Fuller, Smith & Turner (FSTA) H1 2026 earnings summary

Executive summary

• Senior leadership evolved with new Executive Chairman and COO roles, supporting strategic progress.

• Delivered strong first-half results with 7% revenue growth to £207.5m and adjusted profit before tax up 28% to £22.5m year-over-year.

• Like-for-like sales in Managed Pubs & Hotels rose 4.6%, outperforming the market.

• Adjusted earnings per share increased 38% to 30.03p; interim dividend up 6% to 7.85p.

• Shareholder returns totaled £13.8m via dividends and share buybacks.

Financial highlights

• Revenue rose 7% year-over-year to £207.5m for HY2026.

• Adjusted profit before tax increased 28% to £22.5m; adjusted EPS up 38% to 30.03p.

• Interim dividend per share increased 6% to 7.85p.

• Operating margin improved from 12.5% to 13.6%.

• Adjusted EBITDA: £42.4m (up from £37.6m year-over-year).

Outlook and guidance

• Positive trading momentum continues into H2, with LFL sales up 4.6% for 32 weeks to 8 Nov 2025.

• Advance Christmas bookings up 16% year-over-year.

• Planned H2 investment of £15m across 14 schemes; FY2026 capital investment guidance of £25–£30m.

• Estimated FY2026 depreciation £29m, interest charge £12m, and adjusted effective tax rate 27%.

• Focus remains on premium offer, customer engagement, and sustainable growth.