Key facts
- Fuller's executive chairman Simon Emeny criticized "unprecedented government interference" and tax hikes.
- The pub chain reported a 13% drop in pre-tax profit to £29.5m for the year to March.
- Revenue increased 6% to £398m, with like-for-like sales up in food, drink, and accommodation.
- Fuller's tax burden rose to £8m, with higher employment costs mitigated by labor efficiency.
- The company plans to invest £30m in its estate and reported strong advance bookings for the World Cup.
Fuller's, the pub chain, has criticized the government for "unprecedented interference" and tax increases, which it claims have led to 5,800 pub closures over the past decade. Executive chairman Simon Emeny specifically targeted hikes in business rates, national insurance contributions, and alcohol duty, as well as the apprenticeship levy, Extended Producer Responsibility packaging tax, green energy taxes, the sugar tax, and a proposed holiday levy.
The company reported a 13% decrease in pre-tax profit to £29.5m for the year ending March, despite a 6% rise in revenue to £398m. Fuller's noted that its tax burden increased to £8m, with higher employment costs being partially offset by labor efficiency measures. The firm did, however, see positive like-for-like sales growth in food (3.5%), drink (5.8%), and accommodation (4.9%) at its managed pubs.
Looking ahead, Fuller's plans to invest £30m into its estate, with recent upgrades completed at sites in Tower Hill and Waterloo. The company expressed optimism for the summer season, citing strong advance bookings for the World Cup and increased demand for staycations. Rival pub groups Greene King and JD Wetherspoon also anticipate a sales boost from the World Cup.