Upcoming Dividend • Dec 04
Upcoming dividend of UK£0.079 per share Eligible shareholders must have bought the stock before 11 December 2025. Payment date: 02 January 2026. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (3.2%). Reported Earnings • Nov 17
First half 2026 earnings released: EPS: UK£0.28 (vs UK£0.37 in 1H 2025) First half 2026 results: EPS: UK£0.28 (down from UK£0.37 in 1H 2025). Revenue: UK£207.5m (up 6.9% from 1H 2025). Net income: UK£15.2m (down 30% from 1H 2025). Profit margin: 7.3% (down from 11% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 14
First half dividend of UK£0.079 announced Shareholders will receive a dividend of UK£0.079. Ex-date: 11th December 2025 Payment date: 2nd January 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (486% earnings payout ratio). However, it is well covered by cash flows (30% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 440% to bring the payout ratio under control. EPS is expected to grow by 138% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • Nov 12
Fuller, Smith & Turner P.L.C. Announces Interim Dividend on A, B and C Ordinary Shares, Payable on 2 January 2026 Fuller, Smith & Turner P.L.C. announced an interim dividend of 7.85 pence (H1 2025: 7.41 pence) per 40 pence 'A' and 'C' ordinary share and 0.785 pence (H1 2025: 0.741 pence) per 4 pence 'B' ordinary share. This will be paid on 2 January 2026 to shareholders on the share register as at 12 December 2025. Buy Or Sell Opportunity • Jul 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.0% to €6.55. The fair value is estimated to be €5.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are forecast to decline by 0.6% per annum over the same time period. Upcoming Dividend • Jun 27
Upcoming dividend of UK£0.12 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 24 July 2025. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (2.9%). Declared Dividend • Jun 13
Final dividend of UK£0.12 announced Shareholders will receive a dividend of UK£0.12. Ex-date: 3rd July 2025 Payment date: 24th July 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but not covered by cash flows (242% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.6% over the next 3 years. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 12
Full year 2025 earnings released: EPS: UK£0.47 (vs UK£0.15 in FY 2024) Full year 2025 results: EPS: UK£0.47 (up from UK£0.15 in FY 2024). Revenue: UK£376.3m (up 4.8% from FY 2024). Net income: UK£27.2m (up 199% from FY 2024). Profit margin: 7.2% (up from 2.5% in FY 2024). Same store sales growth: 5.2% vs FY 2024 Total stores: 338 (down by 32 from FY 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Hospitality industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annuncio • Apr 01
Fuller, Smith & Turner P.L.C. Announces Board Changes Fuller, Smith & Turner P.L.C., announced the following changes to the Board. Helen Jones, having served six years as an independent non-executive director and Chair of the Remuneration Committee, will retire from the Board with effect from 31 March 2025. Jane Bednall will join the Board as an independent non-executive director with effect from 1 April 2025. Jane will serve on the Audit & Risk Committee, Nominations Committee and Remuneration Committee, and will take on the role of Employee Engagement Director. Jane Bednall is an experienced non-executive director following a successful executive career in customer-led companies, including British Airways plc and Intercontinental Hotels Group plc, where she held senior leadership roles in marketing, brand, customer, digital and commercial. She is currently a Non-Executive Director overseeing AustralianSuper’s interests on the Board of the Kings Cross Central General Partnership, and was previously a Non-Executive Director at Enterprise Inns plc and DFS Furniture plc. Robin Rowland will be appointed as Chair of the Remuneration Committee with effect from 1 April 2025 to replace Helen Jones. Jane Bednall was a non-executive director of DFS Furniture plc from 1 January 2020 to 23 June 2023. New Risk • Mar 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (91% cash payout ratio). Large one-off items impacting financial results. New Risk • Jan 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (93% cash payout ratio). Large one-off items impacting financial results. Upcoming Dividend • Dec 05
Upcoming dividend of UK£0.074 per share Eligible shareholders must have bought the stock before 12 December 2024. Payment date: 02 January 2025. Payout ratio is a comfortable 54% and the cash payout ratio is 89%. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (5.0%). In line with average of industry peers (2.7%). New Risk • Nov 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Dividend is not well covered by earnings (117% payout ratio). Large one-off items impacting financial results. Declared Dividend • Nov 15
First half dividend of UK£0.074 announced Shareholders will receive a dividend of UK£0.074. Ex-date: 12th December 2024 Payment date: 2nd January 2025 Dividend yield will be 2.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (117% earnings payout ratio). However, it is covered by cash flows (89.8% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 30% to bring the payout ratio under control. EPS is expected to grow by 5.4% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Annuncio • Nov 14
Fuller, Smith & Turner P.L.C. Announces Interim Dividend, Payable on 2 January 2025 Fuller, Smith & Turner P.L.C. announced an interim dividend of 7.41 pence (H1 2024: 6.63 pence) per 40 pence 'A' and 'C' ordinary share and 0.741 pence (H1 2024: 0.663 pence) per 4 pence 'B' ordinary share. This will be paid on 2 January 2025 to shareholders on the share register as at 13 December 2024. Annuncio • Aug 07
Fuller, Smith & Turner P.L.C. (LSE:FSTA) acquired Lovely Pubs Ltd for £22.5 million. Fuller, Smith & Turner P.L.C. (LSE:FSTA) acquired Lovely Pubs Ltd for £22.5 million on August 6, 2024. The acquisition will be funded from existing banking facilities. Lovely Pubs Ltd will continue to operate as they are and its founders will continue to work with Fuller’s and all 260 team members will be retained with the acquisition. For the period ending December 31, 2023, Lovely Pubs Ltd reported EBITDA of £3.1 million. CBRE acted as advisors on the deal.
Fuller, Smith & Turner P.L.C. (LSE:FSTA) completed the acqusition of Lovely Pubs Ltd on August 6, 2024. New Risk • Jun 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (117% payout ratio). Large one-off items impacting financial results. Declared Dividend • Jun 16
Final dividend of UK£0.11 announced Shareholders will receive a dividend of UK£0.11. Ex-date: 4th July 2024 Payment date: 25th July 2024 Dividend yield will be 2.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is well covered by cash flows (24% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.2% to bring the payout ratio under control. EPS is expected to grow by 5.3% over the next 3 years, which should be enough to bring the dividend into a sustainable range. Reported Earnings • Jun 14
Full year 2024 earnings released Full year 2024 results: Revenue: UK£359.1m (up 6.7% from FY 2023). Net income: UK£9.10m (up 15% from FY 2023). Profit margin: 2.5% (up from 2.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Hospitality industry in Germany. Annuncio • May 30
Admiral Taverns Limited agreed terms to acquire Portfolio of 37 pubs of Tenanted Inns Division of Fuller, Smith & Turner P.L.C. for £18.3 million. Admiral Taverns Limited agreed terms to acquire Portfolio of 37 pubs of Tenanted Inns Division of Fuller, Smith & Turner P.L.C. for £18.3 million on May 29, 2024. The proceeds from the sale will further strengthen the Fuller, Smith’s balance sheet, enabling additional investment in its pubs, as well as supporting future acquisition opportunities. Following completion, Fuller’s will have 154 pubs within its Tenanted Inns Division. As of March 30, 2024, the portfolio of 37 pubs generated £1.3 million of profit before tax. The transaction is expected to close on June 25, 2024. Sapient Corporate Finance acted as financial advisor to Fuller, Smith & Turner. Upcoming Dividend • Dec 07
Upcoming dividend of UK£0.066 per share at 2.4% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 02 January 2024. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (2.7%). Annuncio • Nov 17
Fuller, Smith & Turner P.L.C. Declares Interim Dividend, Payable on 2 January 2024 Fuller, Smith & Turner P.L.C. announce an interim dividend of 6.63 pence (H1 2023: 4.68 pence) per 40p 'A' and 'C' ordinary share and 0.663 pence (H1 2023: 0.468 pence) per 4p 'B' ordinary share. This will be paid on 2 January 2024 to shareholders on the share register as at 15 December 2023. Reported Earnings • Nov 17
First half 2024 earnings released: EPS: UK£0.18 (vs UK£0.13 in 1H 2023) First half 2024 results: EPS: UK£0.18 (up from UK£0.13 in 1H 2023). Revenue: UK£188.8m (up 12% from 1H 2023). Net income: UK£10.7m (up 32% from 1H 2023). Profit margin: 5.7% (up from 4.8% in 1H 2023). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Hospitality industry in Germany. Annuncio • Aug 24
Fuller, Smith & Turner P.L.C. to Report First Half, 2024 Results on Nov 15, 2023 Fuller, Smith & Turner P.L.C. announced that they will report first half, 2024 results on Nov 15, 2023 Annuncio • Jul 04
Fuller, Smith & Turner P.L.C. Appoints Dawn Browne to the Board Fuller, Smith & Turner P.L.C. announced that, as previously disclosed on 15 June 2023, Dawn Browne, People & Talent Director, has been appointed to the board, effective 3 July 2023. Annuncio • Jun 28
Fuller, Smith & Turner P.L.C., Annual General Meeting, Jul 20, 2023 Fuller, Smith & Turner P.L.C., Annual General Meeting, Jul 20, 2023, at 10:00 Coordinated Universal Time. Location: The George IV, 185 Chiswick High Road W4 2DR London United Kingdom Agenda: To consider that the financial statements of the Company for the 53 weeks ended 1 April 2023 together with the reports of the Directors and of the Auditors thereon be received; to consider that the final dividend in respect of the 53 weeks ended 1 April 2023 of 10.0p per `A' and `C' ordinary share of 40 pence each and 1.0p per `B' ordinary share of 4 pence each be declared, such dividend to be payable on 27 July 2023 to holders of ordinary shares registered at the close of business on 7 July 2023; to consider that the Directors' Remuneration Report set out in the Annual Report and Accounts for 2023 be approved; to consider that Dawn Browne, who was appointed by the Board of Directors since the last AGM, be elected as a Director; to consider that Helen Jones, who was re-appointed by the Board of Directors since the last AGM, be re-elected as a Director; to consider that Robin Rowland, who is retiring by rotation, be re-elected as a Director; and to consider other matters. New Risk • Jun 17
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (113% payout ratio). Large one-off items impacting financial results. Reported Earnings • Jun 16
Full year 2023 earnings released Full year 2023 results: Revenue: UK£336.6m (up 33% from FY 2022). Net income: UK£7.90m (up 11% from FY 2022). Profit margin: 2.3% (down from 2.8% in FY 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Germany. Annuncio • Jun 15
Fuller, Smith & Turner P.L.C. Announces Final Dividend on 40P A, B and C Ordinary Shares, Payable on July 27, 2023 The Board of Fuller, Smith & Turner P.L.C. announced 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 continues return to a progressive dividend policy. Annuncio • Jan 24
Fuller, Smith & Turner P.L.C. to Report Fiscal Year 2023 Results on Jun 15, 2023 Fuller, Smith & Turner P.L.C. announced that they will report fiscal year 2023 results on Jun 15, 2023 Upcoming Dividend • Dec 08
Upcoming dividend of UK£0.047 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 03 January 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.9%). In line with average of industry peers (2.1%). Reported Earnings • Nov 18
First half 2023 earnings released: EPS: UK£0.13 (vs UK£0.058 in 1H 2022) First half 2023 results: EPS: UK£0.13 (up from UK£0.058 in 1H 2022). Revenue: UK£168.9m (up 45% from 1H 2022). Net income: UK£8.10m (up 131% from 1H 2022). Profit margin: 4.8% (up from 3.0% in 1H 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Hospitality industry in Germany. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Robin Rowland was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 11
Non-Executive Director recently bought €109k worth of stock On the 6th of October, Richard H. Fuller bought around 21k shares on-market at roughly €5.20 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €120k more in shares than they have sold in the last 12 months. Buying Opportunity • Sep 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €6.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Buying Opportunity • Sep 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be €7.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Upcoming Dividend • Jun 30
Upcoming dividend of UK£0.074 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 27 July 2022. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.9%). Reported Earnings • Jun 10
Full year 2022 earnings released: EPS: UK£0.12 (vs UK£0.87 loss in FY 2021) Full year 2022 results: EPS: UK£0.12 (up from UK£0.87 loss in FY 2021). Revenue: UK£253.8m (up 247% from FY 2021). Net income: UK£7.10m (up UK£55.3m from FY 2021). Profit margin: 2.8% (up from net loss in FY 2021). Total stores: 385 (up by 1 from FY 2021). Over the next year, revenue is forecast to grow 28%, compared to a 31% growth forecast for the restaurants industry in Germany. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Robin Rowland was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Jan 21
Now 21% undervalued Over the last 90 days, the stock is up 9.8%. The fair value is estimated to be UK£10.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Nov 21
First half 2022 earnings released: EPS UK£0.058 (vs UK£0.34 loss in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: UK£116.3m (up 156% from 1H 2021). Net income: UK£3.50m (up UK£22.1m from 1H 2021). Profit margin: 3.0% (up from net loss in 1H 2021). Reported Earnings • Jul 09
Full year 2021 earnings released: UK£0.87 loss per share (vs UK£0.018 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: UK£73.2m (down 78% from FY 2020). Net loss: UK£48.2m (loss widened UK£47.2m from FY 2020). 
