Fuller, Smith & Turner (LSE:FSTA) delivered another year of growth, reporting revenue of £397.8 million for the period, up 5.7% from the previous year. Like-for-like sales across its Managed Pubs and Hotels division increased 4.9%, helping drive adjusted profit before tax 28% higher to £34.6 million.
The strong financial performance translated into a 38% increase in adjusted earnings per share, allowing the company to raise its total dividend by 7% to 21.20p. Management highlighted the resilience of the group’s predominantly freehold estate as a key contributor to its continued progress.
During the year, Fuller’s invested £32.2 million across its portfolio, including the acquisition of two freehold pubs in central London and continued spending on staff development and training programmes. The company also maintained a disciplined approach to capital allocation through share buybacks and balance sheet management, supported by a property estate valued at approximately £991 million.
Trading momentum has continued into the current financial year, with like-for-like sales rising 4.4% during the first 10 weeks. Looking ahead, Fuller’s plans to invest more than £30 million in its estate, including the addition of new hotel rooms at its London Bridge location. Management believes these investments will support future growth opportunities as the business enters the busy summer period and benefits from major sporting events.
The company’s outlook is supported by solid trading performance, ongoing investment and positive operational momentum. While further improvements in metrics such as free cash flow generation and return on equity could strengthen the investment case, Fuller’s believes its premium estate, strong balance sheet and carefully targeted capital expenditure leave it well positioned for continued progress.
More about Fuller Smith & Turner
Fuller, Smith & Turner is a premium pubs and hotels operator with a portfolio comprising 185 managed pubs and hotels and 152 tenanted inns, primarily located across southern England. The group offers fresh seasonal food, a broad drinks selection and 1,030 hotel rooms, catering to customers seeking high-quality pub, dining and accommodation experiences. The business is supported by a workforce of more than 5,000 employees.
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