Fuller's Sees Profits Surge in Latest Results
Company well positioned to meet economic and operational challenges
Fuller's headquarters on Strand on the Green. Picture: Fuller's
November 14, 2025
Fuller, Smith & Turner P.L.C., the Chiswick-based pubs and hotels group commonly known as Fuller's, has reported strong results for the first half of the current year. In the 26 weeks to 27 September, increased profits were driven by higher drink sales, improved accommodation performance and disciplined capital allocation. The group recorded revenue and other income of £207.5m and adjusted EBITDA of £42.4m, while adjusted profit before tax rose 28% to £22.5m. Adjusted earnings per share increased by 38% to 30.03p and the board declared an interim dividend of 7.85p, up 6% on the prior year. Net debt excluding lease liabilities stood at £138.3m and the company reported undrawn committed facilities of £63.2m.
Fuller’s said like-for-like sales across its Managed Pubs & Hotels were up 4.6% in the half, with drink sales rising 6.5%, food sales up 2.0% and accommodation revenue increasing by 3.3%. Management attributed the performance to the group’s premium positioning and a resilient customer base, targeted pricing and mix changes, improved procurement and supplier arrangements, and continued investment in the estate. The company spent £13.5m on property improvements in the period and has earmarked around £15m of further capital expenditure for the second half of the financial year, focused on bedroom upgrades, kitchen electrification and trade-enhancing projects with an expected targeted return of 20%.
In the first half Fuller's returned £13.8m through dividends and share buybacks, with 1.2 million 'A' shares repurchased during the period and a longer running buyback record that management says will continue where appropriate. Balance-sheet metrics improved modestly, with net debt to adjusted EBITDA reducing to about 2.18 times, giving the board headroom to consider selective acquisitions should suitable opportunities arise.
Operationally, Fuller's highlighted momentum into the Christmas trading season, reporting that bookings were 16% ahead of the same point last year and that like-for-like sales for the first 32 weeks to 8 November remained 4.6% up. The company also emphasised staff development and retention improvements, citing a Net Promoter Score of 70.5 and ongoing roll-out of training programmes, including its Lead Your Way programme and the newly opened Fuller's Kitchen Academy in Reading.
Fuller's acknowledged the principal near-term risks facing the business, including the impact of higher wage costs and National Insurance, the potential disruption from transport strikes during a critical trading period and uncertainty around forthcoming employment legislation and fiscal policy. The board said it has modelled downside scenarios and mitigating actions such as overhead reduction, deferral of non-essential capital spend and targeted disposals, and concluded that covenant headroom and liquidity provide resilience through the 12-month going concern assessment period.
The company says the combination of estate refurbishment, targeted marketing to its affluent customer base and a disciplined approach to returns and acquisition will position the group to sustain performance while navigating the economic and operational challenges likely to affect the hospitality sector over the coming months.
This page is sponsored by West London Queer Project who support community initiatives in Chiswick.
