Fuller’s ‘in great position for future growth’ as it reports lfls up 4.4% in last ten weeks, FY revenue increases 7% to £359.1m: Fuller’s has reported “good trading momentum” with like-for-like sales for the ten weeks to 8 June 2023 up 4.4%. The company said it was “in a great position for future growth”. The company stated: “We have continued to build on the strong momentum of the last year. We have commenced a wide-ranging investment programme, with seven schemes already on site or completed since the start of the new financial year. Complementing this investment in our properties is continued investment in our people. We will be rolling out our leadership development programme to our support centre managers and head chefs and continuing to provide development opportunities to team members at all levels across the business. Fuller’s has delivered excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year. As a company, we are primed for further success and growth. We will continue with our share buyback programme and we will benefit from the sale of The Mad Hatter in July 2024 for a total consideration of £20m, and £18.3m from the sale of 37 non-core pubs to Admiral Taverns.” It comes as the business reported revenue increased 7% to £359.1m for the 52 weeks to 30 March 2024 (2023: £336.6m) “driven by strong performances across the estate”. Like-for-like sales in the year in its managed pubs and hotels grew 11% compared with the prior year “significantly outperforming the industry’s CGA RSM Hospitality Business Tracker on average by four percentage points”. Adjusted Ebitda was up to £60.8m (2023: £51.8m). Adjusted profit before tax was up 61% to £20.5m (2023: £12.7m). The business saw net debt increase slightly to £133.1m (2022: £132.8m) with cash generated by the business funding investment in the estate and returns to shareholders. Food like-for-like sales increased 14.5%, drink like-for-like sales increased 9.8% and accommodation like-for-like sales rose 7.8%. Tenanted inns revenue grew 13% from £29.8m to £33.8m.Fuller’s transferred 23 pubs from managed pubs and hotels to tenanted inns, generating an incremental £1.0m profit in a full year. The group maintained investment in its existing estate, with £27.2m invested in the period “to enhance capital values and drive further growth”. Chief executive Simon Emeny said: “It has been a strong year for Fuller’s and I am pleased and proud of the progress we have made. All parts of the company have performed well. Fuller’s has delivered these excellent results in the last financial year, despite the high inflationary environment. As of today, those inflationary pressures – especially in regard to food and energy – have reduced, which gives us additional confidence in the coming year. With the solid financial foundation of a strong balance sheet and a first-class, predominately freehold estate of iconic pubs and hotels, combined with a team that has the ability and capacity to drive the business forward, we are confident and excited by the opportunities the future will bring.”