In its latest trading update, which covered the 26 weeks to 27 September (H1 FY26), the pubco reported a £13.5m investment into its pub estate.
Notable projects included a £4m renovation at the Chamberlain Hotel, a £1.8m refurb at the Hampshire Hog at Clanfield and a £1m scheme to upgrade the bedrooms at Bel & the Dragon in Hampshire.
Looking ahead to the rest of the 2026 financial year, the group said it planned to inject a further £15m into its estate.
Fuller’s also posted a 4.6% uptick in like for like sales across its 380-strong managed pubs and hotels during the 26-week period.
Drinks sales increased by 6.5% while food and accommodation sales jumped 2% and 3.3% respectively.
Meanwhile, adjusted profit before tax increased by 28% to £22.5m, up from £17.6m in H1 for FY25, and adjusted earnings per share were up by 38%.
Robust shape
However, statutory profit before tax fell from £29m last year to £21.1m, though the London-based pubco said the previous year reflected profit of £17.2m from the disposal of the Mad Hatter Hotel in Southwark.
The pubco also reported net debt of £138.3m, compared with £128.2m in H1 2025, with cash generated from investments into enhancing its existing estate and financing shareholder returns.
Like-for-like sales for the first 32 weeks of the year, to 8 November, were also up 4.6% with Christmas bookings already 16% ahead of last year.
Executive chairman Simon Emeny said the business had continued to “outperform the market”, attributing the success to a consistent and clear long-term strategy, strong investment and an “amazing team of people”.
Growth ambition
“Our balance sheet is in excellent shape and supports our ambition to grow, and we face the future with optimism, excitement and confidence”, the executive chairman added.
However, ahead of the upcoming autumn Budget, Emeny urged the Government to support the sector and boost growth with new and innovative measures.
He said: “I hope the Chancellor has heeded the arguments and proposals articulated by the hospitality sector to avoid further punitive financial measures but, more so, I am frustrated by the lack of a clear plan to deliver the growth the Chancellor claims to be seeking.
“The country needs ambitious and innovative ways to drive sustainable economic success. It needs new ideas, new thinking – and I hope the Government succeeds in that and succeeds quickly.”
