Full Year Results 2024

STRICTLY EMBARGOED

UNTIL 7AM THURSDAY 13 JUNE 2024

 

 

FULLER, SMITH & TURNER P.L.C.

(“Fuller’s”, the “Company”, or the “Group”)

 

A year of excellent progress

 

 

Financial and Operational Highlights

	52 weeks ended 30 March		53 weeks ended 1 April
	2024		2023
	£m		£m
Revenue and other income	359.1		336.6
Adjusted EBITDA1	60.8		51.8
Adjusted profit before tax2	20.5		12.7
Statutory profit before tax	14.4		10.3
Basic earnings per share3	15.16p		12.98p
Adjusted earnings per share3	24.48p		16.10p
Dividend per share3	17.75p		14.68p
Net debt excluding lease liabilities4	133.1		132.8

All figures above are from continuing operations.

1 Earnings before interest, tax, depreciation, amortisation, profit on disposal of property, plant and equipment, and separately disclosed items.

 2Adjusted profit before tax is the profit before tax excluding separately disclosed items.

3 Per 40p ‘A’ or ‘C’ ordinary share. Basic EPS is calculated using earnings attributable to equity shareholders after tax including separately disclosed items. Adjusted EPS excludes separately disclosed items.

4 Net debt excluding lease liabilities comprises cash and short-term deposits, bank overdraft, bank loans, debenture stock and preference shares net of debt issue costs.

 

 

Financial and Operational Highlights (cont)

 

Revenue up 7%, against a 53-week year, to £359.1 million (FY2023: £336.6 million), driven by strong performances across the estate

Like for like sales up 11.0%, significantly outperforming the industry’s CGA RSM Hospitality Business Tracker on average by four percentage points

Strong profit conversion, with adjusted profit before tax increased by 61% to £20.5 million (FY2023: £12.7 million)

Operating cash flow used to fund estate enhancements and finance shareholder returns in the form of dividends and share buybacks – net debt stable at £133.1 million (FY2023: £132.8 million)

Total dividend increased by 21% to 17.75p (FY2023: 14.68p)

Bought back three million ‘A’ shares since September 2022, with a further one million ‘A’ shares in progress since March 2024. Today we announce our intention to buy up to a further two and a half million ‘A’ shares – bringing the total number of shares repurchased to 6.5 million shares.

 

Strategic Highlights

 

An excellent year for the Company, with strong like for like sales and volume growth across all areas of the business:

- Food like for like sales increased by 14.5%
- Drink like for like sales increased by 9.8%
- Accommodation like for like sales increased by 7.8%

Invested £27.2 million in our existing estate of iconic properties, including transformational schemes at The Rising Sun in the heart of the New Forest, The Windmill at Portishead, The Butcher’s Hook & Cleaver in Smithfield, and The Forester in Ealing

Completed the roll out of our Lead Your Way programme to all General Managers – demonstrating our commitment to develop our people

Continued proactive management of the estate to enhance shareholder value:

- Transferred 23 pubs from Managed Pubs and Hotels to Tenanted Inns, generating an incremental £1.0 million profit in a full year
- Agreed terms on the sale of The Mad Hatter in SE1, which will realise £20 million of value – due July 2024
- Agreed sale of a portfolio of 37 non-core pubs to Admiral Taverns for £18.3 million, at a £1.6 million premium to the gross asset value of £16.7 million.

 

Current Trading

 

Good sales momentum continuing, with like for like sales for the 10 weeks to 8 June 2024 up 4.4%

Completed or on site at seven investment schemes since the start of new financial year including The Astronomer in Liverpool Street and The Head of the River in Oxford

Company in a great position for future growth.

 

 

Chief Executive Simon Emeny said:

 

“It has been a strong year for Fuller’s and I am pleased and proud of the progress we have made. All parts of the Company have performed well – with like for like sales in our Managed Pubs and Hotels increasing by 11%, Tenanted Inns operating profit rising 4% and adjusted profit before tax rising 61% to £20.5 million.

 

“Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year.

 

“We have continued to build on this strong momentum with like for like sales in the first 10 weeks of the year rising by 4.4%. We have commenced a wide-ranging investment programme, with seven schemes already on site or completed since the start of the new financial year. Complementing this investment in our properties is continued investment in our people. We will be rolling out our leadership development programme to our support centre managers and Head Chefs and continuing to provide development opportunities to team members at all levels across the business.

 

“As a Company, we are primed for further success and growth. We will continue with our share buyback programme, and we will benefit from the sale of The Mad Hatter in July 2024 for a total consideration of £20 million, and £18.3 million from the sale of 37 non-core pubs to Admiral Taverns.

 

“With the solid financial foundation of a strong Balance Sheet and a first-class, predominately freehold estate of iconic pubs and hotels, combined with a team that has the ability and capacity to drive the business forward, we are confident and excited by the opportunities the future will bring.

 

 

-Ends-

 

 

For further information, please contact:

 

Fuller, Smith & Turner P.L.C.

Simon Emeny, Chief Executive                                                            020 8996 2000

Neil Smith, Finance Director                                                                 020 8996 2000

Georgina Wald, Corporate Comms Manager                                  020 8996 2198

 

Instinctif Partners

Justine Warren                                                                                        020 7457 2010

 

 

 

Forthcoming dates in the financial calendar:

 

AGM: 23 July 2024

Half year results announcement FY 2025: 13 November 2024

Full year results announcement FY 2025: 12 June 2025

 

 

 

Notes to Editors:

 

Fuller, Smith & Turner PLC is the premium pubs and hotels business that is famous for beautiful and inviting pubs with delicious fresh food, a vibrant and interesting range of drinks, and engaging service from passionate people. Our purpose in life is to create experiences that nourish the soul. Fuller’s has 179 managed businesses, with 1,009 boutique bedrooms, and 190 Tenanted Inns. The Fuller’s pub estate stretches from Brighton to Birmingham and from Bristol to the Greenwich Peninsula. Our Managed Pubs and Hotels include Cotswold Inns & Hotels – seven stunning hotels in the Cotswolds, and Bel & The Dragon – six exquisite modern English inns with boutique rooms located in the Home Counties. In summary, Fuller’s is the home of great pubs, outstanding hospitality and passionate people, where everyone is welcome and leaves that little bit happier than they arrived.

 

Photography is available from the Fuller’s Press Office on 020 8996 2000 or by email at [email protected].

 

This statement will be available on the Company’s website, www.fullers.co.uk. An accompanying presentation will be available from 12 noon on 13 June 2024.

Click here to download the full PDF press release