Fuller Smith & Turner moved to FY2022 pre-tax profit on higher revenue
By Anthony O. Goriainoff
Fuller Smith & Turner PLC said on Thursday it moved to a pre-tax profit for the 2022 financial year as revenue increased due to its estate opening for business for a longer period than the previous year, and that it was returning to a progressive dividend policy.
The British pub and hotel company said that for the 52 weeks to March 26, pre-tax profit was 11.5 million pounds ($14.4 million), compared with a pre-tax loss of 57 £.8 million for the 2021 financial year.
On an adjusted basis, it rose to a pre-tax profit of £7.2m from a pre-tax loss of £48.7m, he said.
Revenues fell from £73.2m to £253.8m, he said.
The board has proposed a final dividend of 7.41 pence per share.
The company said sales in the first 10 weeks of fiscal 2023 were 4% above pre-pandemic levels and on a like-for-like basis were up 21.4% from fiscal 2021. excluding closed periods.
“The current year has started well. We welcome the gradual return of workers to the City and tourists to central London, which is now underway, and we are seeing steady growth in our total weekly sales, which will have a positive impact on the 2023 financial year,” said Chief Executive Simon Emeny.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com