Financial results for the 26 weeks to 27 September 2025
FULLER, SMITH & TURNER P.L.C.
(“Fuller’s”, the “Company”, or the “Group”)
Financial results for the 26 weeks to 27 September 2025
A strong first half with continuing momentum
Financial Highlights:
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Unaudited |
Unaudited |
Audited |
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26 weeks ended 27 September |
26 weeks ended 28 September |
52 weeks ended 29 March |
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2025 |
2024 |
2025 |
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£m |
£m |
£m |
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Revenue and other income |
207.5 |
194.1 |
376.3 |
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Adjusted EBITDA1 |
42.4 |
37.6 |
67.6 |
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Adjusted profit before tax2 |
22.5 |
17.6 |
27.0 |
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Statutory profit before tax |
21.1 |
29.0 |
33.8 |
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Basic earnings per share3 |
27.84p |
37.44p |
47.49p |
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Adjusted earnings per share3 |
30.03p |
21.81p |
34.22p |
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Dividend per share |
7.85p |
7.41p |
19.76p |
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Net debt excluding lease liabilities4 |
138.3 |
128.2 |
142.2 |
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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.
Financial Highlights (cont)
· Like for like sales for our Managed Pubs & Hotels in H1 up 4.6%, maintaining continued market outperformance
· Adjusted profit before tax increased by 28% to £22.5 million (H1 2025: £17.6 million)
· Statutory profit before tax of £21.1 million (H1 2025: £29.0 million) – prior period reflects book profit of £17.2 million arising from the disposal of The Mad Hatter hotel
· Exceptional financial performance with adjusted earnings per share up by 38%
· Net debt of £138.3 million (H1 2025: £128.2 million) with cash generated from the business invested in enhancing the existing estate and financing shareholder returns
· Interim dividend increased by 6% to 7.85p (H1 2025: 7.41p)
· Continuing share buyback programme, with 1.2 million ‘A’ shares repurchased in the period.
Strategic Highlights
· Industry leading sales growth underpinned by our premium and resilient customer base
o Drink like for like sales increased by 6.5%
o Food like for like sales increased by 2.0%
o Accommodation like for like sales increased by 3.3%
· Successful evolution of senior team with new roles of Executive Chairman and Chief Operating Officer
· Enhanced our iconic freehold estate with investment of £13.5 million
· Returns to shareholders of £13.8 million through dividend and share buybacks
· Balance Sheet continues to strengthen – well placed for appropriate acquisition opportunities.
Current Trading
· Like for like sales for first 32 weeks of the year to 8 November 2025 up 4.6%
· Christmas bookings 16% ahead of the comparable period last year
· Planned capex of £15 million earmarked for the second half
· Business is in excellent shape and primed for future long-term growth.
Executive Chairman Simon Emeny said:
“In my first report as Executive Chairman, I am delighted to be delivering such a great set of results. The business has performed exceptionally well, outperforming the market and delivering like for like sales growth of 4.6%, a 28% increase in adjusted profit before tax to £22.5 million and a significant rise in adjusted earnings per share of 38% to 30.03p. This has been achieved through a combination of factors – a clear long-term strategy, our well-invested, predominately freehold, property portfolio, a premium and resilient customer base, and a team of amazing people throughout the organisation who strive every day to support, promote and deliver brilliant food, drink, accommodation and an outstanding customer experience.
“Our positive momentum has continued into the second half with like for like sales in our Managed Pubs and Hotels for the 32 weeks to 8 November rising by 4.6%. We are heading towards the peak Christmas season and we have a healthy pipeline of Christmas bookings, which is currently 16% ahead of the same time last year.
“On 26 November 2025, the Government will announce its Budget for the coming year. I hope the Chancellor has heeded the arguments and proposals articulated by the hospitality sector to avoid further punitive financial measures but, more so, I am frustrated by the lack of a clear plan to deliver the growth the Chancellor claims to be seeking. The country needs ambitious and innovative ways to drive sustainable economic success. It needs new ideas, new thinking – and I genuinely hope the Government succeeds in that and succeeds quickly.
“We look forward to continuing to develop the business and drive returns for our shareholders. Our consistent long-term strategy provides a clear focus and vision, our Balance Sheet is in excellent shape and supports our ambition to grow, and we face the future with optimism, excitement and confidence.”
-Ends-
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Simon Emeny, Executive Chairman 020 8996 2000
Neil Smith, Finance Director 020 8996 2000
Georgina Wald, Corporate Comms Manager 020 8996 2198
Instinctif Partners
Justine Warren 020 7802 2617
Forthcoming dates in the financial calendar:
Interim dividend payment: 2 January 2026
Trading update: 15 January 2026
Full year results announcement FY 2026: 10 June 2026
AGM: 21 July 2026
Half year results announcement H1 2027: 11 November 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 151 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].