Pubs giant Fuller, Smith & Turner has recorded an impressive year of trading as patrons continue to frequent pubs despite economic headwinds.
The FTSE 250 firm released figures today revealing a 4.8% increase in turnover to £376.3 million for the 52-week period ending on March 29.
Like-for-like sales saw a 5.2% uptick, with beverages slightly outperforming food, recording a 5.3% growth compared to food's 4.8%. Adjusted profit before tax rose 32% to reach £27 million, up from £20.5 million in the previous year.
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Following this financial uplift, Fuller's declared an 11% hike in its dividend to 19.76p, up from 17.75p last year, as reported by . The company enjoyed robust business into the new fiscal year, marking a 4.2% rise in like-for-like sales in the first 10 weeks.
The company invested £28 million in updating its portfolio during the year, refurbishing The Drayton Court in Ealing and transforming The Head of the River in Oxford into a fully electric establishment.
In a strategy to refine its collection of venues, the company sold 37 tenanted pubs, selling them to Admiral Taverns for £18.3 million, and offloaded The Mad Hatter in Southwark for £20 million.
Additionally, Fuller's expanded its footprint with the acquisition of Lovely Pubs, which added seven sites in Warwickshire and Worcestershire into its fold for £22.5 million.
CEO Simon Emeny said: "It has been an excellent year for Fuller's. We have continued to build on our existing momentum and have delivered strong like for like sales growth.
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"Our estate is well invested, predominately freehold, and full of iconic gems in great locations. Our people are dedicated and engaged, and our customers are more resilient to economic turbulence than most. Our financial position is robust and we make sensible decisions for the long-term," he added.
Michael Turner will be stepping down from his role as chair of Fuller's during the company's AGM scheduled for July 22, the firm announced.
Turner's tenure at Fuller's began in 1978 when he took charge of the Wine Division as Wine Director. Ascending to the role of chair in 2007, Turner has also been managing director and chief executive at the company.
Mr Emeny said: "Michael has played a leading role in Fuller's for 47 years – and his contribution cannot be underestimated. He retires with our best wishes and gratitude, and he leaves an incredible legacy."