People eating and drinking in pub garden
Fullers delivers another strong year / Image source : Instinctif
  • Full-year like-for-likes up 11%
  • Pre-tax profit rises 61%
  • Dividend hiked 21%

Premium pubs and hotels group Fuller, Smith & Turner (FSTA) reported another strong year of growth with like-for-like sales up 11%, significantly ahead of the market, as well as strong profit conversion with pre-tax profit up 61% to £20.5 million.

Results for the year to 30 March 2024 were broadly in line with consensus market expectations, which explains the muted reaction from investors with the shares edging just 0.6% higher to 720p.

Over the past year the stock is up by a third reflecting consistently positive trading over the period.

Looking ahead, the company said sales momentum has continued into the new financial year with like-for-like sales up 4.4% in the 10-weeks to 8 June.

Chief executive Simon Emeny commented: ‘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’.


The business generated strong cash flow with cash from operations jumping 46% to £68.3 million. Operating profit increased by 37% to £34.5 million representing a margin on sales of 9.6%, up from 7.4% in 2023.

Fullers continued to reward shareholders while investing in the business. It invested £27.2 million into the estate, increased the dividend by 21% to 17.75p per share and spent £12.4 million on share buybacks.

The company intends to buy a further 2.5 million ‘A’ shares, taking the total share buyback to 6.5 million, equivalent to the shares issued in the 2021 equity raise at £8.30 per share in response to the pandemic.


Liberum’s Anna Barnfather said receding inflationary pressures and management’s ‘additional confidence’ in the coming year, provided mid-single digit upside to forecasts driven by increasing margins.

‘Consensus FY25E forecasts are for revenue of £353.9 million, EBITDA (earnings before interest, tax, depreciation, and amortisation) of £63.6 million and pre-tax profit of £23.9 million and our forecasts are broadly in line with this’, added Barnfather.

Deutsche Numis commented: ‘The earlier timing of Easter and adverse weather in April impacted across the sector but Fullers has outperformed. We expect the underlying demand recovery in the City and West End to continue in FY25.

‘The message on costs is reassuring: “inflationary pressures – especially in regard to food and energy – have reduced”, which gives us additional confidence in the coming year.’


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Issue Date: 13 Jun 2024