Fuller’s has announced total sales are up 3% on pre-pandemic levels in the 16 weeks to 16 July, with continued sales recovery in central London and the West End.
In the trading statement preceding its AGM, to be held today, the pub and hotel operator also reported total sales up 81% and like-for-like sales up 27% for the 16 weeks to 16 July, compared to the same period last year.
The company has reduced net debt from £131.9m at the start of this financial year to £123.6m as of 17 July. It has also acquired one new site at Heathrow’s Terminal Two, scheduled to open in August, and is in advanced negotiations for other sites.
Chief executive Simon Emeny said: “We are pleased with our sales growth trajectory, particularly in our central London sites where momentum is building well.
“The industry-wide inflationary cost pressures around food supply, labour and particularly energy are showing little signs of abating. Our premium offer and effective supply chain management provide a degree of protection, but we are not immune from its effects on costs or consumer behaviour.
“Fuller’s is a long-term business with a strong balance sheet, a clear strategy, and great people to execute it. Hospitality continues to bear the brunt of many challenging external factors, but we remain confident that Fuller’s is well placed to continue to prosper.”
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