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Fuller, Smith & Turner PLC - London-based pub and hotel company - Swings to annual profit as more hotels and pubs were open following lifting of Covid restrictions. Pretax profit in the year that ended March 26 is £11.5 million versus loss of £59.2 million a year ago. Profit still lower than pre-pandemic pretax profit of £26.1m in the financial year that ended March 30, 2019.
Revenue surges to £253.8 million in recent year from £73.2 million in financial 2021, but lower than financial 2019 revenue of £431.1 million. Net debt is paid down to £131.9 million from £218.1 million. Declares a final dividend of 7.41 pence per share, bringing the total dividend to 11.31, versus none a year ago.
‘We welcome the gradual return of workers to the city and tourists to central London, which is now underway, and we are seeing steady growth in our total weekly sales, which will have a positive impact in financial year 2023. Momentum in the city and central London continues to build, and we are confident that we will see the benefits of our estate's composition come into play,’ says Chief Executive Officer Simon Emeny.
Citing food and utility costs, he cautions: ‘Market conditions remain challenging with fragile consumer confidence and well-documented high inflationary pressures. Our premium offering provides some protection from inflation, however we are certainly not immune from its effects.’
Current stock price: 576.32 pence, up 1.1% on Thursday
12-month change: down 32%
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