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Fuller, Smith & Turner PLC on Wednesday hailed ‘strong progress’ in its half-year, as it raised dividends and announced a new share buyback. The London-based UK pub and hotel chain said in the six months to September 30, pretax profit jumped 39% to £14.9 million from £10.7 million a year prior. Revenue climbed 12% to £188.8 million from £168.9 million. However, Fuller’s still cautioned on supply chain uncertainty and changes in consumer demand. The company raised its interim dividend per share by 42% to 6.63 pence from 4.68p. It also announced its intention to buy back a further 1 million ’A’ shares, after completing its previous buyback of 1 million shares at an average price of 580 pence. Fuller’s shares rose 5.3% to 604.16p each on Wednesday morning in London. Looking ahead, Chief Executive Simon Emeny said: ‘We have a long-term vision, strong values and a clear strategy and all of this is underpinned by our predominately freehold estate of iconic pubs in fantastic locations. While there is still a challenging economic environment to navigate, we have had a strong first half. With exciting plans in the pipeline, we are looking forward to the second half of the year with confidence.’ It added it was ‘primed for a strong Christmas’, with bookings already 11% ahead of the prior year. Like-for-like sales in the 32 weeks to November 11 were up just shy of 12%. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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