Pub group Fuller’s toasts Londoners’ office return as sales jump

Pub group Fuller’s cheers to Londoners’ office returns as sales soar

  • The group also announced that it will repurchase up to one million ‘A’ shares
  • Increased tourism and workers returning to offices have led to revenue growth

Fuller, Smith & Turner sales received a double-digit boost from summer tourism and events, and a growing number of Londoners returning to offices.

The pub and hotel chain’s sales during the 15 weeks to July 15 were up 17.1 percent year-on-year, while like-for-like sales rose 15.1 percent over the same period.

The performance was driven by like-for-like sales growth of 17.9 percent in the Fuller’s City and Central London locations.

Fuller, Smith & Turner also announced that increased tourism and events, as well as the number of employees returning to offices, has led to like-for-like sales growth of 17.9 per cent across the City and Central London locations.

In a pre-AGM statement, Fuller’s also declared a total dividend of 14.68p per share ‘A’ and ‘C’ of 40p for the financial year, which is a 30 per cent increase on last year.

The board also began repurchasing up to one million A shares, but did not say at what price or over what period the repurchase would take place.

Fuller Smith & Turner Shares rose 1.7 percent to 590p by late afternoon on Thursday.

Simon Emeny, CEO of Fuller’s, said: ‘We are very pleased to have started the year well. The hard work of our teams, coupled with London’s ongoing recovery, is driving strong sales momentum.

‘Our integrated strategy, combined with the investments we have made in our people, infrastructure, marketing and real estate, is delivering excellent results; and while cost inflation and ongoing rail and subway strikes continue to pose challenges, we are pleased with our progress.

“We have a clear vision and the best people in the industry to drive the business forward, grow the business and deliver outstanding returns for all our stakeholders. I look forward to a further update on November 16, 2023 when we will publish our half-year results for the 26 weeks to September 30, 2023.”

The pub and hotel chain estimated they lost more than £5million in sales over the past financial year due to railway strikes.

Strikes by tube and rail workers have led many commuters to work from home, which has had a “particularly adverse” impact on central London businesses, the group told investors in June.