Fuller, Smith & Turner boosts dividend and plans further share buyback

Fuller, Smith & Turner PLC on Wednesday said it will extend its share buyback as it announced an improved property valuation and higher annual sales.

In response, shares in the London-based pubs and hotels operator jumped 10% to 724.50 pence each in London on Wednesday morning.

Pretax profit fell 13% to £29.5 million in the 52 weeks ended March 28 from £33.8 million the year prior.

Revenue increased by 5.7% to £397.8 million from £376.3 million with ‘all parts of the business performing well’ and like for like sales for Managed Pubs and Hotels growing 4.9%.

Growth in profit margins, combined with revenue growth, delivered a ‘significant’ 28% improvement in adjusted pretax profit to £34.6 million from £27.0 million, it added.

Adjusted pretax profit excludes ‘separately disclosed items’ which amounted to an expense of £5.1 million in the period, compared to a £6.8 million credit the year before. The items include profit on the sale of properties, and impairments on the value of assets.

Adjusted operating margins grew to 11.5% from 10.7%.

Basic earnings per share declined 17% to 39.22 pence from 47.49p, but rose 38% to 47.18p from 34.22p on an adjusted basis.

‘These results have been delivered against an increasingly challenging macroeconomic and political backdrop,’ the firm stressed, citing ‘unprecedented government interference, additional taxes and regulations.’

Momentum has continued into the current financial year, the firm said, with LFL sales for the 10 weeks to June 6 rising 4.4% on-year, while underlying profitability continues to improve.

The firm proposed a final dividend of 13.35p per ’A’ and ’C’ share, up 8.1% from 12.35p a year ago, taking the total payout to 21.20p per share, up 7.3% on the prior year’s 19.76p.

In addition, Fuller, Smith & Turner said it plans an additional one million ’A’ share buyback to commence when the current programme has completed within the next few weeks. At the current share price, this will total £7.3 million.

The pub chain said a new valuation of the entire property estate showed a total value of £991 million, higher than the net book value of £594 million included within the financial statements. This would imply an increase in the current net asset value per share to £15.21 from £7.73, it said.

Copyright 2026 Alliance News Ltd. All Rights Reserved.