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Pub Operator Fuller, Smith & Turner To Scrap Full-Year Dividend After Swinging To Annual Loss

Published on Jul 9 2021 11:28 AM in Pub/Bar/Nightclub tagged: Fuller / Smith & Turner

Pub Operator Fuller, Smith & Turner To Scrap Full-Year Dividend After Swinging To Annual Loss

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.

CEO Statement

"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%.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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