Fuller's results reveal return to profitability

Pub group Fuller’s returned to profitability in the first half of 2021, despite beginning the financial year with all pubs and hotels closed.

Results for the 26 weeks to 25 September 2021 showed revenue of £116.3m, with an adjusted pre-tax profit of £4.6m. The figure compares to a loss of £22.2m 12 reported during the same period last year.

The update also reported that managed like-for-like sales for the seven weeks to 13 November 2021, were 90% of those seen pre-pandemic in 2019.

Chief executive Simon Emeny said: "While the first half of this financial year has been a story of slowly returning to some semblance of what was known as normality, I am proud of what we have achieved. We have used the time wisely, planning for the future, further improving our already robust infrastructure and focusing on our people, our properties, our supplier relationships and our systems.

"Like for like sales in our Managed Pubs and Hotels continue to grow steadily and for the seven weeks to 13 November 2021 stand at 90% of 2019 levels. Christmas bookings are in good shape and there is clearly continued appetite from our customers to get out and socialise with friends and family.”

Emeny said he expected sales to continue to grow as international tourists return and office workers head back to their desks.

Chairman Michael Turner added: “It has been a trying time for our team members, our management, our customers and our suppliers - but we have all pulled together. Across the estate, our team members have shown a huge degree of dedication, commitment and loyalty to Fuller's, crossing counties to help out in pubs where the recruitment issues are more acute. Meanwhile our suppliers have rewarded our commitment to fairness and partnership by helping to limit our exposure to the supply chain issues that have blighted many of our competitors.

“Simon Emeny and his executive team have displayed agility and flexibility as we have had to tweak our offer in line with changing consumer behaviour. How much of this behaviour change is permanent is yet to be seen - but there is no doubt that, for example, standing at the bar is currently less in demand, while being served at a table is definitely proving more popular.”

The pub group has announced it will resume the paying of dividend from January 2022, in recognition of the company’s return to profitability. However, Turner said the resumption was just “the beginning of the journey to restoring a full dividend in the future, subject to our continued return to pre-pandemic trading levels and long-term growth.”

The results statement also revealed that Neil Smith would join the pub group’s board as finance director, replacing Adam Councell.