Fuller's lifts profit outlook after strong H1, buoyant Christmas bookings

(Sharecast News) - Pub landlord Fuller, Smith & Turner upgraded its full-year profit expectations on Wednesday after reporting strong first-half earnings growth, continued market outperformance and a robust start to the crucial festive trading period.

Fuller's said it now expects FY27 adjusted pre-tax profits to come in ahead of current market forecasts after like-for-like sales at its managed pubs and hotels estate rose 6.1% in the first half. Sales growth remained strong into the second half, with like-for-like sales up 5.8% in the 32 weeks ended 7 November, while Christmas bookings were running 16% ahead of the same point last year.

Adjusted pre-tax profits increased 25% to £28.2m, while revenues rose 6.5% to £220.9m. Adjusted earnings per share jumped 33% to 39.81p, supported by strong trading and Fuller's ongoing share buyback programme.

Fuller's said all key trading categories delivered growth, with drink sales up 6.4%, food up 4.6% and accommodation revenues increasing 8.9%, alongside a 9.3% rise in revenue per available room.

The London-listed firm also announced a 6% increase in its interim dividend to 8.35p per share and said it intended to continue returning capital to shareholders through share buybacks, having repurchased 1.1m shares during the period.

Fuller's also completed the acquisition of 12 pubs for £37.5m and plans to invest a further £19m across its estate in the second half, supported by what it described as a strong balance sheet and continued operational momentum.

As of 1015 GMT, Fuller shares were up 2.94% at 840p.

Reporting by Iain Gilbert at Sharecast.com

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