The company, which runs 332 pubs and inns across the UK, said it saw ‘strong’ sales in recent weeks as trading momentum continued
Pub giant Fuller’s has toasted to a “strong start” to its financial year, buoyed by the easing of cost inflation.
The pub operator, which boasts 332 venues across Britain, reported increased sales in the recent period as it maintained its trading momentum. Fuller’s revealed that like-for-like sales have risen by 5.3% since the end of March.
The firm also noted that its profit margins have improved thanks to the reduction in inflationary pressures, with food and drink costs having notably decelerated over the past twelve months. Simon Emeny, the chief executive at Fuller’s, said: “I am delighted to see our sales growth momentum continue, particularly against the backdrop of easing inflation, which will help us to grow margins and profit, as well as revenue.”
“You can feel the positivity across the business, with our team members working energetically to drive our continued success. We have had a strong start to the financial year, and we look forward to the opportunities the future will bring.”
In a strategic move this May, Fuller’s clinched a deal to offload 37 of its “non-core” pubs to industry competitor Admiral Taverns for £18.3million, alongside wrapping up the sale of The Mad Hatter pub in Southwark. The group informed its investors that these transactions have fortified its balance sheet and trimmed its net debt down to £92million.
On Tuesday, Mr Emeny also urged the incoming Labour Government to honour pledges to overhaul the business rates system, a form of property tax that has long been a thorn in the side of hospitality leaders. He said: “We have a new UK Government in place, and I urge Sir Keir Starmer to stand by his commitment to overhaul our archaic business rates system.”
He added: “The Labour Party has a clearly stated objective to grow the economy and the hospitality sector can be an excellent engine to help deliver that growth.”
Shares in Fuller’s remained unchanged at 715.6p in early trading.
