(Alliance News) - Fuller, Smith & Turner PLC on Wednesday hailed "strong progress" in its half-year, as it raised dividends and announced a new share buyback.
The London-based UK pub and hotel chain said in the six months to September 30, pretax profit jumped 39% to GBP14.9 million from GBP10.7 million a year prior.
Revenue climbed 12% to GBP188.8 million from GBP168.9 million.
However, Fuller's still cautioned on supply chain uncertainty and changes in consumer demand.
The company raised its interim dividend per share by 42% to 6.63 pence from 4.68p. It also announced its intention to buy back a further 1 million 'A' shares, after completing its previous buyback of 1 million shares at an average price of 580 pence.
Fuller's shares rose 5.3% to 604.16p each on Wednesday morning in London.
Looking ahead, Chief Executive Simon Emeny said: "We have a long-term vision, strong values and a clear strategy and all of this is underpinned by our predominately freehold estate of iconic pubs in fantastic locations. While there is still a challenging economic environment to navigate, we have had a strong first half. With exciting plans in the pipeline, we are looking forward to the second half of the year with confidence."
It added it was "primed for a strong Christmas", with bookings already 11% ahead of the prior year. Like-for-like sales in the 32 weeks to November 11 were up just shy of 12%.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Fuller Smith & Turner (FSTA)