Fuller, Smith & Turner PLC (FSTA), the premium pubs and hotels operator with 194 Managed Pubs and Hotels across the southern half of England, has reported a strong set of half-year results for the 26 weeks ended 26 September 2026. Adjusted profit before tax rose 25% to £28.2 million, while total revenue grew 6.5% to £220.9 million. The board has declared a 6% increase in the interim dividend to 8.35p per share and upgraded its full-year profit guidance to ahead of current market expectations, making this a closely watched update for income and growth investors alike.

Key Points

  • Fuller, Smith & Turner PLC (FSTA) — premium pubs and hotels group operating over 180 years
  • Adjusted profit before tax rose 25% to £28.2 million for the 26 weeks ended 26 September 2026
  • Interim dividend increased 6% to 8.35p; like-for-like sales up 5.8% for the first 32 weeks of the financial year; Christmas bookings 16% ahead of the prior comparable period
  • Investors may be watching the full-year profit upgrade, the 12-pub acquisition programme, and the January 2027 trading update for further confirmation of momentum

Fuller's Managed Pubs and Hotels Deliver 6.1% Like-for-Like Sales Growth, Outperforming Market by 3.0 Percentage Points

Managed Pubs and Hotels like-for-like sales rose 6.1% in the first half, outperforming the NIQ RSM Hospitality Business Tracker market benchmark by 3.0 percentage points. Drink like-for-like sales increased 6.4%, food rose 4.6%, and accommodation grew 8.9%, with RevPAR up 9.3%. The announcement attributes part of the uplift to exceptional summer weather and the football World Cup, which the company estimates added approximately £2 million to £3 million of incremental profit. The Managed division's EBITDA margin improved from 23.5% to 25.1%, with adjusted operating profit rising 18% from £32.5 million to £38.2 million.

Fuller's Acquires 12 New Pubs for £37.5 Million at a 7.9x EBITDA Multiple, Adding Sites Across London and Bath

Fuller's announced the acquisition of 12 pubs for a total consideration, excluding fees, of £37.5 million, purchased at an acquired site EBITDA multiple of 7.9 times. The company states the acquisitions will be earnings per share accretive in the first full financial year. Eleven sites are located in London, including The Shipwright's Arms at London Bridge, The Duchess by Selfridges in the West End, and The Blue Anchor in Hammersmith, while one site gives Fuller's a fourth pub in Bath. Nine sites have joined the Managed Pubs and Hotels division, with three entering the Tenanted Inns business. The company invested £14.2 million in its existing estate during the period.

Fuller's Raises Banking Facilities to £220 Million and Projects Net Debt to Rise to £190–£195 Million at Year End

Net debt excluding lease liabilities stood at £140.2 million at the half-year end, broadly flat against the year-end position of £140.5 million. However, the company expects net debt to rise to approximately £190 million to £195 million by the financial year end, reflecting the completion of the remaining pub acquisitions and the exchange of contracts to acquire the freehold of The Fence, Farringdon for £8.8 million. To maintain adequate headroom, Fuller's exercised an accordion option on 15 October 2026, increasing total unsecured banking facilities from £185 million to £220 million, committed through to August 2029.

Fuller's Upgrades Full-Year Profit Guidance as Christmas Bookings Run 16% Ahead and Like-for-Like Momentum Continues

Trading for the first 32 weeks of the financial year to 7 November 2026 showed like-for-like sales up 5.8%, and Christmas bookings are currently 16% ahead of the comparable period last year. Following this performance, the board stated it now expects adjusted profit before tax for FY2027 to be ahead of current market expectations. The interim dividend of 8.35p per share will be paid on 4 January 2027. Fuller's also repurchased 1.1 million 'A' shares in the first half and intends to buy back a further one million 'A' shares on completion of the current programme, returning £15.2 million to shareholders in total through dividends and buybacks during the period.