Tourists and commuters flocking to the capital have given a much-needed sales boost to pub chain Fuller’s, the company said today.
The Chiswick-based firm, which runs The Banker in Cannon Street and The Churchill Arms in Notting Hill (above in its Christmas finery), said central London and city sites have seen increased revenue 20% over the last seven weeks compared to the previous year. , despite the impact of subway and train strikes. Group sales increased by 13% in total.
Fuller’s reported revenue of £169m in the six months to September, up 45% from 2021, while pre-tax profits rose 36% to 9.8 million pounds. Revenue at the company’s hotels also recovered strongly, with revenue per available room increasing by 17% to £94.6.
Fuller chief executive Simon Emeny said: “We are very optimistic that London will recover fully.
“Christmas bookings are on par with 2021 and we are seeing strong demand for large group bookings.”
Trading at Fuller’s City venues on Fridays has lagged significantly behind Thursdays since the pandemic began due to working from home, but there were signs that Fridays were starting to make a comeback, Emeny said.
“People are coming back to offices and Fridays are actually an encouraging time, probably the last piece to get back to normality,” he said.
Fuller’s announced an interim dividend of 4.68p per share. The stock fell 0.2% to 491p.
The pub chain, which was founded in 1845, has a freehold pub estate which was valued at just under £1billion in March 2022.