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Fuller’s announces results

Fuller’s has announced its results for year ending 31st March.

Financial Highlights 

As 2017/18 was a 52 week year and 2016/17 was a 53 week year, a number of alternative measures are shown below in addition to the various statutory measures. For details see the notes section at the end of the document. Figures in the Chairman’s Statement and Chief Executive’s Report are on a 52 week comparative. 

Financial Highlights


52 weeks to

31 March 2018


53 weeks to

1 April 2017


53 week comparative


52 week comparative











Adjusted profit





Adjusted earnings per share





Total annual dividend





Statutory profit before tax





  • Revenue up 5% to £403.6 million (2017: £384.6 million*)
  • EBITDA[1] up 2% to £70.9 million (2017: £69.2 million*)
  • Adjusted profit[2] up 3% to £43.2 million (2017: £42.1 million*)
  • Adjusted earnings per share[3] up 4% to 62.90 p (2017: 60.23p*)
  • Total annual dividend up 4% to 19.55p (2017: 18.80p)

* 2017 figures are for the 52 weeks ended 25 March 2017 

1 Earnings before separately disclosed items, interest, tax, depreciation and amortisation

2 Adjusted profit is the profit before tax excluding separately disclosed items

3 Calculated using adjusted profit after tax and the same weighted average number of shares as for the basic earnings per share (EPS) and using a 40p ordinary share. Basic EPS was 64.89p (2017: 58.09p) 

Operational Indicators 

  • Good performance from Managed Pubs and Hotels with like for like sales[4] growth of 2.9%, led by a strong performance from accommodation
  • Strong performance from Tenanted Inns – like for like profits rose 3%
  • Total beer and cider volumes were flat[5] 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.

Commenting on the results, 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. 

“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.” 

Pursuant to Listing Rule 9.6.11, the Company announces that, with effect from 1 July 2018, Peter Swinburn will take on the role of Senior Independent Director.  He will be taking over from John Dunsmore who has held this position for the last seven years.  John Dunsmore will remain on the Board until the Annual General Meeting in July 2019.