Full Year Results 2025

UNTIL 7AM WEDNESDAY 11 JUNE 2025

FULLER, SMITH & TURNER P.L.C.

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

Financial results for the 52 weeks to 29 March 2025

Success today and confidence in tomorrow

Financial and Operational Highlights

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.

2 Adjusted 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 (continued)

• Revenue up 4.8%, to £376.3 million (FY2024: £359.1 million), driven by an excellent performance across the estate 
• Like for like sales up 5.2%, against a successful prior year 
• Impressive profit conversion, with adjusted profit before tax increasing 32% to £27.0 million (FY2024: £20.5 million) 
• Translating to very strong adjusted earnings per share growth – up 40% to 34.22p (FY2024: 24.48p)
• Total dividend increased by 11% to 19.76p (FY2024: 17.75p)
• Completed the initial share buyback programme, which resulted in the repurchase of 6.5 million ‘A’ shares – with an average price of £6.13, this represents a 26% discount to the £8.30 price of the 6.5 million ‘A’ share equity placing in 2021 
• A new share buyback programme commenced in March 2025 with the intention of acquiring up to one million ‘A’ shares – further enhancing shareholder returns 
• Agreed a new £185 million bank facility with a consortium of existing relationship banks. The unsecured facility is available until 31 August 2028, at an interest margin 75bps lower than existing terms, reflecting the strong financial position of the Company.



Strategic Highlights 

• Another year of impressive growth across the business:
- Food like for like sales increased by 4.8%
- Drink like for like sales increased by 5.3%
- Accommodation like for like sales increased by 5.4%
• Invested £28 million in the existing estate, including 14 transformational schemes including those at The Drayton Court in Ealing and The Head of the River in Oxford – now a fully electric hotel
• Enhanced returns through proactive estate management: 
- Completed the sale of 37 non-core tenanted pubs to Admiral Taverns for £18.3 million, resulting in a more profitable and sustainable tenanted business  
- Completed the sale of The Mad Hatter for a total consideration of £20 million 
- Acquired Lovely Pubs – seven stunning pubs in affluent Warwickshire and Worcestershire villages for £22.5 million – and The White Swan, Twickenham
• Continued investment in our people at all levels, including further roll out of Lead your Way programme to our Head Chefs
• Alignment of our operating divisions to reflect our most valuable customer groups and ensure consistent delivery of an outstanding customer proposition.




Current Trading and Outlook

• Trading and profit growth momentum continuing into the new financial year, with like for like sales for the first 10 weeks rising by 4.2%
• Michael Turner retiring as Chairman at the AGM on 22 July 2025, with Simon Emeny becoming Executive Chairman
• Company well-positioned to continue to deliver excellent returns to shareholders through future growth and prudent Balance Sheet management.

Chief Executive Simon Emeny said:

“It has been an excellent year for Fuller’s. We have continued to build on our existing momentum and have delivered strong like for like sales growth in our Managed Pubs and Hotels of 5.2%. We have converted this strong revenue growth into improved profitability with adjusted profit before tax rising by 32% and even more pleasing is that these results, combined with our effective allocation of capital, have delivered impressive adjusted earnings per share growth of 40%.

“We have started the new financial year well with like for like sales in the first 10 weeks of the year rising by 4.2%. We have completed our investment at The Chamberlain in the City of London, one of our largest hotel sites, which reopened in May and we have a number of clear priorities for the year focused on our properties, our people and our customer proposition.

“After 18 years as our Chairman, Michael Turner will be retiring at the AGM on 22 July 2025. Michael has played a leading role in Fuller’s for 47 years – and his contribution cannot be underestimated. He retires with our best wishes and gratitude, and he leaves an incredible legacy.

“Our estate is well invested, predominately freehold, and full of iconic gems in great locations. Our people are dedicated and engaged, and our customers are more resilient to economic turbulence than most. Our financial position is robust and we make sensible decisions for the long-term. I have no doubt that interesting times are ahead and I’m looking forward with confidence and excitement.”

-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: 22 July 2025

Half year results announcement FY2026: 12 November 2025

Full year results announcement FY2026: 10 June 2026

Notes to Editors:

Fuller, Smith & Turner is a premium pubs and hotels business. With an outstanding estate of iconic pubs and hotels across the Southern half of England, our purpose is to create experiences that nourish the soul. At our heart is the warm and inviting welcome of a fantastic pub or hotel, delivered by an exceptional team of over 5,000 talented individuals. We have been delighting our customers – with delicious, fresh, seasonal food, an exciting drinks range, and beautiful bedrooms – for 180 years. Fuller’s has 185 Managed Pubs and Hotels, with 1,028 bedrooms and 153 Tenanted Inns, all aiming to ensure that everyone 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].