Fuller’s toasts sales and profits leap as chairman of 18 years bows out

Pub firm Fuller’s has shrugged off a “challenging and volatile” market backdrop to notch up higher sales and profits as it announced its chairman of 18 years will retire next month.

Fuller, Smith & Turner, which has around 5,500 staff, posted a 32% jump in underlying pre-tax profits to £27 million for the year to March 29.

Like-for-like sales rose 5.2%, with the group saying growth had continued into the first 10 weeks of the new financial year, albeit at a more muted rate of 4.2%.

It announced that Michael Turner – chairman and member of one of the three founding families – would retire at the group’s annual general meeting in July following 18 years in the post and a 47-year career with the group.

He will be replaced by chief executive Simon Emeny, who will become executive chairman.

On his final set of full-year figures for the group, the outgoing chairman said it had been an “excellent” past year.

Mr Turner added: “This strong performance has been achieved despite the business operating in a challenging and, at times, volatile economic environment.

“The geopolitical situation has caused uncertainty in global markets and the decisions made by the Chancellor in her October budget hit the sector hard and reduced confidence in hospitality stocks.”

An outspoken critic of the move to hike national insurance contributions (NICs) from April, Mr Turner said: “The changes to national insurance contributions took everyone by surprise and I fear it could be terminal for a number of smaller operators in our market.”

Fullers, which is based in Chiswick, London, revealed at the end of last year the NICs increase would cost it £3 million – with total extra costs of around £8 million including the rise in the national minimum wage.

The group warned at the time it would likely have to increase prices to offset the impact.

Mr Emeny will become the first chairman who is not a member of the founding families.

The group announced that Fred Turner would be promoted from retail director to chief operating officer following the move.

A number of other founding families also remain on the board, including non-executive directors Sir James Fuller and Richard Fuller.