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Fuller, Smith & Turner PLC on Wednesday reported a rise in underlying profit in the first half of its financial year, saying its managed pubs and hotels are outperforming the overall UK market. The London-based hospitality firm said pretax profit was £21.1 million in the 26 weeks that ended September 27, down from £29.0 million a year before. However, the year-earlier figure included £17.2 million one-time profit from sale of The Mad Hatter hotel in south London. Adjust pretax profit was £22.5 million, up 28% from £17.6 million a year before, as revenue rose by 6.9% to £207.5 million from £194.1 million. Adjusted earnings per share were 30.03 pence, up from 21.81p, and Fullers declared an interim dividend of 7.85p, up 5.9% from 7.41p. Fuller’s noted that it also bought back 1.2 million ’A’ shares during the recent half-year for total shareholder returns of £13.8 million. Like-for-like sales in the Managed Pubs & Hotels business grew by 4.6% in the first half. This was composed of growth of 6.5% in drink sales, 2.0% in food sales, and 3.3% in accommodation sales. For the 32 weeks up to this past Saturday, like-for-like sales growth was 4.6%, and Fuller’s said Christmas bookings are 16% ahead of last year. The company plans £15 million in capital expenditure on its estate in the second half of the year. Executive Chair Simon Emeny credited ‘a clear long-term strategy, our well-invested, predominately freehold, property portfolio, a premium and resilient customer base, and a team of amazing people’ for the improved interim results. Looking ahead to November 26, Emeny commented: ‘The [UK] government will announce its budget for the coming year. I hope the chancellor has heeded the arguments and proposals articulated by the hospitality sector to avoid further punitive financial measures but, more so, I am frustrated by the lack of a clear plan to deliver the growth the chancellor claims to be seeking.’ Emeny moved from chief executive officer to executive chair back in July, replacing Michael Turner, who retired as non-executive chair after 47 years with his namesake company. Fuller’s shares were up 2.3% at 636.00 pence in London on Wednesday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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