Fuller's Profits Surge After Strong First Half
Warm weather and World Cup drive sales in company's pubs
Fuller's headquarters on Strand on the Green. Picture: Fuller's
November 11, 2026
Pub and hotel operator Fuller, Smith & Turner has reported a strong first-half performance for its 2026 financial year, with profits climbing by a quarter as warm weather, the football World Cup and continued demand from its customer base helped drive sales growth across the business.
The Chiswick-based company recorded revenue of £220.9 million for the 26 weeks to 26 September 2026, up 6.5% on the same period last year, while adjusted profit before tax rose 25% to £28.2 million. Adjusted earnings per share increased by 33% to 39.81p and the board announced a 6% increase in the interim dividend to 8.35p.
Like-for-like sales in Fuller’s managed pubs and hotels rose 6.1%, with drink sales up 6.4%, food sales increasing by 4.6% and accommodation revenue growing by 8.9%. The business said it outperformed the broader hospitality market by around three percentage points during the period.
Executive Chairman Simon Emeny said the business had continued to build momentum, describing the results as another excellent performance. He credited the company’s preparation ahead of the summer season and its ability to capitalise on favourable trading conditions.
The company also completed the acquisition of 12 new pubs during the period, including 11 in London and one in Bath. Among the London acquisitions is The Blue Anchor in Hammersmith. Nine of the properties have joined Fuller’s managed estate, while three have been added to its tenanted division.
Fuller’s said it invested £14.2 million in its estate during the first half and plans to invest a further £19 million before the end of the financial year. Projects include expanding trading space at The Prince’s Head in Richmond, known as the pub featured in the television series Ted Lasso, and adding 25 bedrooms at The Barrowboy & Banker near London Bridge.
The group’s balance sheet remains strong, with net debt excluding lease liabilities standing at £140.2 million at the half-year stage. Fuller’s has also continued its share buyback programme, repurchasing 1.1 million ‘A’ shares during the period and signalling its intention to buy back a further one million shares once the current programme is completed.
Trading momentum has continued into the second half of the year. Like-for-like sales for the 32 weeks to 7 November were up 5.8%, while Christmas bookings were running 16% ahead of the same point last year. As a result, the company said it now expects adjusted profit before tax for the full year to exceed current market expectations.
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