4th Sep 2019 11:48
(Alliance News) - Fuller, Smith, & Turner PLC on Wednesday reported a good start to its financial year, while there also is to be a cash return to shareholders.
Fuller's said like-for-like sales for the 22 weeks to August 31 in Managed Pubs & Hotels rose 2.5%, with like-for-like profit in Tenanted Inns down 2%. The latter unit was trading against an "exceptionally" strong year-on-year comparable.
"I am pleased to see our Managed Pubs & Hotels showing like-for-like growth and, while our like-for-like profits in Tenanted Inns are down a little year on year, it is important to remember the first half of last year included the halcyon period where sun and sport combined to create perfect pub-going conditions," said Chief Executive Simon Emeny, speaking at the publican's annual general meeting on Wednesday.
In April, Fuller's completed the GBP250 million sale of its beer brewing business to Japan's Asahi Group, and as part of that Fuller's promised to return GBP69 million to shareholders.
This will be made up of a dividend of 125 pence per 'A' and 'C' share, and 12.5p per 'B' share. The company will be issuing 'D' shares to all ordinary shareholders according to these relative dividend entitlements, and then broker Numis Securities will offer to buy back all of these 'D' shares at 12.5p.
Fuller's also said Non-Executive Director Peter Swinburn has stepped down from the board. He has had recent health issues, the pub owner said, meaning he cannot fully commit to the role.
Shares were 5.4% higher on Wednesday morning at a price of 1,170.00 pence each.