(Alliance News) -Â Fuller, Smith & Turner PLC on Thursday reported a slump in half-year revenue and a swing to loss following the shuttering of pubs in the period due to Covid-19.
Its estate was shut for 14 weeks of the 26-week trading period. As a result, the pub operator's revenue in the half-year to September 26 tumbled 72% to GBP45.4 million from GBP165.1 million, and the company swung to a pretax loss of GBP23.0 million from a profit of GBP14.2 million a year before.
Like-for-like sales in the period stood "at 75% of the previous year", it said, versus growth of 2.7% in the first half of the 2020 financial year.
"However, we were encouraged by the like for like run rate, which illustrated how quickly consumer confidence built as we reopened the estate from 4 July 2020. By the end of July, sales were at 68% of prior year levels on a like for like basis, and at the end of August - following the success of the Government's inspired Eat Out to Help Out scheme - 79% of our pubs were open and we were trading at 78% of prior year levels," said Fuller's.
Sales momentum had been "steadily building" but further restrictions knocked consumer confidence and hit trading. Fuller highlighted the rule of six, 10pm curfew and tier system.
"On 17 October 2020, when London was moved into Tier 2 and people were once again encouraged to work from home, leaving the City like a ghost town, like for like sales in 37 of our largest Central London sites fell to less than 30% of the previous year. This has led to our like for like sales, across the estate, finishing at 57% for the final week of October," the company said.
Shares in Fuller's were down 2.3% at 684.00 pence in London on Thursday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Fuller Smith & Turner (FSTA)