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(Alliance News) - Fuller, Smith & Turner on Thursday said it had delivered solid sales over the Christmas and New Year period, putting it on track to surpass last year's revenue and profit figures.
The London-based pub chain reported "particularly strong" sales over the five-week festive period to January 20, up 22% from the same period a year prior. The Christmas performance contributed to a 12% increase in like-for-like sales over the 42 weeks to January 20, Fuller's financial year-to-date. The group's statement did not provide actual sales figures, just percentage changes.
In November, Fuller's released its interim results for the six-months ended September 30, reporting GBP188.8 million in revenue and GBP14.5 million in adjusted pretax profit. These were up from GBP168.9 million and GBP9.8 million for the same period in 2022, respectively.
Chief Executive Officer Simon Emeny said: "The business is in great shape. While we continue to see the impact of a challenging economic environment, we are positive about the future and confident of meeting market expectations for the full year."
Fuller's didn't provide market expectations for financial 2024. It reported pretax profit of GBP10.3 million on revenue of GBP336.6 million in financial 2023.
Stifel UK Equity Research said it forecasts GBP21 million in pretax profit for financial 2024 and GBP24 million for financial 2025, though still down from GBP33 million pre-pandemic. Liberum said market consensus for Fuller's revenue in financial 2024 is GBP354.0 million.
Fuller's will release its full results for the financial year ending March 30 on June 13.
Fuller's CEO Emeny added: "Looking forward, while we face significant rises in the national living wage and business rates, we have exciting plans in place to grow the business. These include a number of high profile, trade-enhancing investment schemes in our existing estate, which will ensure we continue to build on our current momentum."
The stock was up 0.8% at 691.11 pence each in London on Thursday morning.
By Hugh Cameron, Alliance News reporter
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