Fuller’s PBT jumps 21% to £17.6m in H1

Fuller’s has reported that adjusted profit before tax jumped by 21% to £17.6m for the half year to 28 September, as like-for-like sales in its managed pubs and hotels rose by 5.2% during the period.  

While statutory profits before tax hit £29m during the period, this significant increase was attributed to book profits of £17.2m arising from the disposal of The Mad Hatter hotel for a total consideration of £20m.

Fuller’s has seen growth in all areas of the business, with food like-for-like sales rising 5.5%, and drink and accommodation both rising 4.9%. 

During the period, Fuller’s completed the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3m, resulting in a “more profitable and sustainable” tenanted business with average EBITDA per site rising 12%. 

As a result, net debt inched down from £129.4m to £128.2m in the half-year due to the cash generated from the business, combined with strategic disposals, investments in enhancing the existing estate, and the group’s acquisition of Lovely Pubs for £22.5. 

Simon Emeny, CEO of Fuller’s, said: “Following our strong first half results, we have continued to build on our momentum. This sustained underlying performance, combined with the added benefit from our Lovely Pubs acquisition and encouraging Christmas bookings up 15%, provides us with confidence that we are on track to meet current market expectations for the financial year.

“In summary, everything that is in our control is going well. We have an outstanding, predominantly freehold, well-invested estate, a driven and motivated team – who are supported by continuous development – and a clear, consistent strategy. We are in excellent shape, and despite the fresh challenges presented by the Chancellor’s recent budget, we remain positive and optimistic about the future.”