Fuller's Bounce Back Due to 'the Great British Pub'
Company pledges to 'create experiences that nourish the soul'
Fuller's returned to profitability in last financial year
Fuller, Smith & Turner (Fuller’s) has released its full year results which show the company is making a steady recovery after the pandemic.
The company made just over £7mn profit before tax in the year to March compared to a loss of £48.7mn the year before. The timely sale of the Griffin Brewery in Chiswick left it in a good position to weather the impact that lockdown had on pubs and hotels.
Revenues bounced back to over a quarter of a billion despite operations still being affected by Covid-19 restrictions. The group’s property portfolio has also been revalued upward to just shy of a billion £400 million above the book value.
£26 million has been invested in its estate.
The accompanying trading statement says that the pub operations are showing steady growth week by week as workers return to the City of London and tourists are back in central London. 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.
Its premium offering seems to be protecting it from the inflationary pressures that are impacting other firms in the hospitality business due to rising food and energy costs..
Chief Executive Simon Emeny said, “It is testament to the dedication and resilience of our team, across the business, that we have managed to trade profitably under such difficult circumstances.
“As a company, we have used the last two years wisely. 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. We have also refined our branding and reviewed and evolved our long term strategy.
“The new strategic framework, driven by our purpose to create experiences that nourish the soul, and the pillars that underpin it, will give everyone in the company clear direction and ensure we work as a team, from our kitchens to our boardroom, to deliver excellent results for all our stakeholders.”
He added, “The great British pub has always been, and will always be, an affordable treat and has proved its resilience over time with its position at the very heart of the communities we serve.”
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June 9, 2022