The 2024 Fuller’s AGM was held on 23rd July 2024 at the George IV, Chiswick. Around 100 shareholders were in attendance, including a number of club members.
The Chairman commenced the meeting by presenting an overview of the previous 12 months.
The company’s strategy has been aimed at increasing both sales and volumes, as this was seen to be the best way to respond to cost inflation. A ‘reasons to visit’ programme has sought to encourage people to socialise in the pub.
Over the reporting period, the company delivered sector leading like-for-like sales. The company continues to invest in the estate, including a £2m investment in the ‘Head of the River’ in Oxford.
A number of ‘non-core’ pubs were sold to Admiral, with the proceeds used to reduce debt. The sale of these pubs has led to a significant increase in the per pub average earnings across the remainder of the estate.
Following the presentation, the Chairman invited questions. There were a significant number of questions presented, by a very engaged audience. These included:
- The definition of ‘non-core’.
- Transfers between the tenanted and managed estate.
- Capital allocation policy.
- Plans for the company’s pensions schemes.
On behalf of the club, I asked about trends in sales and availability of traditional cask ales. The CEO replied that cask continues to decline nationally, but the company has seen a marginal increase through its own estate.
Cask continues to be core to the offer, and accounts for 10% of sales. The company continues to introduce new guest ales.
I left the meeting suitably reassured about both the company’s commitment to cask ale and current financial position.
Ian Brindley – CMIC Committee Member