Fuller, Smith & Turner (FSTA) delayed the release of its full-year results, citing the need for more time to incorporate the impact of coronavirus into its figures. The pub and hotels operator’s financial year ended just a week after lockdown shut down the UK hospitality industry, but Fuller’s believes the pandemic has hit its trading by around £10m.
Having granted its tenants a rent holiday in the early throes of the outbreak, Fuller’s plans to start charging rent in August, while most of its sites are open once more. Fuller’s tenanted pubs “have not had an easy year” by the group’s own admission, with profits down 3 per cent in a year that struggled to match the halcyon days of the 2018 football world cup. The group also recorded impairments of £19m that included the write-down of the value of a number of its properties.
Fuller’s did, however, bank a £163m profit from the sale of its beer business, and returned £69m to shareholders. There was also room on the balance sheet to put £24m into the defined-benefit pension scheme, which helped slash the scheme deficit to £4.7m.
Analysts at Peel Hunt forecast March 2021 adjusted pre-tax losses and losses per share of £9.4m and 13.4p, respectively, rising to pre-tax profits and earnings per share of £31.8m and 45.5p in FY2022.
| FULLER, SMITH & TURNER (FSTA) | ||||
| ORD PRICE: | 536p | MARKET VALUE*: | £173m | |
| TOUCH: | 522-538p | 12-MONTH HIGH: | 1,120p | LOW: 486p |
| DIVIDEND YIELD: | 1.5% | PE RATIO: | NA | |
| NET ASSET VALUE: | 1,320p* | NET DEBT: | 57% | |
| Year to 28 Mar | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2016 | 351 | 39.2 | 59.3 | 17.9 |
| 2017 | 392 | 39.9 | 59.2 | 18.8 |
| 2018 | 404 | 43.6 | 64.9 | 19.6 |
| 2019 (restated) | 325 | 23.0 | 32.4 | 19.8 |
| 2020 | 329 | 3.2 | -1.81 | 7.80 |
| % change | +1 | -86 | - | -61 |
| Ex-div: | na | |||
| Payment: | na | |||
| *Does not include family-held 'B' and 'C' shares. NB: 2020 pre-tax and EPS figures do not include £163m net profit from discontinued operations. | ||||
