17th Nov 2022 14:41
(Alliance News) - Fuller, Smith & Turner PLC on Thursday reported a jump in revenue that was offset by soaring operating costs, but raised its dividend.
The London-based pub and hotel company said that for the half-year to September 24, pretax profit rose mildly to GBP10.7 million from GBP10.6 million a year prior, which ended September 25, 2021.
Revenue jumped 45% to GBP168.9 million from GBP116.3 million. Operating costs however increased by 50% to GBP156.5 million from GBP104.6 million.
Fuller raised its interim dividend by 20% to 4.68 pence per share from 3.90p a year prior.
The company said that in the first seven weeks of its second financial half, like-for-like sales were up 13% on a year prior.
Chief Executive Simon Emeny added: "As commuters return to their offices and international tourists once again visit the capital, our central London and city sites have seen like for like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of tube and train strikes."
Further, the company noted an increasingly challenging environment. While positively citing the football World Cup as a boost, it mentioned the pressures of rising energy bills, wage and food inflation and growing interest rates.
Fuller shares were 1.1% higher at 497.60 pence each in London on Thursday afternoon.
By Tom Budszus; [email protected]
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