Source: Sharecast
The group, which owns pubs and hotels across the southern half of England, saw revenues rise 5.7% in the 52 weeks to 28 March, to £397.8m, while like-for-like sales at its managed pubs and hotels jumped 4.9%.
Earnings before interest, tax, depreciation and amortisation came in at £74.6m, up on last year’s £67.6m and comfortably ahead of forecasts for around £73m.
Fullers said the results had been delivered against an "increasingly challenging" macroeconomic and political backdrop, including tax hikes. However, looking to current trading, and the chain said the year had got off to a strong start, with like-for-like sales up 4.4% in the 10 weeks to 6 June.
As at 0845 BST, the FTSE All-Share stock was up 8% at 706p.
Executive chair Simon Emeny said: "As we move into the 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.
"We have exciting opportunities for the coming year, with plans to invest over £30m across the estate."
The group also announced plans to extend its share buyback programme and said it would "actively pursue" site acquisition opportunities.
Shore Capital, which has a ‘buy’ rating on the stock, said: "The outlook statement points to being optimistic and confident, and we would anticipate maintaining our full year like-for-like assumptions of around 3.5% in the current financial year.
"A higher than anticipated profit outturn, a solid start to the current financial year and a confident outlook statement suggests scope to budge our 2027 EBITDA forecasts of £76.5m. We will look to update our estimates accordingly."
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