Fullers has posted its financial results for the 52 weeks ended 31 March 2018, showing that revenue is up 5% to £403.6m (2017: £384.6m), as well as revealing it had snapped up the Bel & The Dragon portfolio of six pubs.,
EBITDA has risen by 2% to £70.9m (2017: £69.2m), and adjusted profit has increased by 3% to £43.2m (2017: £42.1m).
The firm saw a good performance from Managed Pubs and Hotels with like-for-like sales growth of 2.9%, led by a strong performance from accommodation, and Tenanted Inns saw like-for-like profits rise by 3%.
For the period, total beer and cider volumes were flat in a challenging market place.
Strategy Update
· Completed seven transformational redevelopments during the year
· Digital projects undertaken in the last year now live - including new food and menu management system, online booking and an internal communications app
· Continued the successful roll out of our new Tenanted Inns turnover agreement with 13 pubs on this model at the year end
· Acquired Dark Star Brewing - adding further depth to our portfolio and broadening our customer base
· Excellent pipeline of new sites and capital investments.
Current Trading
· Managed Pubs and Hotels like for like sales up by 2.5% (2017: +6.6%) in first nine weeks
· Tenanted Inns like for like profits up 2% (2017: +5%) for first nine weeks
· Own beer and cider volumes down 3% (2017: +7%) in first nine weeks
· Acquired four well-located City bars from We Are Bar Group
· Acquisition of Bel & The Dragon, comprising six iconic pubs that are a perfect fit with Fuller's premium pub portfolio
· Investment in new pilot brewery and improved visitor experience will increase innovation from our brewing team and truly showcase our iconic Chiswick brewery to the burgeoning ranks of beer enthusiasts
· Resilient, well-balanced business model, clear vision, excellent balance sheet and strong management team combine to put Fuller's in a good position to continue to deliver growth.
Chief Executive Simon Emeny said, 'The year has seen another good performance with a solid set of results, particularly from Fuller's Inns. It has been a year of building for the future - with a number of internal projects coming to fruition. In February we were delighted to acquire Dark Star Brewing, a craft cask brewer in Sussex, and since the year end we have purchased an additional 10 excellent sites.
'Our Managed Pubs and Hotels have again delivered like for like sales that are above the industry average and our Tenanted Inns are making real progress with a 3% increase in profits. Although we have seen a marginal drop in total beer and cider volumes, it has been a year of progress for the Fuller's Beer Company, which has a clear strategy to return to growth and exciting, achievable plans in place.
'The four sites we have acquired from We Are Bar Group are good, well-located additions to our City business and the six Bel & The Dragon sites are a perfect fit with our existing quality estate. They offer delicious, fresh food, an interesting and premium drinks portfolio and 57 bedrooms - all areas where we have expertise.'
Emeny continued, 'While we are still in a time of national and global uncertainty - and we do not underestimate the related wider market and economic issues that we will have to navigate over the months ahead - we believe we are in a strong position.
'We have an excellent team of motivated people both at management level and throughout the business, we have pubs that are well-invested and in strong, iconic locations, and we have a bold and proud portfolio of beer and cider brands. These assets are backed by a robust financial position and that puts us in a good place to continue to deliver for our shareholders, our customers and our employees.'