Fuller's Chairman Calls for Policy Rethink Despite Strong Results
Blasts 'unprecedented government interference, additional taxes and regulations'
Simon Emeny. Picture: Fuller's
June 10, 2026
Chiswick-based Fuller, Smith & Turner (Fuller's) has reported a strong set of annual results, with rising revenues and significantly improved profitability underlining what the company described as continued momentum across the business.
Despite seeing the company's underlying profitability almost double over the last three years, Fuller's Executive Chairman has called for a government rethink on taxation and employment rights to stop the contraction of the hospitality industry.
The pub and hotel group, headquartered on the Strand on the Green, saw revenue increase to just under £400 million for the 52 weeks to 28 March 2026, reflecting solid trading across both its managed pubs and hotels division and its tenanted inns. Growth was supported by steady like-for-like sales increases, with demand remaining resilient despite wider economic pressures on the hospitality sector. Food like for like sales increased by 3.5%, drink like for like sales were up by 5.8% and accommodation like for like sales increased by 4.9%
Profit growth outpaced revenue, with adjusted profit before tax rising sharply and earnings per share also showing substantial improvement. The company said this reflected strong operational performance and the benefits of its long-term strategy focused on premium venues, food and drink quality, and customer experience.
Trading in the managed estate was particularly robust, with like-for-like sales growth driven by both food and drink, alongside continued strength in accommodation. The company reported that this positive momentum has carried into the current financial year, with further like-for-like sales growth recorded in the opening weeks and the World Cup to look forward to.
Fuller’s continued to invest heavily in its estate during the year, committing more than £30 million to upgrades and improvements across its pubs and hotels. This included major refurbishments at key London sites as well as selective acquisitions to strengthen its predominantly freehold portfolio. The company views its property base as a major long-term asset, providing both stability and future growth potential.
Shareholders are set to benefit from the performance, with the company increasing its dividend for the year. It also continued its share buyback programme, returning additional capital while maintaining a solid balance sheet and slightly reducing overall debt.
Looking ahead, Fuller’s says it plans to maintain a similar level of investment in the coming year and will continue to explore opportunities for expansion, particularly in London and the South East. Planned developments include further enhancements to existing sites and selective additions to its estate.
Executive Chairman, Simon Emeny said, “As we move into our summer season, preparations have gone well. Our garden investment programme has seen fresh space created for peak trading, advance bookings for the World Cup have been strong, and we are seeing increased demand for staycations benefiting our excellent rooms business."
However, he added that the strong results have been delivered against "an increasingly challenging macroeconomic and political backdrop" claiming that there been a period of "unprecedented government interference, additional taxes and regulations" over the last decade.
He said that there had not only been "vast" increases in business rates, Employers’ National Insurance Contributions and alcohol duty, but also new taxes "invented" in the form of the Apprenticeship Levy, Extended Producer Responsibility (EPR), energy and environmental taxes, sugar tax and, more recently, the threat of a holiday tax.
He said in a statement accompanying the results, "These decisions come with consequences. Over the last decade the UK has lagged behind most developed countries for economic growth and, specifically in our sector, we have seen some 5,800 pubs close permanently, depriving communities of an essential asset. Since the hike in National Insurance Contributions for young employees, the country has seen youth unemployment rise to 15%, creating another self-inflicted problem for society that the Government now needs to solve. The recent introduction of the Employment Rights Act 2025 only serves to add extra cost and bureaucracy, causing pubs, that are famed for delivering part-time jobs for both younger and older workers, to rethink their hiring strategy."
Despite the positive outlook, the company acknowledged ongoing challenges facing the hospitality sector, including rising labour costs, taxation and wider global and economic uncertainty. However, it said its focus on quality, strong locations and operational discipline leaves it well placed to navigate these pressures.
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