Fuller Smith & Turner PLC (AIM:FSTA) posted full-year results showing profits frothing higher than expected, while trading and profit growth momentum has continued into the new financial year.
The pub company, which sold its brewery in 2019, reported a 32% rise in adjusted pre-tax profit to £27 million for the year to 29 March 2025, as revenue climbed 4.8% to £376.3 million.
Like-for-like sales rose 5.2% across the estate, while improved operating margins, lower interest costs and share buybacks drove a 40% jump in adjusted earnings per share to 34.22p.
The dividend was lifted 11% to 19.76p, with a new share buyback launched in March after completing the prior £40 million programme.
Recent acquisitions and pub refurbishments supported growth, while a £185 million refinancing at lower margins underpinned future investment.
Trading momentum has continued, with like-for-like sales up 4.2% in the first 10 weeks of the new year.
Long-standing Chairman Michael Turner will retire in July, with CEO Simon Emeny stepping up as executive chairman.
He said it had been "an excellent year for Fuller's" and "we have a number of clear priorities for the year focused on our properties, our people and our customer proposition".
The shares rose 1% in early trading before falling to a 0.6% deficit at 640p, where they are up 3.9% since the start of the year but down 11% over the past 12 months.