Fuller's hails 'strong' Christmas bookings as H1 revenues rise

Pub and hotels chain Fuller, Smith & Turner posted a rise in first-half profits and revenue on Thursday as it recovered from the impact of Covid restrictions, and said Christmas bookings were "strong".

In the 26 weeks to 24 September, adjusted pre-tax profit increased to £9.8m from £4.6m in the same period a year earlier, while statutory pre-tax profit was £10.7m, versus £10.6m. Revenues during the period rose to £168.9m from £116.3m.

The company said like-for-like sales grew 20% in the first half, with Central London seeing growth of 67%. The interim dividend was lifted by 20% to 4.68p a share.

Fullers also hailed a continued strong performance in its hotels, with revenue per available room up 17% to £94.65.

The group said Christmas bookings were "strong" and it expects an additional uplift from the World Cup.

Chief executive Simon Emeny said: "Following on from a good first half performance, we have maintained our forward momentum in the seven weeks post the period end, with like for like sales up by 13% against the same period last year.

"As commuters return to their offices and international tourists once again visit the Capital, our Central London and City sites have seen like for like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of tube and train strikes.

"While we look forward to our first Christmas free of restrictions for three years, and the added bonus of a FIFA World Cup, we are trading in an increasingly challenging environment."

He noted that cost pressures from energy bills, wage and food inflation, as well as rising interest rates, continue to impact the business and the broader hospitality sector.