Fuller's ‘optimistic' about future after buoyant trading update
The chief executive of pub group Fuller's is "more optimistic" about the future than he has been "since before the pandemic" after the company reported a 33% boost in revenue.
In a trading update for the 53 weeks to April 2023, the group announced a 76% increase in adjusted profit before tax to £12.7m, compared to £7.2m in 2022.
Company earnings before interest, tax, depreciation, amortisation (EBITDA) rose to £51.8m from £44.3m, while revenue grew by 33% to £336.6m from £253.8m.
Like-for-like sales for the 10 weeks to 10 June 2023 were also up by 13.9%, which the pub group said indicated "continued sales momentum into the new financial year".
Fuller's runs nearly 400 pubs around the UK and invested £25m during the period to drive further growth within its estate. This saw the addition of three new pubs in the New Forest, Bourton-on-the-Water and Heathrow Terminal 2.
It has earmarked a "small number of pubs" for disposal and agreed on the sale of the Mad Hatter in Southwark for £20m.
In terms of future growth, the pub group said it had projects planned at the Counting House in the City, the Forester in Ealing and the Rising Sun in the New Forest.
Simon Emeny, chief executive of Fuller's, said: "I am more optimistic about the future than I have been since before the pandemic. While the well-documented inflationary environment has been a challenge, there are positive signs on the horizon. In addition, we are ever hopeful of a resolution to the ongoing train strikes to allow us to further benefit from the increasing numbers of office workers and international tourists returning to the capital.
"We have a clear pathway to further growth based on enhancing profitability from our underlying business, proactively managing our property portfolio to ensure we are getting the best returns and continuing to seek out appropriate acquisitions."
