Fuller Smith & Turner PLC (AIM:FSTA) said sales were up 4% on pre-pandemic levels in the first 10 weeks of the current fiscal year.
The pubs group noted that total sales were up 130% on the same period last year when pubs were heavily affected by lockdown restrictions.
On a like-for-like basis, excluding closed periods, sales in the first 10 weeks of the year are up 21.4% on last year, the company said in its full-year results statement.
In the 52 weeks to 26 March, 2022 revenue bounced back to £253.8mln from £73.2mln the year before while the group returned to profit, with a reported profit before tax of £11.5mln versus a loss the year before of £59.2mln. Adjusted profit before tax, which excludes one-off items, was £7.2mln versus a loss of £48.7mln the year before.
Net debt narrowed to £131.9mln from £218.1mln.
The company announced a new valuation of the total property portfolio at £995.6 million, roughly £400mln above the current book value, which implies an adjusted net asset value per share of 1,380p. Fuller shares currently trade at 580p, up 1.8% on the day.
Having returned to paying dividends at the interim stage with a 3.9p dividend, the board is recommending payment of a final dividend of 7.41p; the company did not pay a dividend last year.
“While the last financial year has adversely affected Fuller's - with some of our key sites being the most impacted by the pandemic, we have built a balanced business which positions us well to navigate the continued evolution in consumer trends and behaviour," said Simon Emeny, the chief executive officer of Fuller’s.
"The current year has started well. We welcome the gradual return of workers to the City and tourists to Central London, which is now underway, and we are seeing steady growth in our total weekly sales, which will have a positive impact in FY2023. Momentum in the City and Central London continues to build, and we are confident that we will see the benefits of our estate's composition come into play.”