Fuller, Smith & Turner said on Thursday 20 July it plans to buy back up to one million 'A' shares, after the British pub group reported higher sales for the first 15 weeks, helped by more tourists frequenting key sites and people returning to offices.
Last month, the group increased its annual dividend by 30% as strong sales of cocktails and rosé wine supported a recovery from pandemic lows.
Given the strong start to the year and having declared total dividend, the board has decided to commence repurchase of shares, Fullers said in a statement.
Shares of the company were up 1.7% at 590 pence, as of 0736 GMT on Thursday 20 July.
Like-for-like sales in the first 15 weeks ended 15 July of the current fiscal year were up 15.1% from a year earlier, the company said.
While cost inflation and the ongoing train and tube strikes present challenges, London's continued recovery is driving strong sales momentum, chief executive Simon Emeny said.
The British hospitality sector has weathered rising costs as consumer spending remains healthy, but train and tube strikes have hit particularly hard in central London, where many of Fullers' pubs are located.
Cocktails And Rosé Fans Help Pub Group Fullers Bounce Back
The above news follows last month's news that Fuller, Smith & Turner hiked its annual dividend by 30% on Thursday 15 June as strong sales of cocktails and rosé wine helped the British pubs group continue its recovery from the pandemic, despite a hit from transport strikes and high inflation.
The above news was followed by the following brief:
Fullers Enters Arrangement With Numis Securities To Repurchase Up To 1m 'A' Ordinary Shares Of 40p Each
- FULLER SMITH & TURNER - ARRANGEMENT WITH NUMIS SECURITIES TO REPURCHASE UP TO 1 MILLION 'A' ORDINARY SHARES OF 40 PENCE EACH IN COMPANY