always been very adaptive very quick to respond to changes,” Emeny added.
“I don’t think I’ve ever been through a period like this when the Government has imposed so much on the sector.
“This sustained period of extra tax on the sector makes it very challenging. Not for us to attract customers into our pubs but to convert the sales we have into meaningful profit and that’s the challenge we’re all grappling with at the moment.”
