Fuller, Smith & Turner sales get boost from warm weather and World Cup
(Alliance News) - Fuller, Smith & Turner PLC on Wednesday said it expects full-year adjusted pretax profit to exceed current market expectations following a strong first half.
"The business is in great shape, and we continue to build on our positive momentum," commented Executive Chair Simon Emeny.
The London-based pub and hotel operator reported pretax profit of GBP28.5 million for the 26 weeks that ended September 26, up from GBP21.1 million a year earlier.
Revenue rose 6.5% to GBP220.9 million from GBP207.5 million, or by 6.1% on a like-for-like basis.
Emeny said the "outstanding results" saw the firm capitalise "further on the opportunity presented by exceptional summer weather and the football World Cup" in June and July.
Adjusted pretax profit increased 25% to GBP28.2 million from GBP22.5 million, while like-for-like sales at managed pubs and hotels grew 6.1%.
Basic earnings per share rose to 40.77 pence from 27.84p and to 39.81p from 30.03p on an adjusted basis.
The interim dividend was lifted by 6.0% to 8.35p per share from 7.85p.
For the first 32 weeks of the financial year to November, LFL sales were up 5.8%, while Christmas bookings are 16% ahead of last year, the company said.
As a result, Fullers expects adjusted profit before tax for financial 2027, which usually runs to the last Saturday in March, to be ahead of current market expectations.
Panmure Liberum sees financial 2027 market consensus for adjusted pretax profit rising to around GBP40 million from GBP37.1 million presently.
Separately, Fullers said Richard Fuller will retire from the board on January 31 after 42 years, most recently as a non-executive director.
By Jeremy Cutler, Alliance News reporter
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