The Fuller Smith & Turner Board is to announce a final dividend of 7.41p (2021: nil) per 40p 'A' and 'C' ordinary share and 0.74p (2021: nil) per 4p 'B' ordinary share. This will be paid on 27 July 2022 to shareholders on the share register as at 8 July 2022. The total dividend of 11.31p per 40p 'A' and 'C' ordinary share and 1.13p per 4p 'B' ordinary share is over 50% of the 2019 dividend and marks a return to a progressive dividend policy.
Other financial highlights include:
Revenues recovered to £253.8 million (2021: £73.2 million) despite being significantly impacted during the year by coronavirus related closures, restrictions and working from home guidance
Adjusted profit before tax returning to growth at £7.2 million (2021: loss £48.7 million)
Net debt excluding leases reduced to £131.9 million and headroom for future growth in place with new four-year £200 million bank facilities
New Directors' valuation of the total property portfolio at £995.6 million, approximately £400 million above their current book value, which implies an adjusted net asset value per share of £13.80, demonstrating the underlying Balance Sheet strength of the business