Fuller’s Pub Group Toasts Office Back To Londoners As Sales Rise
- The group also announced that it will buy back up to one million ‘A’ shares.
- The increase in tourism and the return of workers to the offices has led to the growth in sales.
Sales at Fuller, Smith & Turner received a double-digit boost from tourism and summer events, and a growing number of Londoners returning to offices.
Sales for the hotel and bar chain for the 15 weeks to July 15 were up 17.1% year-over-year, and comparable sales in the same period were up 15.1%.
Performance was driven by comparable sales growth of 17.9 per cent at the Fuller’s City and Central London sites.
Fuller, Smith & Turner also announced that increased tourism and events, as well as the return of workers to offices, has led to comparable sales growth of 17.9% at its City and Central London sites.
In a statement ahead of the AGM, Fuller’s also declared a total dividend of 14.68 pence per ‘A’ and 40 pence ‘C’ shares for the fiscal year, an increase of 30 per cent on last year.
Its board has also begun repurchases of up to 1 million A shares, but did not say at what price or over what period the repurchases would take place.
Fuller Smith & Turner Stock it was up 1.7 percent at 590p late Thursday afternoon.
Simon Emeny, Fuller’s chief executive, said: ‘We are very pleased to have had a good 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 equity, is delivering excellent results; And while cost inflation and train and subway strikes continue to present challenges, we are pleased with our progress.
‘We have a clear vision and the best people in the sector to move the Company forward, grow the business and generate excellent returns for all our stakeholders. I look forward to providing a further update on November 16, 2023, when we will post our semi-annual results for the 26 weeks through September 30, 2023.”
The pub and hotel chain estimated it lost more than £5m in sales from rail strikers over the past financial year.
Industrial action by train and tube workers prompted many commuters to work from home, having a “particularly detrimental” impact on their central London outlets, the group told investors in June.
