Results for the 52 weeks to 28 March 2026

Fuller,Smith&Turner PLC

10 June 2026

 

STRICTLY EMBARGOED

UNTIL 7AM WEDNESDAY 10 JUNE 2026

FULLER, SMITH & TURNER P.L.C.

("Fuller's", the "Company", or the "Group")

Financial results for the 52 weeks to 28 March 2026

Another strong year for the Company and its shareholders

Financial and Operational Highlights

	52 weeks ended 28 March	52 weeks ended 29 March
	2026	2025
	£m	£m
Revenue and other income	397.8	376.3
Adjusted EBITDA1	74.6	67.6
Adjusted profit before tax2	34.6	27.0
Statutory profit before tax	29.5	33.8
Basic earnings per share3	39.22p	47.49p
Adjusted earnings per share3	47.18p	34.22p
Dividend per share	21.20p	19.76p
Net debt excluding lease liabilities4	140.5	142.2

All figures above are from continuing operations.

1    Earnings before interest, tax, depreciation, amortisation, profit on disposal of property, plant and equipment, and separately disclosed items.

2    Adjusted profit before tax is the profit before tax excluding separately disclosed items.

3    Per 40p "A" or "C" ordinary share. Basic EPS is calculated using earnings attributable to equity shareholders after tax including separately disclosed items. Adjusted EPS excludes separately disclosed items.

4    Net debt excluding lease liabilities comprises cash and short-term deposits, bank overdraft, bank loans, debenture stock and preference shares net of debt issue costs.

·      Revenue up 5.7%, to £397.8 million (FY2025: £376.3 million), with all parts of the business performing well and delivering positive like for like sales growth

·      Like for like sales for our Managed Pubs and Hotels up 4.9%, maintaining our market outperformance

·      Growth in profit margins, combined with revenue growth, delivered significant improvement in adjusted profit before tax, increasing 28% to £34.6 million (FY2025: £27.0 million)

·      Industry leading adjusted earnings per share performance - rising a further 38% to 47.18p (FY2025: 34.22p) - having increased by 40% in the prior year

·      Updated Directors' valuation of the total property portfolio at £991 million, £397 million above our current book value, which implies an adjusted net asset value per share of £15.21, demonstrating the underlying balance sheet strength of the business

·      Final dividend of 13.35p, taking the total dividend for the year to 21.20p, up 7%

·      Disciplined capital allocation has seen us buy back 2.3 million "A" shares in the year at an average purchase price of £6.17

·      An additional one million "A" share buyback to commence when the current programme has completed within the next few weeks.  

Strategic Highlights

·      Growth across our Managed Pubs and Hotels in all areas:

o  Food like for like sales increased by 3.5%

o  Drink like for like sales increased by 5.8%

o  Accommodation like for like sales increased by 4.9%

·      Invested £32.2 million in the existing estate with 14 transformational schemes including The Wellington, Waterloo, The Parcel Yard in King's Cross Station and The Bull Hotel, Bridport

·      Two new iconic Central London freehold pubs - The Avalon (Clapham) and The Duke of Sussex (Waterloo) added to our outstanding Tenanted Inns estate

·      Continued investment in our people at all levels, with over 439 chef training sessions held at the new Fuller's Kitchen Academy in Reading and continued roll out of our Lead your Way management training programme.

Current Trading and Outlook

·      Momentum continues with like for like sales for the 10 weeks to 6 June 2026 rising 4.4%

·      Contracts exchanged to acquire the freehold of The Swan at Arundel, an existing Fuller's pub with 14 bedrooms

·      A pub and hotel estate in excellent condition and garden-ready for the summer season and the World Cup football tournament

·      Strong accommodation sales, with an increase in staycations, particularly in the Cotswolds

·      We are well-placed to deliver further strong returns for our shareholders, driven by our fantastic estate of iconic, predominately freehold properties, an affluent customer base, engaged team members and a clear, long-term strategy.

Executive Chairman, Simon Emeny said:

"I am delighted, as I complete my first year as Executive Chairman, to report that it has been another successful year for Fuller's. Like for like sales in our Managed estate are up 4.9%, revenue for the Company is up by 5.7% to £397.8 million and both our Managed Pubs and Hotels and Tenanted Inns divisions have grown - resulting in adjusted profit before tax rising 28% to £34.6 million. Combined with our capital allocation framework and continued share buyback programme, we have also seen adjusted earnings per share rise 38% - achieving market-leading growth in this key metric.

"The new financial year has begun well. Like for like sales for the first 10 weeks have risen by 4.4%, building on a strong comparative period last year and our underlying profitability continues to improve, maintaining the momentum we have built in recent years.

"As we move into our summer season, preparations have gone well. Our garden investment programme has seen fresh space created for peak trading, advance bookings for the World Cup have been strong, and we are seeing increased demand for staycations benefiting our excellent rooms business.

"We have exciting opportunities for the coming year with plans to invest over £30 million across the estate. In addition, we will begin the transformation of The Barrowboy and Banker, an existing freehold site by London Bridge, where we will create a 26-bedroom hotel to mirror the successful investment made previously at The Counting House, Cornhill.

"We have also today announced plans to extend our share buyback programme with the buyback of one million "A" shares, and we will continue to actively pursue new site acquisition opportunities where we believe the addition will complement the quality of the existing estate and deliver strong returns.

"The results we have delivered this year are driven by our strong operational performance, a proven successful strategy, an outstanding team of people, and a robust capital allocation framework - which combined, reflect the success of our long-term business model. While we are monitoring the ongoing geopolitical and economic situations, we remain optimistic and confident that we will continue to deliver further progress for our people, our customers and our shareholders."

-Ends-

For further information, please contact:

Fuller, Smith & Turner P.LC.
Simon Emeny, Executive Chairman	020 8996 2000
Neil Smith, Finance Director	020 8996 2000
Georgina Wald, Corporate Comms Manager	020 8996 2198 / 07831 299801
Team Lewis
Justine Warren	020 7802 2617/ 07785 555692

Forthcoming dates in the financial calendar:

AGM: 21 July 2026

Half year results announcement FY2027: 11 November 2026

Full year results announcement FY2027: 9 June 2027

Notes to Editors:

Fuller, Smith & Turner PLC is a premium pubs and hotels business. With an outstanding estate of iconic pubs and hotels across the Southern half of England, our purpose is to create experiences that nourish the soul. At our heart is the warm and inviting welcome of a fantastic pub or hotel, delivered by an exceptional team of over 5,000 talented individuals. We have been delighting our customers - with delicious, fresh, seasonal food, an exciting drinks range, and wonderful bedrooms - for over 180 years. Fuller's has 185 Managed Pubs and Hotels, with 1,030 bedrooms and 152 Tenanted Inns, all aiming to ensure that everyone leaves that little bit happier than they arrived. 

Photography is available from the Fuller's Press Office on 020 8996 2000 or by email at [e-mail].

This statement will be available on the Company's website, www.fullers.co.uk. An accompanying presentation will be available from 12 noon on 10 June 2026.

FULLER, SMITH & TURNER P.L.C.

FINANCIAL RESULTS FOR THE 52 WEEKS ENDED 28 MARCH 2026

EXECUTIVE CHAIRMAN'S REVIEW

I am delighted, as I complete my first year as Executive Chairman, to report that it has been another successful year for Fuller's. The year began well with excellent spring and summer weather, which encouraged many additional customers to enjoy our well-invested pub and hotel gardens, and the business had a full year's benefit from the seven Lovely Pubs we acquired in August 2024. We continued to perform well into the autumn and delivered a record Christmas and New Year period, building on the success seen in previous years around our marketing, pre-booked sales and events, and an outstanding performance from our teams.

Like for like sales in our Managed estate are up 4.9%, revenue for the Company is up by 5.7% to £397.8 million and both our Managed Pubs and Hotels and Tenanted Inns divisions have grown - resulting in adjusted profit before tax rising 28% to £34.6 million. Combined with our capital allocation framework and continued share buyback programme, we have also seen adjusted earnings per share rise 38% - achieving market-leading growth in this key metric.

These results have been delivered against an increasingly challenging macroeconomic and political backdrop. When I reflect on the changes seen in our sector over the past 10 years, it has been a period of unprecedented government interference, additional taxes and regulations. Specifically around taxation, we have seen not only vast increases in business rates, Employers' National Insurance Contributions and alcohol duty, but also new taxes invented in the form of the Apprenticeship Levy, Extended Producer Responsibility (EPR), energy and environmental taxes, sugar tax and, more recently, the threat of a holiday tax.

These decisions come with consequences. Over the last decade the UK has lagged behind most developed countries for economic growth and, specifically in our sector, we have seen some 5,800 pubs close permanently, depriving communities of an essential asset. Since the hike in National Insurance Contributions for young employees, the country has seen youth unemployment rise to 15%, creating another self-inflicted problem for society that the Government now needs to solve. The recent introduction of the Employment Rights Act 2025 only serves to add extra cost and bureaucracy, causing pubs, that are famed for delivering part-time jobs for both younger and older workers, to rethink their hiring strategy.

The hospitality sector employs 3.6 million people and contributes £96 billion to the UK economy - £56 billion in tax receipts alone. But more than that, hospitality is an economic generator and when we grow, we deliver increased tax revenue for the UK from day one. That is why we urge the Government to look at our sector's tax bill, and deliver a lower VAT rate for hospitality, to kick start further investment and help take the country back into growth.

Against this backdrop, it is testament to our long-term strategy that the business has delivered such strong results - particularly for our shareholders, with adjusted earnings per share rising 93% over the last three years. Operationally we have led the market once again, with sales, volume and margin growth as we work collectively as a team to deliver outstanding experiences in our pubs and hotels. This focus has once again resulted in happy customers and financial success, and I would like to thank my 5,400 colleagues in the business for their dedication and commitment, doing a job that is so important to society and communities.

Looking forward, I am delighted that our Company continues to drive success based on strong fundamentals. With 87% of our estate comprising freehold assets, including the most iconic properties in many cities, towns and communities, our investment in our own estate and our people is fundamental to our plan each year. The Company remains strongly asset-backed with relatively low levels of debt and, despite the challenging macroeconomic and political backdrop, we remain confident and optimistic that we can continue to navigate a successful path, both now and in the future.

Our disciplined approach to capital allocation continues to deliver strong returns to shareholders and, in light of this performance, the Board is pleased to announce a final dividend of 13.35p (FY2025: 12.35p) per 40p "A" and "C" Ordinary Share and 1.335p (FY2025: 1.235p) per 4p "B" Ordinary Share, representing an increase of 8%. This will be paid on 23 July 2026 to shareholders on the share register as at 3 July 2026. The total dividend of 21.20p (FY2025: 19.76p) per 40p "A" and "C" Ordinary Share and 2.120p (FY2025: 1.976p) per 4p "B" Ordinary Share represents a 7% year on year increase.

A business built on a premium customer base

Understanding your customer is key to the success of any business. At Fuller's, we continue to explore and learn from our customers, and with a database of 6.9 million customers, of which 2.6 million are fully contactable, we have a clear communication route.

We understand their income and spending patterns, allowing us to ensure our customer offer is relevant and attractive. We over-index among higher income groups - particularly those with a household income above £75k, and this group fiercely protects its discretionary spend on going out. Delivering a fantastic food, drink and accommodation offer, and exciting reasons to visit, to these premium customers ensures they continue to choose us when spending their leisure pound.

It is important to monitor and evaluate our customers' perception of their experience, ensuring it meets and exceeds their expectations on every occasion. To improve this process, we have now employed a tool called Sentiment Search to monitor customer feedback and satisfaction. This system evaluates a range of review sites, as well as our own customer comments, delivering qualitative feedback for us to prioritise actions that will make a difference. It tells us what people like and why.

We continually strive for the perfect customer journey - from beautifully crafted e-mails and social posts to promote our Sunday roasts, Summer Spritzes and Six Nations rugby (among many other things), to ensuring that the welcome is perfect, and the offer is targeted and delivers an exceptional experience at the right price. That attention to detail keeps our premium customers returning and is reflected with like for like food and drink sales rising 3.5% and 5.8% respectively. Our accommodation offer - a key reason to visit across our 45 sites with a combined total of 1,030 bedrooms - has also performed well with like for like sales up 4.9% and an average room rate of £127.50.

A business that invests in iconic properties

Over many years, we have carefully built a business based on the best pubs in the country and we continue to invest in these outstanding properties. During the year we invested £32.2 million across the estate, including 14 transformational schemes.

We concluded our £4 million investment in The Chamberlain Hotel during the year, refurbishing the 64 bedrooms in this outstanding location, close to the Tower of London. We also carried out a major scheme at The Wellington, Waterloo, refreshing all 26 hotel rooms and breathing new life into the pub - including the famous mural depicting the Battle of Waterloo that sits above the bar. The result is a 22% increase in revenue since reopening and excellent customer feedback.

Other major schemes during the year included The Parcel Yard, King's Cross Station, The Bull Hotel in Bridport on the Dorset coast, and two Bel & The Dragon sites - Odiham and Cookham. We target a return of 20% on our trade-enhancing investments and we invest ahead of the curve, ensuring our properties are always kept in peak condition.

During the year, we also acquired two iconic London freehold sites which are currently within our Tenanted Inns business - The Avalon, Clapham, and The Duke of Sussex, Waterloo. We also exchanged contracts to acquire the freehold of The Swan, Arundel, which has been in our portfolio since the acquisition of Gales 20 years ago.

As well as investing in the properties, we continue to invest in our Life is too good to waste campaign. Our programme of electrification continues, with 55 electric kitchens now installed across the estate, and we have continued to roll out more energy-efficient boilers and effect behavioural change among our teams to reduce energy consumption, with gas down by 13%. Electricity remains flat, despite increased electrification, while recycling rates have risen to 70% (FY2025: 65%).

A business built by the best people

Our people are our competitive advantage, and we continue to invest in ensuring we recruit, develop and retain the best team members. During the year, this included opening our new Fuller's Kitchen Academy in Reading - a bespoke training centre to encourage creativity, flair and excellence in menu development, which has already hosted 439 chef training sessions to the end of the full year.

We continue to build a portfolio of training and development programmes to create a holistic career ladder. During the year, 1,797 team members have undertaken a technical learning course and 1,595 have been involved in career-building courses as part of their development. In addition, we are about to launch stage two of our award-winning Lead Your Way programme, creating great leaders to run high-performing teams. We know this approach to learning and development works - evidenced by a further 12% reduction in labour turnover.

We continue to work on our Inclusion Action Plan, which will be updated this year. Actions during the last year included the launch of two colleague network groups - Thrive Together, a wellbeing network, and our LGBTQ+ group, Pride at Fuller's.

A MARKET-LEADING TENANTED ESTATE

Our Tenanted Inns business has again performed well. We have great pubs, with entrepreneurial and well-funded Tenants, and an average EBITDA per pub of £125.8k, up 4.6%. Our Tenants' desire to succeed is also reflected by their commitment to growing their businesses - with 239 Tenants or their team members undertaking training during the year.

It is this focus on both the relationship and the success of both parties that gives our Tenants confidence in the face of increasing cost pressures, and this is reflected by the 97% occupancy rate of our Tenanted estate. Our Tenants are supported by an experienced and well-respected team of Business Development Managers, and I am delighted to see this part of the business continuing to perform strongly.

One of the benefits of having a Tenanted estate is the flexibility it adds to our business. It is a key differentiator for Fuller's and a model we use both carefully and successfully.

FINANCIAL REVIEW

We are pleased to present another impressive set of financial results, with continued strong growth in both revenue and profitability. Total revenue has increased by 5.7% from £376.3 million to £397.8 million and adjusted profit before tax has increased by 28% to £34.6 million (FY2025: £27.0 million). This result has been achieved from our focus on driving sales volumes while improving profitability, which has seen adjusted operating margins continue to grow from 10.7% to 11.5%.

As part of our disciplined capital allocation framework, we have continued to buy back shares which, combined with the increase in profits, has resulted in adjusted earnings per share growing by an impressive 38%. This market-leading outcome follows growth in the prior year of 40% and demonstrates our commitment to consistently deliver outstanding returns to our shareholders.

To sustain our long-term growth trajectory, we invest in our existing estate to maintain its premium position, with a total of £32.2 million invested in FY2026, including 14 transformational schemes such as £1.8 million at The Hampshire Hog, Clanfield, £1.0 million in the Bel & the Dragon, Odiham and £2.2 million on The Wellington, a 26-bedroom hotel in Waterloo. We have also acquired two freehold sites, The Avalon in Clapham and Duke of Sussex, Waterloo, for a total of £7.2 million. These are great sites in brilliant London locations which will further strengthen our Tenanted estate in the medium term and bring long-term value to the business. It demonstrates the benefit of our two highly complementary operating models and the flexibility it provides us. 

In the year, we have returned £25.1 million to our shareholders; we paid a dividend of £10.9 million to shareholders and £14.2 million was deployed for share buybacks as part of our ongoing share buyback programme. In total we have now bought back 8.9 million "A" shares, returning a total of £54.7 million to our shareholders since we began our share buyback programmes in FY2023.

Despite our significant investments and shareholder returns in the year we have managed to reduce net debt from the prior year to £140.5 million (FY2025: £142.2 million) and with growing profits our net debt / EBITDA has reduced to 2.14 times from 2.36 times leaving significant headroom to continue to grow the business.

We have completed an updated Directors' valuation of the entire property estate. The outcome of the valuation was a total value of £991 million, which is £397 million higher than the net book value of £594 million included within the financial statements. This would imply an increase in the current Net Asset Value per share from £7.73 to £15.21. We have not changed our accounting policies with regard to asset valuations but thought it useful for all stakeholders to provide an updated assessment of the valuation of the Group's property portfolio.

Managed Pubs and Hotels like for like sales increased by 4.9% on the prior year, outperforming the market on average by 1.9 percentage points. All categories of revenue showed significant like for like growth against the prior year, with drink up by 5.8%, food up by 3.5% and accommodation sales up by 4.9%.

Managed EBITDA margin has grown from 20.7% to 21.6% despite the continued cost headwinds, particularly labour-related costs. The margin improvement has been achieved through a number of different levers. We invested in our procurement team in the previous year, which has helped to deliver gross profit margin improvement in the current year. We have transitioned to Coca-Cola, introduced a new spirits range and moved coffee suppliers to illy. These changes in the year have not only enhanced the customer offer but helped to improve our margins. Our strong relationship with Asahi, in place until at least 2029, also remains important in mitigating some of the increased input costs.

Labour costs remain challenging. Our business had a further £8 million of annualised costs imposed upon it, with effect from April 2025, due to increases in the National Living Wage and National Insurance. We have managed to mitigate a significant proportion of these costs through improvements in labour efficiency and some selected price increases.

Through effective forward purchasing and a drive to reduce consumption we have seen a marginal decline in utility costs. Looking forward into FY2027, we are fully hedged for our electricity and gas consumption for the full financial year, providing price protection from the currently volatile energy markets.

Tenanted Inns revenue was marginally down on prior year, but the significant estate movements in the prior year affects the comparison as we sold 37 sites to Admiral Taverns in July 2024. However, EBITDA margin grew by 1.8 percentage points to 54.2% (FY2025: 52.4%) demonstrating the value of the proactive management of the estate and the quality of the retained Tenanted sites.

Total net finance costs (before separately disclosed items) have decreased by £2.1 million to £11.3 million (FY2025: £13.4 million). The average cost of borrowing has reduced to 6.1% compared to 7.7% for the prior year. The reduction from the prior year has been achieved through the benefit of the refinancing in March 2025, the execution of an interest rate swap over £60 million of the existing term loan, securing a lower rate of 3.654%, as well as the Bank of England rate reducing from 4.5% to 3.75% in the year.

The net position on separately disclosed items is an expense of £5.1 million (FY2025: £6.8 million credit). The significant movement from prior year principally relates to the profit on disposal, recognised in FY2025, of £18.9 million which includes the sale of The Mad Hatter for £17.2 million and the sale of 37 sites to Admiral Taverns at a profit to book value of £1.0 million. The current year expense principally relates to an impairment charge of £5.9 million, of which £8.0 million is in relation to the write down of 20 properties net of the reversal of impairment on four properties of £2.1 million.

The underlying effective tax rate has decreased to 26.3% (FY2025: 27.4%). The decrease in effective tax rate is mainly due to the falling depreciation on assets not qualifying for capital allowances.

The proposed final dividend of 13.35p per "A" and "C" Ordinary Share (FY2025: 12.35p), together with the interim dividend of 7.85p per share already paid makes a total of 21.20p per share, which is an increase of 7% on the prior year. We aim to rebuild dividend cover to between 2.5 - 3 times while maintaining a progressive dividend policy and the proposed final dividend will see dividend cover increase to 2.2 times in the current year - on track to reach our target in the near-term. 

CURRENT TRADING AND OUTLOOK

The new financial year has begun well. Like for like sales for the first 10 weeks have risen by 4.4%, building on a strong comparative period last year and our underlying profitability continues to improve, maintaining the momentum we have built in recent years.

As we move into our summer season, preparations have gone well. Our garden investment programme has seen fresh space created for peak trading, advance bookings for the World Cup have been strong, and we are seeing increased demand for staycations benefiting our excellent rooms business.

We have exciting opportunities for the coming year with plans to invest over £30 million across the estate. In addition, we will begin the transformation of The Barrowboy and Banker, an existing freehold site by London Bridge, where we will create a 26-bedroom hotel to mirror the successful investment made previously at The Counting House, Cornhill.

We have also today announced plans to extend our share buyback programme with the buyback of one million "A" shares, and we will continue to actively pursue new site acquisition opportunities where we believe the addition will complement the quality of the existing estate and deliver strong returns.

The results we have delivered this year are driven by our strong operational performance, a proven successful strategy, an outstanding team of people, and a robust capital allocation framework - which combined, reflect the success of our long-term business model. While we are monitoring the ongoing geopolitical and economic situations, we remain optimistic and confident that we will continue to deliver further progress for our people, our customers and our shareholders.

Simon Emeny

Executive Chairman

9 June 2026

Condensed Group Income Statement

For the 52 weeks ended 28 March 2026

		52 weeks ended 28 March 2026				52 weeks ended 29 March 2025
	Note	Before separately disclosed items £m	Separately disclosed items £m	Total £m		Before separately disclosed items £m	Separately disclosed items £m	Total £m
Revenue	2	397.8	-	397.8		376.3	-	376.3
Operating costs	3	(351.9)	(5.9)	(357.8)		(335.9)	(12.1)	(348.0)
Operating profit		45.9	(5.9)	40.0		40.4	(12.1)	28.3
Finance costs	4	(11.3)	-	(11.3)		(13.4)	-	(13.4)
Profit on disposal of properties	3	-	0.8	0.8		-	18.9	18.9
Profit before tax		34.6	(5.1)	29.5		27.0	6.8	33.8
Tax	5	(9.1)	0.8	(8.3)		(7.4)	0.8	(6.6)
Profit for the year		25.5	(4.3)	21.2		19.6	7.6	27.2

 

Group	Note	52 weeks   ended 28 March 2026 Pence	52 weeks ended 29 March 2025 Pence
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 Statement of Comprehensive Income

For the 52 weeks ended 28 March 2026

	Note	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Profit for the year		21.2	27.2
Items that may be reclassified to profit or loss in subsequent years (net of tax)
Net gains on valuation of financial assets and liabilities		0.8	-
Tax related to items that may be reclassified to profit or loss	5	(0.2)	-
Items that will not be reclassified to profit or loss in subsequent years (net of tax)
Net actuarial losses on pension schemes	12	(1.6)	(18.3)
Tax related to items that will not be reclassified to profit or loss	5	0.4	4.5
Other comprehensive losses for the year, net of tax		(0.6)	(13.8)
Total comprehensive income for the year, net of tax		20.6	13.4

Condensed Group Balance Sheet

28 March 2026

	Note	At 28 March 2026  £m	At 29 March 2025  £m
Non-current assets
Intangible assets		26.7	27.1
Property, plant and equipment	8	594.0	585.7
Investment properties		2.6	1.3
Retirement benefit obligations	12	-	1.6
Right-of-use assets	10	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	11	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	10	(5.5)	(5.2)
Current tax payable		(0.7)	(0.2)
Total current liabilities		(64.8)	(59.1)
Non-current liabilities
Borrowings	11	(147.9)	(156.0)
Lease liabilities	10	(55.8)	(55.6)
Retirement benefit obligations	12	(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

Condensed Group Statement of Changes in Equity For the 52 weeks ended 28 March 2026 Group	Share capital £m	Share premium account £m	Capital redemption reserve £m	Own shares £m	Hedging reserve £m	Retained earnings £m	Total £m
At 30 March 2024	25.4	53.2	3.7	(32.9)	-	381.9	431.3
Profit for the year	-	-	-	-	-	27.2	27.2
Other comprehensive expense for the year	-	-	-	-	-	(13.8)	(13.8)
Total comprehensive income for the year	-	-	-	-	-	13.4	13.4
Shares purchased to be held in ESOT or as treasury	-	-	-	(23.9)	-	-	(23.9)
Shares released from ESOT and treasury	-	-	-	0.1	-	-	0.1
Treasury shares cancelled in the year	(1.6)	-	1.6	26.6	-	(26.6)	-
Dividends (note 7)	-	-	-	-	-	(10.7)	(10.7)
Share-based payment expense	-	-	-	-	-	1.5	1.5
At 29 March 2025	23.8	53.2	5.3	(30.1)	-	359.5	411.7
Profit for the year	-	-	-	-	-	21.2	21.2
Other comprehensive expense for the year	-	-	-	-	0.6	(1.2)	(0.6)
Total comprehensive income for the year	-	-	-	-	0.6	20.0	20.6
Shares purchased to be held in ESOT or as treasury	-	-	-	(14.6)	-	-	(14.6)
Shares released from ESOT and treasury	-	-	-	0.7	-	(0.1)	0.6
Treasury shares cancelled in the year	(0.4)	-	0.4	7.1	-	(7.1)	-
Dividends (note 7)	-	-	-	-	-	(10.9)	(10.9)
Share-based payment expense, net of tax	-	-	-	-	-	3.0	3.0
At 28 March 2026	23.4	53.2	5.7	(36.9)	0.6	364.4	410.4

Condensed Group Cash Flow Statement For the 52 weeks ended 28 March 2026	Note	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Profit before tax		29.5	33.8
Net finance costs before separately disclosed items	4	11.3	13.4
Separately disclosed items	3	5.1	(6.8)
Depreciation and amortisation		28.7	27.2
Adjusted EBITDA		74.6	67.6
Difference between pension charge and cash paid		(0.1)	(1.5)
Share-based payment charge		3.0	1.5
Change in trade and other receivables		0.8	(1.0)
Change in inventories		-	(0.6)
Change in trade and other payables		4.2	(6.1)
Cash impact of operating separately disclosed items	3	-	(0.2)
Cash generated from operations		82.5	59.7
Tax paid		(3.0)	(2.0)
Net cash generated from operating activities		79.5	57.7
Cash flow from investing activities
Purchase of property, plant and equipment		(39.4)	(53.2)
Sale of property, plant and equipment and assets held for sale		2.8	40.5
Net cash outflow from investing activities		(36.6)	(12.7)
Cash flow from financing activities Purchase of own shares		(14.6)	(23.9)
Receipts on release of own shares to option schemes		0.6	0.1
Interest paid		(7.7)	(10.0)
Preference dividends paid	7	(0.1)	(0.1)
Equity dividends paid	7	(10.9)	(10.7)
Repayment of bank loans	11	(8.1)	(124.0)
Drawdown of bank loans	11	-	134.3
Principal elements of lease payments	11	(8.2)	(8.3)
Payment of loan arrangement fees	11	(0.3)	(0.8)
Net cash outflow from financing activities		(49.3)	(43.4)
Net movement in cash and cash equivalents		(6.4)	1.6
Cash and cash equivalents at the start of the year	11	13.8	12.2
Total cash and cash equivalents at the end of the year	11	7.4	13.8

Notes to the Condensed Financial Statements

For the 52 weeks ended 28 March 2026

1. Preliminary statement

The consolidated financial statements of Fuller, Smith & Turner P.L.C. for the 52 weeks ended 28 March 2026 were authorised for issue by the Board of Directors on 9 June 2026.

The financial information presented does not constitute the Group's annual report and accounts for either the 52 weeks ended 28 March 2026 or the 52 weeks ended 29 March 2025 within the meaning of Section 435 of the Companies Act 2006, but is derived from those accounts. The Group's statutory accounts for 2025 have been delivered to the Registrar of Companies and those for 2026 will be delivered following the Company's annual general meeting. The independent auditor's reports on both the 2026 and 2025 accounts were not qualified or modified. The independent auditor's reports for both 2026 and 2025 did not contain any statements under Section 498 of the Companies Act 2006.

The Group financial statements are presented in Sterling and all values are shown in millions of pounds (£m) rounded to the nearest hundred thousand pounds, except when otherwise indicated. The accounting policies used have been applied consistently, except where set out below, and are described in full in the statutory financial statements for the 52 weeks ended 28 March 2026, which will be mailed to shareholders on or before 19 June 2026 and delivered to the Registrar of Companies. The financial statements will also be available from the Company's registered office: Pier House, 86-93 Strand-on-the-Green, London, England, W4 3NN, and on its website, from that date.

Going concern

At 28 March 2026, the Group Balance Sheet comprises 87% of the estate being freehold properties and available headroom on facilities of £57.8 million and £7.4million of cash with resulting net debt (excluding leases) of £140.5 million.

The Group has unsecured banking facilities of £185 million, split between a revolving credit facility of £100 million and a term loan of £85 million. Under the facilities agreement, the covenant suite (tested quarterly) consist of net debt to adjusted EBITDA (leverage) and adjusted EBITDA to net finance charges. During the year, the Group agreed with its lenders to extend these facilities for a further year through to August 2029.

The Group has modelled financial projections for the going concern period, which is defined as the 12-month period from the date of approval of these financial statements to the end of Q1 FY2028 on 26 June 2027, based upon two scenarios, the 'base case' and the 'downside case'. The base case is the Board approved FY2027 budget as well as the Q1 FY2028 plan which forms part of the Board approved three-year plan. The base case assumes that sales will continue to grow and that staff costs will increase, impacted by the National Minimum Wage resulting in continued wage inflation across all job roles. The base case scenario indicates that the Group will have sufficient resources to continue to settle its debts as they fall due and operate well within its covenants for the going concern assessment period.

The Group has also modelled a 'downside case' which assumes that sales volumes reduce by 10% in FY2027 and 5% in FY2028 from the 'base case', staff costs increase at a higher rate than assumed in the 'base case', inflation rises more than assumed in the 'base case' causing interest rates and costs to increase reducing operating margins by 250bps and there is impact from tube strikes announced in early 2026. In this 'downside case', there are mitigating actions that management could implement which have not been modelled, such as overhead cost reduction and reduction of capital expenditure and other property spend to essential maintenance. Further mitigating actions would also include disposals of licensed and unlicensed properties. Under this scenario, the Group would still have sufficient resources to settle liabilities as they fall due and headroom on its covenants through the duration of the period.

The Group has also performed a reverse stress test to ascertain how far EBITDA would have to decline before it failed the covenant tests. EBITDA would need to decrease by 49% from the base case to fail the covenant tests. The Directors have concluded that the reduction in EBITDA required to breach the covenants is too remote and that this scenario is therefore considered implausible. The Directors have also determined that, over the period of the going concern assessment, there is not expected to be a significant financial impact because of climate change. After due consideration of the matters set out above, the Directors are satisfied that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the going concern assessment period, being the 12 months from the date of signing these financial statements through to the end of Q1 FY 2028 on 26 June 2027, and have therefore adopted the going concern basis in the preparation of these financial statements.

2. Segmental Analysis

Operating Segments

For management purposes, the Group's operating segments are:

-      Managed Pubs and Hotels, which comprises managed pubs and managed hotels.

-      Tenanted Inns, which comprises pubs operated by third parties under tenancy or lease agreements.

The most important measure used to evaluate the performance of the business is adjusted profit, which is the profit before tax, adjusted for separately disclosed items.

As segment assets and liabilities are not regularly provided to the Chief Operating Decision Maker, the Group has elected, as provided under IFRS 8 Operating Segments, not to disclose a measure of segment assets and liabilities.

52 weeks ended 28 March 2026	Managed Pubs and Hotels £m	Tenanted Inns £m	Unallocated1 £m	Total £m
Revenue
Sale of goods and services	324.8	23.5	-	348.3
Accommodation income	38.5	-	-	38.5
Total revenue from contracts with customers	363.3	23.5	-	386.8
Rental income	1.5	9.5	-	11.0
Revenue	364.8	33.0	-	397.8
Segment result	53.9	14.7	(22.7)	45.9
Operating separately disclosed items				(5.9)
Operating profit				40.0
Profit on disposal properties				0.8
Net finance costs				(11.3)
Profit before tax				29.5
Other segment information
Additions to property, plant and equipment	29.6	10.3	0.1	40.0
Depreciation and amortisation	24.8	3.2	0.7	28.7
Impairment of property net of reversals	5.2	0.7	-	5.9

52 weeks ended 29 March 2025	Managed Pubs and Hotels £m	Tenanted Inns £m	Unallocated1 £m	Total £m
Revenue
Sale of goods and services	304.4	23.9	-	328.3
Accommodation income	36.7	-	-	36.7
Total revenue from contracts with customers	341.1	23.9	-	365.0
Rental income	1.6	9.7	-	11.3
Revenue	342.7	33.6	-	376.3
Segment result	47.6	14.4	(21.6)	40.4
Operating separately disclosed items				(12.1)
Operating profit				28.3
Profit on disposal properties				18.9
Net finance costs				(13.4)
Profit before tax				33.8
Other segment information
Additions to property, plant and equipment	49.3	3.4	-	52.7
Depreciation and amortisation	23.3	3.2	0.7	27.2
Impairment of property and goodwill net of reversals	9.0	1.4	-	10.4

1   Unallocated expenses represent primarily the salaries and costs of central management and support services. Unallocated capital expenditure relates to additions to the head office

3. Separately Disclosed Items

The Group presents separately disclosed items on the face of the Income Statement for those material items of income and expense which, because of the nature or expected infrequency of the events giving rise to them, merit separate presentation to allow shareholders to understand better the elements of financial performance in the year.

	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Amounts included in operating profit:
Impairment of properties, right-of-use assets and assets classified as held for sale net of reversal of impairments (note 9)	(5.9)	(10.4)
Professional fees	-	(0.9)
Pension past service costs	-	(0.8)
Total separately disclosed items included in operating profit	(5.9)	(12.1)
Profit on disposal of properties	0.8	18.9
Separately disclosed finance credits/(expenses):
Finance credit on net pension liabilities	-	0.8
Finance charge on the write down of arrangement fees	-	(0.8)
Total separately disclosed finance credits	-	-
Total separately disclosed items before tax	(5.1)	6.8
Separately disclosed tax:
Profit on disposal of properties	-	(0.7)
Other items	0.8	1.5
Total separately disclosed tax	0.8	0.8
Total separately disclosed items	(4.3)	7.6

The impairment charge of £5.9 million (29 March 2025: £10.4 million) relates to the write down of 19 properties classified within property, plant and equipment (£7.9 million) (29 March 2025: 23 properties £9.2 million) and one right-of-use asset (£0.1 million) (29 March 2025: three assets held for sale properties £0.6 million and the write down of goodwill £1.0 million), to their recoverable value, net of the reversal of impairment for four properties of £2.1 million (29 March 2025: one property £0.4 million).

£0.8 million of profit has been recognised on the sale of four non-trading properties (29 March 2025: £18.9 million was recognised on the sale of 45 properties, including 37 tenanted sites sold to Admiral Taverns).

The cash impact of operating separately disclosed items before tax for the 52 weeks ended 28 March 2026 was £nil (29 March 2025: £0.2 million cash outflow).

4. Finance Costs

	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Finance Income Interest income from financial assets	0.2	0.3
Finance Costs Interest expense arising on:
Financial liabilities at amortised cost - loans and debentures	(8.4)	(10.4)
Financial liabilities at amortised cost - preference shares	(0.1)	(0.1)
Financial liabilities at amortised cost - lease liabilities	(3.0)	(3.2)
Net Finance costs before separately disclosed items	(11.3)	(13.4)
Finance credit on net pension liabilities (note 3)	-	0.8
Finance charge on the write down of arrangement fees (note 3)	-	(0.8)
Net finance costs after separately disclosed items	(11.3)	(13.4)

5. Taxation

Group	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Tax charged in the Income Statement
Corporation tax	3.6	2.2
Amounts over provided in previous years	(0.1)	-
Total current tax expense	3.5	2.2
Deferred tax:
Origination and reversal of temporary differences	5.1	5.1
Amounts over provided in previous years	(0.3)	(0.7)
Total deferred tax expense	4.8	4.4
Total tax charged in the Income Statement	8.3	6.6
Analysed as:
Before separately disclosed items	9.1	7.4
Separately disclosed items	(0.8)	(0.8)
	8.3	6.6

Reconciliation of the Total Tax Charge

The tax expense in the Income Statement for the year is higher (2025: lower) than the standard rate of corporation tax in the UK of 25% (2025: 25%). The differences are reconciled below:

	52 weeks ended 28 March 2026 £m	52 weeks ended 29 March 2025 £m
Profit before tax expense	29.5	33.8
Accounting profit multiplied by the UK standard rate of corporation tax of 25% (2025: 25%)	7.4	8.5
Items not deductible for tax purposes	0.1	0.5
Amounts over provided in previous years	(0.4)	(0.7)
Net movements in respect of property	1.2	(1.7)
Total tax charged in the Income Statement	8.3	6.6

Deferred tax charged / (credited) to the Income Statement	52 weeks ended 28 March 2026 £m	52 weeks ended 29 March 2025 £m
Deferred tax depreciation	2.0	1.3
Unrealised capital gains (on PP&E)	(0.8)	(3.0)
Retirement benefit obligations	-	0.3
Tax losses	4.4	1.9
Other	(0.8)	3.9
Deferred tax in the Income Statement	4.8	4.4

Tax relating to items charged / (credited) to the Statement of Comprehensive Income

Deferred tax:
Valuation gains on financial assets and liabilities	0.2	-
Net actuarial losses on pension scheme	(0.4)	(4.5)
Total tax credited in the Statement of Comprehensive Income	(0.2)	(4.5)

Tax related to items charged directly to the Statement of Changes in Equity

Deferred tax:
Share-based payments	0.1	-
Total tax charged to the Statement of Changes in Equity	0.1	-

6. Earnings Per Share

Group	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Profit attributable to equity shareholders	21.2	27.2
Separately disclosed items net of tax	4.3	(7.6)
Adjusted earnings attributable to equity shareholders	25.5	19.6

	Number	Number
Weighted average share capital	54,050,000	57,270,000
Dilutive outstanding options and share awards	890,000	625,000
Diluted weighted average share capital	54,940,000	57,895,000

40p "A" and "C" ordinary share	Pence	Pence
Basic earnings per share	39.22	47.49
Diluted earnings per share	38.59	46.98
Adjusted earnings per share	47.18	34.22
Diluted adjusted earnings per share	46.41	33.85

4p "B" ordinary share	Pence	Pence
Basic earnings per share	3.92	4.75
Diluted earnings per share	3.86	4.70
Adjusted earnings per share	4.72	3.42
Diluted adjusted earnings per share	4.64	3.39

For the purposes of calculating the number of shares to be used above, "B" shares have been treated as one-tenth of an "A" or "C" share. The earnings per share calculation is based on earnings from continuing operations and on the weighted average ordinary share capital which excludes shares held by trusts relating to employee share options and shares held in treasury of 4,602,620 (2025: 4,599,962).

Diluted earnings per share amounts are calculated using the same earnings figure as for basic earnings per share, divided by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential options into ordinary shares.

Adjusted earnings per share are calculated on profit after tax excluding separately disclosed items and on the same weighted average ordinary share capital as for the basic and diluted earnings per share. Adjusted earnings per share measures have been included as the Directors consider that these measures better reflect the underlying earnings of the Group.

7. Dividends

	52 weeks ended  28 March 2026 £m		52 weeks ended  29 March 2025 £m
Declared and paid during the year
Equity dividends on ordinary shares:
Final dividend for 2025: 12.35p (2024: 11.12p)	6.7		6.5
Interim dividend for 2026: 7.85p (2025: 7.41p)	4.2		4.2
Equity dividends paid	10.9		10.7
Dividends on cumulative preference shares (note 4)	0.1		0.1
Proposed for approval at the Annual General Meeting
Final dividend for 2026: 13.35p (2025: 12.35p)	7.1		6.8

The pence figures above are for the 40p "A" ordinary shares and 40p "C" ordinary shares. The 4p "B" ordinary shares carry dividend rights of one-tenth of those applicable to the 40p "A" ordinary shares. Own shares held in the employee share trusts do not qualify for dividends as the Trustees have waived their rights. Dividends are also not paid on own shares held as treasury shares.

8. Property, Plant and Equipment

Group	Land & buildings - owned & used  £m	Land & buildings - owned & lessor £m	Plant   machinery & vehicles £m	Fixtures & fittings  £m	Total £m
Cost
At 30 March 2024	472.4	146.9	6.3	198.2	823.8
Additions	34.9	1.7	-	16.1	52.7
Disposals	(3.2)	(15.6)	-	(9.8)	(28.6)
Transfer to asset held for sale	(3.1)	-	-	(0.3)	(3.4)
At 29 March 2025	501.0	133.0	6.3	204.2	844.5
Additions	16.8	8.3	-	14.9	40.0
Disposals	-	-	-	(0.2)	(0.2)
Transfer of use to investment properties	(2.0)	-	-	-	(2.0)
Transfer to asset held for sale	(2.2)	-	-	(0.2)	(2.4)
At 28 March 2026	513.6	141.3	6.3	218.7	879.9
Depreciation and impairment
At 30 March 2024	73.8	21.0	1.7	145.4	241.9
Provided during the year	6.0	1.5	-	13.1	20.6
Disposals	(1.3)	(1.7)	-	(8.9)	(11.9)
Impairment loss (note 9)	8.8	-	-	-	8.8
Transfer to assets held for sale	(0.4)	-	-	(0.2)	(0.6)
At 29 March 2025	86.9	20.8	1.7	149.4	258.8
Provided during the year	5.2	3.7	-	13.5	22.4
Disposals	-	-	-	(0.1)	(0.1)
Transfer of use to investment properties	(0.7)	-	-	-	(0.7)
Impairment loss (note 9)	5.8	-	-	-	5.8
Transfer to assets held for sale	(0.1)	-	-	(0.2)	(0.3)
At 28 March 2026	97.1	24.5	1.7	162.6	285.9
Net book value at 28 March 2026	416.5	116.8	4.6	56.1	594.0
Net book value at 29 March 2025	414.1	112.2	4.6	54.8	585.7
Net book value at 30 March 2024	398.6	125.9	4.6	52.8	581.9

9. Impairment

Group	52 weeks ended 28 March 2026  £m	52 weeks ended 29 March 2025  £m
Impairment losses
Property, plant and equipment	7.9	9.2
Right-of-use assets	0.1	-
Assets held for sale1	-	0.6
Intangible assets	-	1.0
Impairment reversals - Property, plant and equipment	(2.1)	(0.4)
Total net impairment charge	5.9	10.4
1 Assets held for sale were impaired after classification to assets held for sale, therefore under IFRS 5 this is an adjustment to fair value.

During the 52 weeks ended 28 March 2026, the Group recognised an impairment loss of £7.9 million (FY2025: £9.2 million) on property, plant and equipment, £0.1 million on right-of-use assets and £nil (FY2025: £0.6million) of impairment on assets held for sale in respect of the write down of 20 properties where their asset values exceeded the higher of FVLCS or their value in use. The impairment losses were driven principally by changes in the local competitive environment in which the pubs are situated. Net of the impairment loss there are £2.1million (FY2025: £0.4million) of impairment reversals recognised for four pubs (FY2025: one pub) where investment has led to a significant growth in performance.

10. Leases

Amounts recognised in the Balance Sheet

Group	2026  £m	2025  £m
Right-of-use assets
Properties	52.5	52.5
Equipment	-	0.3
	52.5	52.8
Lease liabilities
Current	5.5	5.2
Non-current	55.8	55.6
	61.3	60.8

Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:

Group	Property  £m	Equipment £m	Total £m
Net carrying value as at 29 March 2025	52.5	0.3	52.8
Lease amendments1	5.7	-	5.7
Depreciation	(5.6)	(0.3)	(5.9)
Impairment	(0.1)	-	(0.1)
Net carrying value as at 28 March 2026	52.5	-	52.5

1 Lease amendments include lease terminations, modifications, reassessments and extensions to existing lease agreements.

11. Analysis of Net Debt

52 weeks ended 28 March 2026	At 29 March 2025 £m	Cash flows £m	Non cash1  £m	At 28 March 2026 £m
Cash and cash equivalents:
Cash and short-term deposits	13.8	(6.4)	-	7.4
	13.8	(6.4)	-	7.4
Financial liabilities:
Lease liabilities	(60.8)	8.2	(8.7)	(61.3)
	(60.8)	8.2	(8.7)	(61.3)
Debt:
Bank loans2	(134.5)	8.4	(0.3)	(126.4)
Debenture stock	(19.9)	-	-	(19.9)
Preference shares	(1.6)	-	-	(1.6)
Total borrowings	(156.0)	8.4	(0.3)	(147.9)
Net debt	(203.0)	10.2	(9.0)	(201.8)

52 weeks ended 29 March 2025	At 30 March 2024 £m	Cash flows £m	Non cash1  £m	At 29 March 2025 £m
Cash and cash equivalents:
Cash and short-term deposits	12.2	1.6	-	13.8
	12.2	1.6	-	13.8
Financial liabilities:
Lease liabilities	(65.9)	8.3	(3.2)	(60.8)
	(65.9)	8.3	(3.2)	(60.8)
Debt:
Bank loans2	(123.8)	(9.5)	(1.2)	(134.5)
Debenture stock	(19.9)	-	-	(19.9)
Preference shares	(1.6)	-	-	(1.6)
Total borrowings	(145.3)	(9.5)	(1.2)	(156.0)
Net debt	(199.0)	0.4	(4.4)	(203.0)

1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees accrued, and movements in lease liabilities.

2  Bank loans are net of arrangement fees and cash flows include the payment of arrangement fees. 

12. Pensions

The amount included in the Balance Sheet arising from the Group's obligations in respect of its defined benefit retirement plan are:

	2026 £m	2025 £m
Fair value of Scheme assets	81.0	86.0
Present value of Scheme liabilities	(82.2)	(85.6)
(Deficit) / Surplus in the Scheme	(1.2)	0.4

Included within the total present value of Group and Company Scheme liabilities of £82.2 million (2025: £85.6 million) are assets and liabilities which are entirely unfunded. These are shown separately on the Balance Sheet as there is no right to offset the assets of the funded Scheme against the unfunded Scheme.

	2026 £m	2025 £m
Retirement benefit obligations - funded	-	1.6
Retirement benefit liabilities - unfunded	(1.2)	(1.2)
(Deficit) / surplus in the Scheme	(1.2)	0.4

	Defined benefit obligation			Fair value of Scheme assets			Net defined surplus
	2026  £m	2025  £m	2026  £m		2025  £m	2026  £m		2025  £m
Balance at beginning of the year	(85.6)	(95.0)	86.0		112.3	0.4		17.3
Included in profit and loss
Net interest credit	(4.8)	(4.5)	4.8		5.3	-		0.8
Administration expenses	-	-	(0.1)		(0.1)	(0.1)		(0.1)
Past service costs	-	(0.8)	-		-	-		(0.8)
	(4.8)	(5.3)	4.7		5.2	(0.1)		(0.1)
Included in Other Comprehensive Income
Actuarial gains / (losses) relating to:
Actual return less expected return on Scheme's assets	-	-	(4.1)		(28.2)	(4.1)		(28.2)
Experience gains / (losses) arising on Scheme liabilities	2.5	9.9	-		-	2.5		9.9
	2.5	9.9	(4.1)		(28.2)	(1.6)		(18.3)
Other
Employer contributions	-	-	0.1		1.5	0.1		1.5
Benefits paid	5.7	4.8	(5.7)		(4.8)	-		-
	5.7	4.8	(5.6)		(3.3)	0.1		1.5
Balance at end of the year	(82.2)	(85.6)	81.0		86.0	(1.2)		0.4

Key assumptions

The key assumptions used in the valuation of the Scheme are set out below:

Mortality assumptions	2026  Years	2025  Years
Current pensioners (at 65) - males	21.4	21.4
Current pensioners (at 65) - females	23.9	23.8
Future pensioners (at 65) - males	22.8	22.7
Future pensioners (at 65) - females	25.3	25.2

The Scheme is now closed to future accrual. The average age of the members who were active at closure is 60 for males and 58 for females. The average age of all non-pensioners is 59.

Key financial assumptions used in the valuation of the Scheme	2026	2025
Rate of increase in pensions in payment	3.20%	2.95%
Discount rate	6.30%	5.75%
Inflation assumption - RPI	3.30%	3.00%
Inflation assumption - CPI (pre-2030/post-2030)	2.40% / 3.30%	2.10% / 3.00%

Assets in the Scheme	2026 £m	2025 £m
Index linked debt instruments	-	1.3
Cash	0.7	1.3
Annuities	80.3	83.4
Total market value of assets	81.0	86.0

 

END