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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Fuller, Smith & Turner
Fuller, Smith & Turner (FSTA) investor relations material
Fuller, Smith & Turner H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 earnings summary11 Nov, 2026
Executive summary
Managed like-for-like sales rose 6.1%; revenue increased 6.5% to £220.9m and adjusted PBT rose 25% to £28.2m.
Acquired 12 pubs for £37.5m, with acquisitions expected to be EPS-accretive in the first full financial year.
Sales volumes increased across food and drink; summer weather and the football World Cup supported trading and margin growth.
Financial highlights
Revenue was £220.9m versus £207.5m; adjusted EBITDA increased to £48.7m from £42.4m.
Adjusted operating profit was £33.6m versus £28.3m, with operating margin up 1.6ppt to 15.2%.
Adjusted PBT rose to £28.2m from £22.5m; statutory profit after tax was £21.3m versus £15.2m.
Adjusted EPS increased to 39.81p from 30.03p; basic EPS was 40.77p versus 27.84p.
Free cash flow to equity was £15.6m versus £17.8m.
Outlook and guidance
Managed Pubs and Hotels like-for-like sales rose 5.8% in the 32 weeks to 7 November; Christmas bookings were 16% ahead YoY.
FY2027 adjusted PBT is expected to exceed current market expectations.
FY2027 guidance includes £33m planned capital investment, £32m forecast depreciation, £13m estimated interest, a 26% adjusted effective tax rate and £190m–£195m estimated net debt.
Planned H2 estate investment is £19m, including 25 additional bedrooms at The Barrowboy & Banker.
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Latest events from Fuller, Smith & Turner
- Strong profit growth, margin expansion, and shareholder returns driven by operational excellence.FSTA
H2 2026 - Sales up 5.3% YTD, festive trading strong, and new share buyback and investments approved.FSTATrading update
- Adjusted EPS up 38% on strong sales, margin growth, and robust shareholder returns.FSTAH1 2026
- Strong profit growth, estate upgrades, and robust sales drive optimism for the year.FSTAH1 2025
- Profit before tax surged 61% on strong sales, with a 21% dividend increase and positive outlook.FSTAH2 2024
- Profit, revenue, and EPS surged as investments and capital returns drove robust growth.FSTAH2 2025
- Sales up 5.9% YTD, with robust Christmas trading and ongoing share buybacks.FSTATrading Update
Next Fuller, Smith & Turner earnings date
Q3 2027 TU14 Jan, 2027
Fuller, Smith & Turner
Next Fuller, Smith & Turner earnings date
Q3 2027 TU14 Jan, 2027
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Frequently asked questions
Fuller, Smith & Turner is a publicly traded brewing company headquartered in London, United Kingdom, and operates tenanted pubs. Its activities also include managing pubs operated by third parties under tenancy or lease agreements and providing managed houses services. London Pride, Frontier, ESB and Organic Honey Dew are the company's beer brands.