Full Year Results 2026

FULLER, SMITH & TURNER P.L.C.

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

Financial results for the 52 weeks to 28 March 2026

 

 

Another strong year for the Company and its shareholders

 

Financial and Operational Highlights

	52 weeks ended 28 March	52 weeks ended 29 March
	2026	2025
	£m	£m
Revenue and other income	397.8	376.3
Adjsted EBITDA1	74.6	67.6
Adjusted profit before tax2	34.6	27.0
Statutory profit before tax	29.5	33.8
Basic earnings per share3	39.22p	47.49p
Adjusted earnings per share3	47.18p	34.22p
Dividend per share	21.20p	19.76p
Net debt excluding lease liabilities4	140.5	142.2

 

 

All figures above are from continuing operations.

• 1Earnings 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.
• 3Per 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.
• 4Net 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 5.7%, to £397.8 million (FY2025: £376.3 million), with all parts of the business performing well and delivering positive like for like sales growth
• Like for like sales for our Managed Pubs and Hotels up 4.9%, maintaining our market outperformance
• Growth in profit margins, combined with revenue growth, delivered significant improvement in adjusted profit before tax, increasing 28% to £34.6 million (FY2025: £27.0 million)
• Industry leading adjusted earnings per share performance – rising a further 38% to 47.18p (FY2025: 34.22p) – having increased by 40% in the prior year
• Updated Directors’ valuation of the total property portfolio at £991 million, £397 million above our current book value, which implies an adjusted net asset value per share of £15.21, demonstrating the underlying balance sheet strength of the business
• Final dividend of 13.35p, taking the total dividend for the year to 21.20p, up 7%
• Disciplined capital allocation has seen us buy back 2.3 million “A” shares in the year at an average purchase price of £6.17
• An additional one million “A” share buyback to commence when the current programme has completed within the next few weeks.  

 

Strategic Highlights

• Growth across our Managed Pubs and Hotels in all areas:
  • Food like for like sales increased by 3.5%
  • Drink like for like sales increased by 5.8%
  • Accommodation like for like sales increased by 4.9%
• Invested £32.2 million in the existing estate with 14 transformational schemes including The Wellington, Waterloo, The Parcel Yard in King’s Cross Station and The Bull Hotel, Bridport
• Two new iconic Central London freehold pubs – The Avalon (Clapham) and The Duke of Sussex (Waterloo) added to our outstanding Tenanted Inns estate
• Continued investment in our people at all levels, with over 439 chef training sessions held at the new Fuller’s Kitchen Academy in Reading and continued roll out of our Lead your Way management training programme.

   

  Current Trading and Outlook

• Momentum continues with like for like sales for the 10 weeks to 6 June 2026 rising 4.4%
• Contracts exchanged to acquire the freehold of The Swan at Arundel, an existing Fuller’s pub with 14 bedrooms
• A pub and hotel estate in excellent condition and garden-ready for the summer season and the World Cup football tournament
• Strong accommodation sales, with an increase in staycations, particularly in the Cotswolds
• We are well-placed to deliver further strong returns for our shareholders, driven by our fantastic estate of iconic, predominately freehold properties, an affluent customer base, engaged team members and a clear, long-term strategy.

 

Executive Chairman, Simon Emeny said:

 

“I am delighted, as I complete my first year as Executive Chairman, to report that it has been another successful year for Fuller’s. Like for like sales in our Managed estate are up 4.9%, revenue for the Company is up by 5.7% to £397.8 million and both our Managed Pubs and Hotels and Tenanted Inns divisions have grown – resulting in adjusted profit before tax rising 28% to £34.6 million. Combined with our capital allocation framework and continued share buyback programme, we have also seen adjusted earnings per share rise 38% – achieving market-leading growth in this key metric.

 

“The new financial year has begun well. Like for like sales for the first 10 weeks have risen by 4.4%, building on a strong comparative period last year and our underlying profitability continues to improve, maintaining the momentum we have built in recent years.

 

“As we move into our summer season, preparations have gone well. Our garden investment programme has seen fresh space created for peak trading, advance bookings for the World Cup have been strong, and we are seeing increased demand for staycations benefiting our excellent rooms business.

 

“We have exciting opportunities for the coming year with plans to invest over £30 million across the estate. In addition, we will begin the transformation of The Barrowboy and Banker, an existing freehold site by London Bridge, where we will create a 26-bedroom hotel to mirror the successful investment made previously at The Counting House, Cornhill.

 

“We have also today announced plans to extend our share buyback programme with the buyback of one million “A” shares, and we will continue to actively pursue new site acquisition opportunities where we believe the addition will complement the quality of the existing estate and deliver strong returns.

 

“The results we have delivered this year are driven by our strong operational performance, a proven successful strategy, an outstanding team of people, and a robust capital allocation framework – which combined, reflect the success of our long-term business model. While we are monitoring the ongoing geopolitical and economic situations, we remain optimistic and confident that we will continue to deliver further progress for our people, our customers and our shareholders.”

 

 

-Ends-

 

 

For further information, please contact:

 

Fuller, Smith & Turner P.LC.

Simon Emeny, Executive Chairman                                  020 8996 2000

Neil Smith, Finance Director                                                020 8996 2000

Georgina Wald, Corporate Comms Manager                020 8996 2198 / 07831 299801

 

Team Lewis

Justine Warren                                                                      020 7802 2617/ 07785 555692

 

Forthcoming dates in the financial calendar:

 

AGM: 21 July 2026

Half year results announcement FY2027: 11 November 2026

Full year results announcement FY2027: 9 June 2027

 

Notes to Editors:

Fuller, Smith & Turner PLC 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 wonderful bedrooms – for over 180 years. Fuller’s has 185 Managed Pubs and Hotels, with 1,030 bedrooms and 152 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].

 

This statement will be available on the Company’s website, www.fullers.co.uk. An accompanying presentation will be available from 12 noon on 10 June 2026.

 

Click here to download the full PDF statement