Overview
- Fuller’s published full-year results on Wednesday reporting a 13% fall in pre-tax profit to £29.5m for the year to March while revenue rose about 6% to roughly £398m.
- The company said its tax bill rose to £8m for the year and that it offset some higher employment costs through improved labour efficiency and planned £30m of estate investment.
- Executive chairman Simon Emeny made a public attack on recent government measures, naming higher employer national insurance, business rates, alcohol duty, the apprenticeship levy, the EPR packaging tax, green and sugar levies, the proposed holiday levy and the Employment Rights Act as drivers of higher costs.
- Emeny warned that raising pay and equalising minimum rates for under‑21s has removed a hiring incentive for raw, inexperienced staff, a shift he linked to fewer entry-level jobs for young people and higher youth unemployment.
- Industry data show a long-term fall in pub numbers — roughly two pubs closing a day with about 45,000 remaining — and Fuller's says short-term demand from World Cup bookings and staycations is helping cover costs but will not offset structural pressure.