Fuller, Smith & Turner plc Financial Results for Half Year 2022

FULLER, SMITH & TURNER P.L.C.

(“Fuller’s”, the “Company”, or the “Group”)

Financial results for the 26 weeks to 24 September 2022

Good momentum – well-placed to deliver long-term growth

Financial and Operational Highlights

   Unaudited  Unaudited Audited
 26 weeksended24 September 26 weeks ended25 September 52 weeks ended26 March
202220212022
£m£m£m
Revenue and other income168.9116.3253.8
EBITDA128.922.844.3
Adjusted profit before tax29.84.67.2
Statutory profit before tax10.710.611.5
Basic earnings per share313.13p5.76p11.59p
Adjusted earnings per share312.48p6.09p9.79p
Dividend per share4.68p3.90p11.31p
Net debt excluding lease liabilities4129.2131.5131.9
   

All figures above are from continuing operations.

1  Pre-separately disclosed earnings before interest, tax, depreciation, profit on disposal of plant and equipment and amortisation.

2  Adjusted profit before tax is the profit before tax excluding separately disclosed items.

3  Per 40p ‘A’ or ‘C’ ordinary share. Adjusted EPS is calculated using earnings attributable to equity shareholders after tax excluding separately disclosed items. Basis EPS includes separately disclosed items.

4  Net debt excluding lease liabilities comprises cash and short-term deposits, bank overdraft, bank loans, debenture stock and preference shares.

· Revenues grew to £168.9 million (H1 2022: £116.3 million) as the business recovered from the impact of covid related restrictions on trade

· Like for like sales in the first half have grown by 20% compared to the prior year, with Central London growing by 67%

· Adjusted profit before tax increased to £9.8 million (H1 2022: £4.6 million) as the benefit of the sales recovery exceeded inflationary increases in the cost base   

· Net debt is at £129.2 million (H1 2022: £131.5 million) with the cash generated by the business funding investment in the estate and returns to shareholders

· Significant capacity to invest in growth with a four year £200 million bank facility effective from May 2022

· Interim dividend of 4.68p declared, representing a 20% increase on last year.

Strategic Highlights

· Sales momentum continues, despite the temporary disruption caused by ongoing train and tube strikes

· Digital transformation work completed with new look websites and enhanced consumer marketing capability

· Continued strong performance in our hotels with revenue per available room (“RevPAR”) increasing by 17% against H1 2020 to £94.65

· Implementing a wide range of energy reduction initiatives as part of our Life is too good to waste programme

· Maintained investment in the estate, with £12 million invested in the period to enhance capital values and drive further growth

· Impact of new central finance system reflected in more agile decision making

· Delivering on our long-term strategy while evolving to reflect changes in consumer behaviour.

Current Trading

· Like for like sales for the seven weeks to 12 November 2022 up 13% versus prior year despite the challenging environment

· Strong like for like sales growth across Central London – up 20% for the seven weeks to 12 November 2022

· Christmas bookings are strong and additional uplift expected from the World Cup

Chief Executive 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.

“While we look forward to our first Christmas free of restrictions for three years, and the added bonus of a FIFA World Cup, we are trading in an increasingly challenging environment. Cost pressures from energy bills, wage and food inflation, and increasing interest rates continue to impact us and all businesses in the hospitality sector. Our teams are working hard to manage these pressures, while ensuring we continue to deliver an outstanding experience for our customers.

“We are a long-term business, with excellent foundations both in terms of the strength of our Balance Sheet and our predominately freehold estate, and we have the talent, desire and drive to deliver future growth and success.”

-Ends-

For further information, please contact:

Fuller, Smith & Turner P.L.C.

Simon Emeny, Chief Executive  020 8996 2000

Neil Smith, Finance Director  020 8996 2000

Georgina Wald, Corporate Comms Manager                              020 8996 2198

Instinctif Partners

Justine Warren  020 7457 2010

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