**Summary of Fuller, Smith & Turner PLC Half-Year Report (H1 2025)**
**Financial Performance Highlights**
**Revenue and Income** £207.5 million (up 7% from H1 2024: £194.1 million).
**Adjusted EBITDA** £42.4 million (up from £37.6 million in H1 2024).
**Adjusted Profit Before Tax** £22.5 million (up 28% from £17.6 million in H1 2024).
**Statutory Profit Before Tax** £21.1 million (down from £29.0 million in H1 2024, due to a £17.2 million book profit from the disposal of The Mad Hatter hotel in the prior period).
**Adjusted Earnings Per Share** 30.03p (up 38% from 21.81p in H1 2024).
**Interim Dividend** Increased by 6% to 7.85p per share.
**Net Debt** £138.3 million (up from £128.2 million in H1 2024), with cash invested in estate enhancements and shareholder returns.
**Operational Highlights**
**Like-for-Like Sales Growth** 4.6% in Managed Pubs & Hotels, outperforming the market.
**Sales Breakdown**
Drink sales up 6.5%.
Food sales up 2.0%.
Accommodation sales up 3.3%.
**Strategic Investments** £13.5 million invested in the estate, including upgrades to The Chamberlain Hotel, The Hampshire Hog, and Bel & The Dragon.
**Shareholder Returns** £13.8 million returned through dividends and share buybacks, with 1.2 million A shares repurchased.
**Strategic Initiatives**
**Premium Customer Base** Focus on affluent, resilient customers driving sales growth.
**Senior Team Evolution** New roles of Executive Chairman and Chief Operating Officer.
**Sustainability** Added 8 electric kitchens, on track for Scope 1 & 2 Net Zero by 2030, and recycling 66% of waste.
**Tenanted Inns** Strong cash contributor with 53.3% EBITDA margins and average EBITDA per pub of £127k.
**Current Trading and Outlook**
**Like-for-Like Sales** Up 4.6% in the first 32 weeks to 8 November 2025.
**Christmas Bookings** 16% ahead of the same period last year.
**Planned Capex** £15 million earmarked for H2 2025.
**Future Growth** Focus on long-term strategy, balance sheet strength, and acquisition opportunities.
**Executive Chairman’s Remarks (Simon Emeny):**
Highlighted exceptional performancemarket outperformanceand strong shareholder returns.
Emphasized investment in the estatepeopleand sustainability.
Expressed concerns about government policies and called for ambitious economic growth plans.
Confident in the business’s future growth prospects and resilience.
**Key Financial Metrics and Ratios**
**Net Debt to EBITDA** 2.18 times (down from 2.29 times in H1 2024).
**Occupancy Rates** 81% (down from 82% in H1 2024).
**Average Room Rates** £143.10 (up 3.8% from £137.90 in H1 2024).
**Conclusion**
Fuller, Smith & Turner PLC delivered a strong first half, outperforming the market with robust financial and operational results. Strategic investments, a focus on premium customers, and sustainability initiatives position the company for continued growth, despite external economic uncertainties.
| Metric | 26 weeks ended 27 Sep 2025 | 26 weeks ended 28 Sep 2024 | 52 weeks ended 29 Mar 2025 |
|---|---|---|---|
| Revenue and other income (£m) | 207.5 | 194.1 | 376.3 |
| Adjusted EBITDA (£m) | 42.4 | 37.6 | 67.6 |
| Adjusted profit before tax (£m) | 22.5 | 17.6 | 27.0 |
| Statutory profit before tax (£m) | 21.1 | 29.0 | 33.8 |
| Basic earnings per share (p) | 27.84 | 37.44 | 47.49 |
| Adjusted earnings per share (p) | 30.03 | 21.81 | 34.22 |
| Dividend per share (p) | 7.85 | 7.41 | 19.76 |
| Net debt excluding lease liabilities (£m) | 138.3 | 128.2 | 142.2 |