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Investing.com -- Fuller Smith & Turner (LON:FSTA) on Wednesday reported a 28% increase in adjusted profit before tax to £22.5 million for the 26 weeks ended September 27, as the premium pub and hotel operator continued to outperform the market.
The company saw like-for-like sales in its Managed Pubs & Hotels division rise 4.6%, with drink sales up 6.5%, food sales up 2.0%, and accommodation sales up 3.3%. Total revenue increased 7% to £207.5 million.
Adjusted earnings per share jumped 38% to 30.03p, while the company increased its interim dividend by 6% to 7.85p per share.
"The business has performed exceptionally well, outperforming the market," said Simon Emeny, Executive Chairman. "This has been achieved through a clear long-term strategy, our well-invested property portfolio, a premium customer base, and a team of amazing people."
Fuller’s continued its share buyback program, repurchasing 1.2 million ’A’ shares during the period. The company has now bought back over 8 million shares since September 2022 at an average price of £6.05.
The positive momentum has continued into the second half, with like-for-like sales for the 32 weeks to November 8 up 4.6%. Christmas bookings are currently 16% ahead of the same time last year.
The company plans to invest £15 million in the second half across 14 transformational schemes, building on the £13.5 million invested in the first half, which included major renovations at The Chamberlain Hotel, The Hampshire Hog, and Bel & The Dragon in Odiham.