Nationwide pub group Fullers has revealed its first financial results for the year 2017, with pre-tax profits rising 5% to £42.9m, following the group’s bumper £22m investment into its existing estate.
Fullers also revealed that revenue had increased 12%, up to £392m, thanks to a growth in its managed pubs and hotels side of the business.
The group, which has a total of 706 boutique bedrooms in its managed portfolio, reported that for the 53 weeks ending April 1 2017, like-for-like sales across its pub and hotels saw a growth of 3.7%, driven by food and accommodation demand.
Fullers acquired five new pubs and invested the bumper sum of £22m in its estate in a bid to broaden the appeal of its pubs, as well as creating an additional 71 new boutique bedrooms.
The Fullers hotel side currently consists of 30 properties across the UK, with the company running 190 tenanted pubs and 198 managed pubs and hotels.
Chief executive Simon Emeny said that there were a ‘number of headwinds’ facing the group this year that will undoubtedly have an impact on Fuller’s and the industry as a whole, but Emeny says the brand is in a ‘strong position’.
He said: “It has been another good year for Fuller’s with a strong set of results for the Company. Food and accommodation have driven like for like sales growth in our managed pubs and hotels and the targeted investments we have made in both new sites and redeveloping our existing estate have generated excellent returns. We have purchased five new sites and completed 25 major refurbishments in the last 53 weeks.”