Fuller Smith & Turner

FSTA · Main Market · Travel and Leisure · mcap £373m · 716.0p

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Financials · LTM to 28 Mar 26

Source: results 10 Jun 26 ↗

Revenue: £398m
Operating profit: £40.0m
Net income: £21.2m
Free cash flow: £31.9m
Net debt: £140m
Market cap: £221m
EV / EBIT: 9.0×
FCF yield: +14.4%
Price / book: 0.5×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 12 Nov 25 ↗

Revenue: £208m
Operating profit: £26.4m
Net income: £15.2m
Cash from operations: £37.9m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest annual Latest interim

Results for the 52 weeks to 28 March 2026, published 10 Jun 26 · read the announcement ↗

Condensed Group Income Statement · For the 52 weeks ended 28 March 2026 · 52 weeks ended 28 March 2026 52 weeks ended 29 March 2025


Revenue	376.3	-	376.3
Operating costs	(335.9)	(12.1)	(348.0)
Operating profit	40.4	(12.1)	28.3
Finance costs	(13.4)	-	(13.4)
Profit on disposal of properties	-	18.9	18.9
Profit before tax	27.0	6.8	33.8
Tax	(7.4)	0.8	(6.6)
Profit for the year	19.6	7.6	27.2
Earnings per share per 40p "A" and "C" ordinary share
Basic	6	39.22	47.49
Diluted	6	38.59	46.98
Adjusted	6	47.18	34.22
Diluted adjusted	6	46.41	33.85
Earnings per share per 4p "B" ordinary share
Basic	6	3.92	4.75
Diluted	6	3.86	4.70
Adjusted	6	4.72	3.42
Diluted adjusted	6	4.64	3.39

Condensed Group Balance Sheet

	At 28 March 2026 £m	At 29 March 2025 £m
Non-current assets
Intangible assets	26.7	27.1
Property, plant and equipment	594.0	585.7
Investment properties	2.6	1.3
Retirement benefit obligations	-	1.6
Right-of-use assets	52.5	52.8
Other financial assets	0.8	-
Total non-current assets	676.6	668.5
Current assets
Inventories	4.6	4.6
Trade and other receivables	11.2	12.0
Cash and cash equivalents	7.4	13.8
Total current assets	23.2	30.4
Assets classified as held for sale	3.1	3.0
Total assets	702.9	701.9
Current liabilities
Trade and other payables	(58.4)	(53.3)
Provisions	(0.2)	(0.4)
Lease liabilities	(5.5)	(5.2)
Current tax payable	(0.7)	(0.2)
Total current liabilities	(64.8)	(59.1)
Non-current liabilities
Borrowings	(147.9)	(156.0)
Lease liabilities	(55.8)	(55.6)
Retirement benefit obligations	(1.2)	(1.2)
Deferred tax liabilities	(22.8)	(18.3)
Total non-current liabilities	(227.7)	(231.1)
Net assets	410.4	411.7
Capital and reserves
Share capital	23.4	23.8
Share premium account	53.2	53.2
Capital redemption reserve	5.7	5.3
Own shares	(36.9)	(30.1)
Hedging reserve	0.6	-
Retained earnings	364.4	359.5
Total equity	410.4	411.7

Half-year Results, published 12 Nov 25 · read the announcement ↗

Condensed Group Income Statement · For the 26 weeks ended 27 September 2025 · Unaudited - 26 weeks ended 27 September 2025 Unaudited - 26 weeks ended 28 September 2024 Audited - 52 weeks ended 29 March 2025

	Before separately disclosed items £m	Separately disclosed items £m	Total £m	Before separately disclosed items £m	Separately disclosed items £m	Total £m	Before separately disclosed items £m	Separately disclosed items £m	Total £m
Revenue	207.5	-	207.5	194.1	-	194.1	376.3	-	376.3
Operating costs	(179.2)	(1.9)	(181.1)	(169.9)	(7.8)	(177.7)	(335.9)	(12.1)	(348.0)
Operating profit	28.3	(1.9)	26.4	24.2	(7.8)	16.4	40.4	(12.1)	28.3
Profit on disposal of properties	-	0.5	0.5	-	18.8	18.8	-	18.9	18.9
Finance costs	(5.8)	-	(5.8)	(6.6)	0.4	(6.2)	(13.4)	-	(13.4)
Profit before tax	22.5	(1.4)	21.1	17.6	11.4	29.0	27.0	6.8	33.8
Tax	(6.1)	0.2	(5.9)	(4.9)	(2.3)	(7.2)	(7.4)	0.8	(6.6)
Profit for the period/year	16.4	(1.2)	15.2	12.7	9.1	21.8	19.6	7.6	27.2
Note Adjusted Statutory Adjusted Statutory Adjusted Statutory
Basic	6	30.03	27.84	21.81	37.44	34.22	47.49
Diluted	6	29.50	27.35	21.54	36.98	33.85	46.98
Earnings per share per 4p 'B' ordinary share
Basic	6	3.00	2.78	2.18	3.74	3.42	4.75
Diluted	6	2.95	2.73	2.15	3.70	3.39	4.70

Condensed Group Balance Sheet

	Unaudited At 27 September 2025 £m	Unaudited At 28 September 2024 £m	Audited At 29 March 2025 £m
Non-current assets
Intangible assets	26.9	27.3	27.1
Property, plant and equipment	584.4	580.3	585.7
Investment properties	2.6	1.3	1.3
Right-of-use assets	54.5	56.8	52.8
Retirement benefit obligations	0.7	21.6	1.6
Other financial assets	0.2	-	-
Total non-current assets	669.3	687.3	668.5
Current assets
Inventories	4.6	4.1	4.6
Trade and other receivables	15.7	11.4	12.0
Current tax receivable	-	0.1	-
Cash and short-term deposits	4.3	11.0	13.8
Total current assets	24.6	26.6	30.4
Assets classified as held for sale	2.6	5.9	3.0
Total assets	696.5	719.8	701.9
Current liabilities
Trade and other payables	(53.0)	(49.1)	(53.3)
Current tax payable	(0.1)	-	(0.2)
Provisions	(0.2)	(0.8)	(0.4)
Lease liabilities	(5.6)	(5.6)	(5.2)
Total current liabilities	(58.9)	(55.5)	(59.1)
Non-current liabilities
Borrowings	(142.6)	(139.2)	(156.0)
Lease liabilities	(57.6)	(58.8)	(55.6)
Retirement benefit obligations	(1.2)	(1.3)	(1.2)
Deferred tax liabilities	(22.4)	(24.8)	(18.3)
Total non-current liabilities	(223.8)	(224.1)	(231.1)
Net assets	413.8	440.2	411.7
Capital and reserves
Share capital	23.3	24.8	23.8
Share premium account	53.2	53.2	53.2
Capital redemption reserve	5.8	4.3	5.3
Own shares	(30.0)	(31.0)	(30.1)
Hedging reserve	0.1	(0.1)	-
Retained earnings	361.4	389.0	359.5
Total equity	413.8	440.2	411.7

Condensed Group Cash Flow Statement · For the 26 weeks ended 27 September 2025

	Unaudited At 27 September 2025 £m	Unaudited At 28 September 2024 £m	Audited At 29 March 2025 £m
Profit before tax	21.1	29.0	33.8
Net finance costs before separately disclosed items	5.8	6.6	13.4
Separately disclosed items	1.4	(11.4)	(6.8)
Depreciation and amortisation	14.1	13.4	27.2
Adjusted EBITDA	42.4	37.6	67.6
Difference between pension charge and cash paid	(0.1)	(1.4)	(1.5)
Share-based payment charges	1.2	0.7	1.5
Change in trade and other receivables	(3.5)	(1.1)	(1.0)
Change in inventories	-	-	(0.6)
Change in trade and other payables	(0.3)	(9.7)	(6.1)
Cash impact of operating separately disclosed items	-	(0.7)	(0.2)
Cash generated from operations	39.7	25.4	59.7
Tax paid	(1.8)	(1.4)	(2.0)
Cash generated from operating activities	37.9	24.0	57.7
Cash flow from investing activities
Purchase of property, plant and equipment	(13.5)	(31.1)	(53.2)
Sale of property, plant and equipment and assets held for sale	1.4	36.4	40.5
Net cash (outflow)/inflow from investing activities	(12.1)	5.3	(12.7)
Cash flow from financing activities
Purchase of own shares	(7.1)	(8.4)	(23.9)
Receipts on release of own shares to option schemes	0.1	0.1	0.1
Interest paid	(4.1)	(5.0)	(10.0)
Preference dividends paid	(0.1)	(0.1)	(0.1)
Equity dividends paid	(6.7)	(6.5)	(10.7)
Repayment of bank loans	(13.5)	(6.3)	(124.0)
Drawdown of bank loans	-	-	134.3
Payment of loan arrangement fees	-	-	(0.8)
Principal elements of lease payments	(3.9)	(4.3)	(8.3)
Net cash outflow from financing activities	(35.3)	(30.5)	(43.4)
Net movement in cash and cash equivalents	(9.5)	(1.2)	1.6
Cash and cash equivalents at the start of the period	13.8	12.2	12.2
Cash and cash equivalents at the end of the period/year	4.3	11.0	13.8

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: FY Mar 26 (twelve months to 28 Mar 26), published 10 Jun 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	397.8	376.3
Adjusted EBITDA	74.6	67.6
Operating profit	40.0	28.3
Share-based payments	3.0	1.5
Operating profit to net income
Finance costs	(11.3)	(13.4)
Profit before tax	29.5	33.8
Tax	(8.3)	(6.6)
Net income (owners)	21.2	27.2
Per share
EPS basic	39.2p	47.5p
EPS diluted	38.6p	47.0p
Dividend per share	21.2p	19.8p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	190.3	207.5	182.2	194.1
Adjusted EBITDA	32.2	42.4	30.0	37.6
Operating profit	13.6	26.4	11.9	16.4
Share-based payments	1.8	1.2	0.8	0.7
Operating profit to net income
Finance costs	(5.5)	(5.8)	(7.2)	(6.2)
Profit before tax	8.4	21.1	4.8	29.0
Tax	(2.4)	(5.9)	0.6	(7.2)
Net income (owners)	6.0	15.2	5.4	21.8
Per share
EPS basic	11.4p	27.8p	10.1p	37.4p
EPS diluted	11.2p	27.4p	10.0p	37.0p
Dividend per share	13.4p	7.8p	12.4p	7.4p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	79.5	57.7
Interest paid	(7.7)	(10.0)
Tax paid	(3.0)	(2.0)
Investing activities
Capex (PP&E)	(39.4)	(53.2)
Financing activities
Lease principal paid	(8.2)	(8.3)
Dividends paid	(10.9)	(10.7)
Share buybacks	(14.6)	(23.9)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	41.6	37.9	33.7	24.0
Interest paid	(3.6)	(4.1)	(5.0)	(5.0)
Tax paid	(1.2)	(1.8)	(0.6)	(1.4)
Investing activities
Capex (PP&E)	(25.9)	(13.5)	(22.1)	(31.1)
Financing activities
Lease principal paid	(4.3)	(3.9)	(4.0)	(4.3)
Dividends paid	(4.2)	(6.7)	(4.2)	(6.5)
Share buybacks	(7.5)	(7.1)	(15.5)	(8.4)

	FY Mar 26	FY Mar 25
Non-current assets
Other intangibles	26.7	27.1
Property, plant & equipment	594.0	585.7
Investment property	2.6	1.3
Other investments	0.8	–
Non-current assets	679.7	671.5
Current assets
Inventories	4.6	4.6
Trade receivables	11.2	12.0
Cash	7.4	13.8
Current assets	23.2	30.4
Total assets	702.9	701.9
Current liabilities
Trade payables	58.4	53.3
Lease liabilities, current	5.5	5.2
Current liabilities	64.8	59.1
Non-current liabilities
Borrowings, non-current	147.9	156.0
Lease liabilities, non-current	55.8	55.6
Equity
Total equity	410.4	411.7
Net cash and other figures
Net cash / (debt) ex leases	(140.5)	(142.2)
Treasury shares	–	4.6m

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Non-current assets
Other intangibles	26.7	26.9	27.1	27.3
Property, plant & equipment	594.0	584.4	585.7	580.3
Investment property	2.6	2.6	1.3	1.3
Other investments	0.8	–	–	–
Non-current assets	679.7	671.9	671.5	693.2
Current assets
Inventories	4.6	4.6	4.6	4.1
Trade receivables	11.2	15.7	12.0	11.4
Cash	7.4	4.3	13.8	11.0
Current assets	23.2	24.6	30.4	26.6
Total assets	702.9	696.5	701.9	719.8
Current liabilities
Trade payables	58.4	53.0	53.3	49.1
Lease liabilities, current	5.5	5.6	5.2	5.6
Current liabilities	64.8	58.9	59.1	55.5
Non-current liabilities
Borrowings, non-current	147.9	142.6	156.0	139.2
Lease liabilities, non-current	55.8	57.6	55.6	58.8
Equity
Total equity	410.4	413.8	411.7	440.2
Net cash and other figures
Net cash / (debt) ex leases	(140.5)	(138.3)	(142.2)	(128.2)
Treasury shares	–	4.3m	4.6m	4.9m
Undrawn facilities	–	63.2	–	–

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.