Fuller's posts 11% rise in like-for-like sales and predicts positive year ahead

Fuller’s has reported an 11% improvement in like-for-like sales having delivered 7% growth in revenue to £359m.

The operator of 179 managed and 190 tenanted pubs said it had additional confidence in the coming year, particularly with inflationary pressures lightening.

Adjusted profit before tax stood at £20.5m for the 52 weeks to 30 March 2024 after food sales increased 14.5% and drink sales rose 9.8% on a like-for-like basis.

Fuller’s said the positive momentum has continued, with like-for-like sales for the 10 weeks to 8 June up 4.4%.

Chief executive Simon Emeny said: “Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year.

He added: “As a company, we are primed for further success and growth. We will continue with our share buyback programme, and we will benefit from the sale of the Mad Hatter in July 2024 for a total consideration of £20m, and £18.3m from the sale of 37 non-core pubs to Admiral Taverns.”

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