UK-based pubs and hotels business Fuller, Smith & Turner has reported an increase in the group revenues by 45% to £168.9m in H1 2022, compared with £116.3m in the same period last year.
The group added that revenues recovered from last year’s Covid restrictions on trade.
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It also stated that sales momentum continues despite ongoing rail and Tube strikes. However, it estimates a £1.4m sales reduction due to the strike action in the first half of this year.
Like-for-like sales grew by 20% in the first half of this year, with Central London growing by 67%.
In H1 2022, the group’s adjusted profit before tax also increased to £9.8m, from £4.6m in H1 2021, given that the benefit of the sales recovery exceeded the inflationary increases in the cost base.
The group’s net debt excluding lease liabilities stood at £129.2m in the first half of the year as against £131.5m in the prior year period, with the cash generated by the business funding investment in the estate and returns to shareholders.
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By GlobalDataThe company reported significant capacity to invest in its growth plan, with a four-year £200m bank facility being effective from May this year.
It declared an interim dividend of 4.68p, marking a 20% increase from last year.
Fuller, Smith & Turner CEO Simon Emeny said: “Following on from a good first half performance, we have maintained our forward momentum in the seven weeks post the period end, with like-for-like sales up by 13% against the same period last year.
“As commuters return to their offices and international tourists once again visit the Capital, our Central London and City sites have seen like-for-like sales for the first seven weeks of the second half rise by 20% against the prior year, despite the impact of Tube and train strikes.”
