In a recent update, U.K. pubs-and-hotels business, Fuller Smith & Turner, revealed that it will be launching a share buyback program. This move is in line with the company’s capital allocation program and will include the repurchase of up to 1 million A shares.
During the 15-week period leading up to July 15, Fuller Smith & Turner experienced a significant increase in total sales, which rose by an impressive 17%. Furthermore, like-for-like sales also saw a substantial rise of 15% in the same time frame.
A contributing factor to this growth was the increase in tourism and events, as well as more workers returning to the office. In fact, the City and Central London sites saw a remarkable 18% increase in like-for-like sales.
Despite challenges such as cost inflation and ongoing train and tube strikes, Fuller Smith & Turner remains optimistic about its progress. Chief Executive, Simon Emeny, stated that their comprehensive strategy, combined with investments made in their people, infrastructure, marketing, and estate, is yielding excellent results.
Overall, the company is pleased with their performance and remains committed to delivering value to their shareholders.