The Fuller, Smith and Turner Board is to announce a final dividend of 10.0p (FY2022: 7.41p) per 40p 'A' and 'C' ordinary share and 1.0p (FY2022: 0.741p) per 4p 'B' ordinary share, representing a year-on-year increase of 35%. This will be paid on 27 July 2023 to shareholders on the share register as at 23 June 2023. The total dividend of 14.68p (FY2022: 11.31p) per 40p 'A' and 'C' ordinary share and 1.468p (FY2022: 1.131p) per 4p 'B' ordinary share represents a 30% year-on-year increase and continue a return to a progressive dividend policy.
Other financial highlights include:
Revenues grew 33% to £336.6 million (FY2022: £253.8 million) as the business recovered from the impact of covid-related restrictions on trade
Like for like sales in the year grew by 17.5% compared to prior year, with Central London growing by 40.1%
Adjusted profit before tax increased by 76% to £12.7 million (FY2022: £7.2 million)
Net debt at £132.8 million (FY2022: £131.9 million) with cash generated by the business funding investment in the estate and returns to shareholders
Directors' valuation of the total property portfolio in May 2022 at £995.6 million, approximately £400 million above our current book value - giving implied adjusted net asset value per share of £14.07
Board to keep further share buybacks under review in line with its capital allocation framework.
