Fuller, Smith & Turner has said that it will scrap its full-year dividend, after swinging to an annual loss as the British pub and hotel operator was pummelled by COVID-19 pandemic-related restrictions.
Like-for-like sales at venues directly managed by the company were at 76% of pre-pandemic levels for the 12 weeks to July 3, Fuller's said, pointing to an improvement in net debt levels after the easing of some restrictions.
"The boom in staycations and desire to get back out with friends has led to strong trading in parts of our estate - particularly Cotswold Inns & Hotels and our rural pubs with rooms," CEO Simon Emeny said.
Combatting The Pandemic
The largely family owned business has had to cut jobs, sell some businesses, raise funds and seek loan waivers during the pandemic as social distancing measures and curfews shutdown its operations and hammered the hospitality sector.
Adjusted Pre-Tax Loss
Fuller's said that adjusted pre-tax loss stood at £48.7 million for the 52 weeks to March 27, compared to a profit of £19.4 million in the previous year. Overall sales and other income slumped 77%.