Fullers hails ‘excellent performance’ across estate as profits jump 32%
The company has also revealed that Michael Turner will be retiring as chairman at its AGM on 22 July 2025, with Simon Emeny becoming executive chairman
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Fullers has revealed that its adjusted profit-before-tax has risen 32% to £27m for the year ended 29 March 2025, up from £20.5m in the previous year.
The increase in profits comes alongside a 4.8% revenue increase to £376.3m, up from £359.1m in the previous year, driven by “excellent performance” across its estate.
In the period, Fullers saw its food like-for-like sales increase 4.8% while its drink like-for-like sales increased by 5.3% and its accommodation like-for-like sales increased by 5.4%.
The company also invested £28m in the existing estate, including 14 transformational schemes including those at The Drayton Court in Ealing and The Head of the River in Oxford.
Fullers also stated that it enhanced its returns through “proactive estate management”. This included the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3m resulting in a more profitable and sustainable tenanted business.
It also completed the sale of The Mad Hatter for a total consideration of £20m and acquired Lovely Pubs, seven pubs in Warwickshire and Worcestershire villages for £22.5m, and The White Swan, Twickenham.
Looking ahead, Fullers’ trading and profit growth momentum has continued into the new financial year, with like-for-like sales for the first 10 weeks rising by 4.2%.
The company has also confirmed that Michael Turner is set to retire as chairman at its AGM on 22 July 2025, with Simon Emeny to replace him as executive chairman.
Emeny said: “It has been an excellent year for Fuller’s. We have continued to build on our existing momentum and have delivered strong like-for-like sales growth in our Managed Pubs and Hotels of 5.2%.
“We have converted this strong revenue growth into improved profitability with adjusted profit before tax rising by 32% and even more pleasing is that these results, combined with our effective allocation of capital, have delivered impressive adjusted earnings per share growth of 40%.”
He added: “Our estate is well invested, predominately freehold, and full of iconic gems in great locations. Our people are dedicated and engaged, and our customers are more resilient to economic turbulence than most.
“Our financial position is robust and we make sensible decisions for the long-term. I have no doubt that interesting times are ahead and I’m looking forward with confidence and excitement.”
