By Najat Kantouar
Fuller Smith & Turner said pretax profit for the first half of fiscal 2024 rose on the back of strong sales and profit conversion despite high inflation, and said that it plans to buy back an extra one million A shares.
The U.K. pubs-and-hotels business said Wednesday that pretax profit for the six months ended Sept. 30 was 14.9 million pounds ($18.6 million) compared with GBP10.7 million for the same period a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortization–one of the company’s preferred metrics that strips out exceptional and other one-off items–was GBP34.8 million compared with GBP28.9 million in the year-earlier period.
Revenue rose 12% to GBP188.8 million from GBP168.9 million, driven by strong performances across the estate.
The board declared an interim dividend of 6.63 pence, up from 4.68 pence in the same period of the prior year.
“While there is still a challenging economic environment to navigate, we have had a strong first half and with exciting plans in the pipeline, we are looking forward to the second half of the year with confidence,” Chief Executive Simon Emeny said.
“Customers are increasingly seeking premium experiences when they are spending their money, and we have the benefit of the lucrative international tourist trade to come with inbound tourism still below coronavirus levels.”
Write to Najat Kantouar at [email protected]
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