Pub group Fuller’s toasts Londoners’ office return as sales jump
- The group also announced that it is going to buy back up to one million ‘A’ shares
- Increased tourism and workers returning to offices has led to sales growth
Fuller, Smith & Turner sales were handed a double-digit boost by summer tourism and events, and growing numbers of Londoners returning to offices.
The pub and hotel chain’s sales for the 15 weeks to 15 July rose by 17.1 per cent year-on-year, with like-for-like sales in the same period rising by 15.1 per cent.
The performance was driven by like-for-like sales growth of 17.9 per cent in Fuller’s City and Central London sites.
Fuller, Smith & Turner also announced that the increased tourism and events, as well as workers returning to offices has led to a like for like sales growth of 17.9 per cent in its City and Central London sites
In a pre-AGM statement, Fuller’s also declared a total dividend of 14.68p per 40p ‘A’ and ‘C’ share for the financial year, which is a 30 per cent increase on last year.
Its board also commenced the repurchase of up to one million A shares, but did not say at what price or over what period repurchases would take place.
Fuller Smith & Turner shares rose 1.7 per cent to 590p by late midafternoon on Thursday.
Simon Emeny, chief executive of Fuller’s, said: ‘We are very pleased to have delivered a strong start to the year. The hard work of our teams, coupled with London’s continued recovery, is driving strong sales momentum.
‘Our comprehensive strategy, combined with the investments we have made in our people, infrastructure, marketing and estate, is delivering excellent results; and while cost inflation and the ongoing train and tube strikes continue to present challenges, we are pleased with our progress.
‘We have a clear vision and the best people in the sector to take the Company forward, grow the business, and deliver excellent returns for all our stakeholders. I look forward to providing a further update on 16 November 2023 when we will issue our half year results for the 26 weeks to 30 September 2023.’
The pub and hotel chain estimated it lost over £5 million in sales from rail strikers during the last financial year.
Industrial action by tube and train workers led many commuters to work from home, which had a ‘particularly detrimental’ impact on its Central London establishments, the group told investors in June.
