Fuller, Smith & Turner PLC on Wednesday said profit more than doubled in its recent financial year, as the pub chain recorded sales growth from food, drink and accommodation.
It also said its board chair will change next month.
London-based Fuller’s has 185 managed pubs and hotels across southern England, plus 153 tenanted inns. It sold its beer brewing arm to Japan’s Asahi Group Holdings Ltd in 2019.
Pretax profit jumped to £33.8 million in the year that ended March 29 from £14.4 million the year before, as revenue rose 4.8% to £376.3 million from £359.1 million.
Adjusted measures also were higher. Adjusted pretax profit was £27.0 million, up 32% from £20.5 million. Adjusted earnings before interest, tax, depreciation and amortisation was £67.6 million, up 11% from £60.8 million.
In response, Fuller’s raised its dividend by 13% to 19.76 pence from 17.75p. Additionally, it bought back 6.5 million shares at an average price of £6.13, and it started a new buyback in March for a million shares.
Fuller’s shares were down 2.2% to 630.00p on Wednesday morning in London.
On a like-for-like basis, food sales increased by 4.8% last year, drink sales by 5.3%, and accommodation sales by 5.4%.
In the first 10 weeks of the new financial year, like-for-like sales are up 4.2%, the company said. It will release half-year results on November 25.
Fuller’s invested £28 million into its pub estate during the recent year, including major renovations of 14 pubs. It sold 38 pubs for £38.3 million in total and bought Lovely Pubs, with 7 pubs, for £22.5 million.
Michael Turner will retire as chair at the company’s annual general meeting on July 22, after 47 years at the company that carries his name and 18 as chair. Chief Executive Simon Emeny will become executive chair.
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