Fuller, Smith and Turner turn £59.2m loss

London Pub Group Fuller's is looking to recover following July 19 and CEO Simon Emeny believes that current signs indicate the capital is likely to make a serious recovery from the pandemic.

In revenue, for the 52 weeks to 27 March, turnover fell 77% to £73.2m, with a statutory pre-tax loss of £57.8m against a profit of £8.4m in fiscal 2020.

That includes the opening of new pub The White Horse at Wembley, which was "packed" with as many supporters as it was permitted in the Euro Championship semi-final at Wembley.

Its £52m equity issuance in April helped to bring back its balance sheet and as of March 27, the group had £319.5m of available assets, of which £84m would not have been used.

The company has 209 pubs and 175 guest houses, plus over 1.000 "boutique" hotel rooms, most of which are located in the capital and in the South East.

Fuller, Smith & Turner is a premium pub and hotel firm, which operates 209 shops, 1,027 boutique bedrooms and 175 rental-type guest rooms predominantly in southern England.

Despite tightening the group's cash position, in the three months to July 3rd, it was "better than we expected internally" at 76 per cent of its 2019 revenue level, and will be operating at its UK-based level for the three months ending December 26.