(Alliance News) - Fuller, Smith & Turner PLC on Thursday announced a buyback of one million A shares as it hailed trading in the first 15 weeks of financial year 2024.
The UK pub and hotel chain shared "strong progress" in the 15 weeks to July 15, with total sales rising 17% year-on-year, and like-for-like sales up 15%.
"Increased tourism and events, along with workers returning to their offices, have contributed to like for like sales growth of 17.9% in our City and Central London sites," the firm said.
Citing the positive numbers, the company announced a buyback of one million A shares.
Chief Executive Simon Emeny 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."
The company will release its half-year results for the 26 weeks to to September 30 on November 16.
Fuller, Smith & Turner shares were 2.9% higher at 596.70 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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Fuller Smith & Turner (FSTA)