18th Nov 2021 11:35
(Alliance News) - Fuller, Smith & Turner PLC on Thursday posted a swing to interim profit and a substantial revenue rise as its fortunes improved markedly as Covid-19 restrictions eased.
The pub and hotel company said revenue in the six months to September 25 more than doubled to GBP116.3 million from GBP45.6 million. It swung to a pretax profit of GBP10.6 million from a GBP23.0 million loss.
Fuller's said revenue hit 80% of pre-pandemic levels, this was despite its estate only being restriction-free for nine full weeks during the period.
Fuller's stated its sites in rural areas were "well-positioned" to bounce back as soon as it was able to reopen. Sales in urban areas such as Central London and transport hubs increased when restrictions started to ease and office work resumed.
The company resumed payout and will pay an interim dividend of 3.90 pence per 'A' and 'C' ordinary share. Holders of 'B' shares will receive a 0.39p payout.
"We are pleased with the steady growth we are seeing across our pubs and hotels and we will benefit as international tourists return and office workers continue to head back to their desks and colleagues," Fuller's said.
It also noted "issues facing the industry as a whole", such as supply chain strife and inflationary pressures. Fuller's said it is not immune but is "well funded and in a good position to tackle headwinds".
Shares in the company were 2.9% higher at 660.44 pence each in London on Thursday morning.
By Abby Amoakuh; [email protected]
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