Fullers returns to profit as revenues recover to £253.8m
The first 10 weeks of the new financial year total sales are up 4% on pre-pandemic levels and are up 130% on the same period last year.
Fuller, Smith and Turner (Fullers) has revealed it has returned to profitability after seeing revenues recover to £253.8m, up from £73.3m in 2021 despite the impact of coronavirus closures and restrictions.
For the year to 26 March 2022, the pub group reported adjusted profit before tax returning to growth at £7.2m, compared with the £48.7m loss in 2021, when the business reported revenues of £73.2m.
Chief executive Simon Emeny said in the first 10 weeks of the new financial year total sales are up 4% on pre-pandemic levels and are up 130% on the same period last year. On a like-for-like basis, excluding closed periods, sales in the first 10 weeks of the year are up 21.4% on last year.
The pubs and restaurant group has 207 managed businesses, with 1,030 boutique bedrooms, and 178 Tenanted Inns.
Emeny said: “During the year we have returned to profitable growth with revenues of £253.8m and adjusted profit before tax of £7.2m. It is testament to the dedication and resilience of our team, across the business, that we have managed to trade profitability under such difficult circumstances.
“While steering the business through challenging trading conditions, we have also completed a number of strategic projects that will deliver benefits over the coming years. We have successfully honed our offer, completed a digital transformation project, rolled out a new central finance system, delivered an employer brand and new recruitment platform.”
