Fuller's has reported a 25% increase in profits for the first half of its financial year, with Christmas bookings running 16% ahead of the same period last year and the pub group now expecting full-year profits to come in ahead of market expectations.

The London-based operator, Fuller, Smith & Turner, recorded revenue of £220.9 million for the 26 weeks to 26 September 2026, up 6.5% on the £207.5 million reported a year earlier. Adjusted profit before tax rose 25% to £28.2 million, from £22.5 million in the first half of the previous year.

Like-for-like sales across its managed pubs and hotels rose 6.1%, outperforming the wider market by three percentage points. Growth was recorded across all three parts of the business, with drinks sales up 6.4%, food up 4.6% and accommodation up 8.9%.

Summer weather and the World Cup lifted trading

Fuller's said its strong performance reflected a combination of its own sales and profit initiatives, exceptional summer weather and the men's football World Cup, which added between £2 million and £3 million of incremental profit during the period. The group also pointed to increased investment in its pub gardens as a factor behind the summer trading.

Executive chairman Simon Emeny said he was delighted to announce another excellent set of results. "The business is in great shape, and we continue to build on our positive momentum," he said.

Trading has remained positive since the half-year period ended. Like-for-like sales in managed pubs and hotels were up 5.8% in the 32 weeks to 7 November, and Christmas bookings are currently running 16% ahead of last year.

Twelve new pubs and further investment planned

The group invested £14.2 million in its existing estate during the first half and plans to spend a further £19 million over the remainder of the financial year. It has also completed the acquisition of 12 pubs for £37.5 million, including 10 sites purchased from Stonegate in September.

Of the 12 acquisitions, 11 are in London and one is in Bath, with nine joining the managed estate and three operating as tenanted pubs. Further investment is planned across the newly acquired sites, alongside refurbishments and extensions at existing venues, including work on 25 bedrooms at the Barrowboy & Banker at London Bridge.

Fuller's currently operates 194 managed pubs and hotels alongside 153 tenanted inns, around 400 pubs and hotels in total, predominantly across the south of England.

Rising employment costs remain a challenge

Not everything in the results was straightforward. Fuller's said rising employment costs remained a challenge, with increases to the national living wage adding approximately £5 million to annual staff costs.

Even so, the group said it was confident about the rest of the year. "We are delighted with our progress so far in this financial year and, with such a strong start, we are confident that we will exceed current market expectations for the full year," Mr Emeny said.

As the group heads towards the important Christmas period, it said it was pleased to have a strong pipeline of bookings, currently 16% ahead of the same time last year.