Fuller’s revenues and profits jump in half-year results

Pub and hotel operator Fuller’s has reported a 6% increase in revenues to £174.8m for the six months ended 28 September 2019.

Profits also increased to £164.5m during the period, and the group benefited from the sale of the Fuller’s Beer Business. However, EBITDA decreased slightly to £30.2m, down from £30.6m in 2018.

Additionally, the group reported good performance from its managed pubs and hotels with like-for-like sales growth of 2.7%. Tenanted revenue also increased by 3%, and like-for-like profits decreased by 3%.

Chief executive Simon Emeny said the first half of this year has seen the “biggest transformation” in Fuller’s history.

He said: “It has been a time of unprecedented change –and not without its challenges –but we have made good progress and we have a clear view and plan for the next steps in our journey from vertically integrated brewer and retailer to focused premium pubs and hotels business.”

“Since completing the sale of the Beer Business at the end of April, we have put a new Executive Team in place –designed for the business as it is today.”

He added: “We have signed a Long-Term Supply Agreement with Asahi to protect the status of Fuller’s beers on our bars, while also forging new and exciting relationships with other interesting suppliers.

“Post period end, we have also completed the return of capital to our shareholders and made a voluntary contribution to our defined benefit pension scheme to the tune of £69m and £24m respectively.”