2023 dividend up 30
Sales in 10 weeks of financial 2024 up almost 14
Shares up 1

June 15 Reuters Fuller Smith Turner hiked its annual dividend by 30 on Thursday as strong sales of cocktails and rosé wine helped the British pubs group continue its recovery from the pandemic, despite a hit from transport strikes and high inflation.

I am more optimistic about the future than I have been since before the pandemic. While the welldocumented inflationary environment has been a challenge, there are positive signs on the horizon, CEO Simon Emeny said in a statement.

Resilient customer spending has helped the UK hospitality industry pass on rising costs, but business was disrupted by widespread strikes at the end of 2022 and early this year.

Train and tube strikes hit particularly hard in central London, where many of Fullers pubs are located. It estimated the disruption lopped more than 5 million pounds 6.3 million off sales in the financial year ended April 1.

Fullers reported a 76 rise in adjusted profit before tax to 12.7 million pounds, but that was still below 2019 levels.

Shares in the company, which have gained almost 15 so far this year, were up 1 in morning trade.

We believe Fuller39;s underperformance in profit recovery can be addressed as pandemic recovery trends and cost headwinds normalise, Stifel analysts said in a note.

Emeny said profit margins, which have been hit by higher energy, food and wages costs, were expected to improve, though the company…