Upcoming Dividend • Jun 26
Upcoming dividend of UK£0.13 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 23 July 2026. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.4%). Announcement • Jun 22
Fuller, Smith & Turner P.L.C., Annual General Meeting, Jul 21, 2026 Fuller, Smith & Turner P.L.C., Annual General Meeting, Jul 21, 2026. Location: the george iv, 185 chiswick high road, w4 2dr, london United Kingdom Declared Dividend • Jun 12
Final dividend increased to UK£0.13 Dividend of UK£0.13 is 8.1% higher than last year. Ex-date: 2nd July 2026 Payment date: 23rd July 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (200% earnings payout ratio). However, it is well covered by cash flows (27% cash payout ratio). The dividend has increased by an average of 2.0% 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 122% to bring the payout ratio under control. EPS is expected to grow by 172% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 12
Fuller, Smith & Turner P.L.C. Proposes Final Dividend "A" and "C" Ordinary Share, Payable on 23 July 2026 Fuller, Smith & Turner P.L.C. proposed a final dividend of 13.35p (FY2025: 12.35p) per 40p "A" and "C" Ordinary Share and 1.335p (FY2025: 1.235p) per 4p "B" Ordinary Share, representing an increase of 8%. This will be paid on 23 July 2026 to shareholders on the share register as at 3 July 2026. The total dividend of 21.20p (FY2025: 19.76p) per 40p "A" and "C" Ordinary Share and 2.120p (FY2025: 1.976p) per 4p "B" Ordinary Share represents a 7% year on year increase. Reported Earnings • Jun 10
Full year 2026 earnings released: EPS: UK£0.039 (vs UK£0.47 in FY 2025) Full year 2026 results: EPS: UK£0.039 (down from UK£0.47 in FY 2025). Revenue: UK£397.8m (up 5.7% from FY 2025). Net income: UK£21.2m (down 22% from FY 2025). Profit margin: 5.3% (down from 7.2% in FY 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Price Target Changed • Mar 30
Price target increased by 8.6% to UK£9.08 Up from UK£8.36, the current price target is an average from 7 analysts. New target price is 42% above last closing price of UK£6.40. Stock is up 21% over the past year. The company posted earnings per share of UK£0.47 last year. 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 British dividend payers (5.6%). Higher than average of industry peers (2.4%). 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 6.3% growth forecast for the Hospitality industry in the United Kingdom. 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 increased to UK£0.079 Dividend of UK£0.079 is 5.9% higher than last year. Ex-date: 11th December 2025 Payment date: 2nd January 2026 Dividend yield will be 3.2%, 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. Announcement • 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. 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 British dividend payers (5.5%). Higher than average of industry peers (2.1%). Declared Dividend • Jun 13
Final dividend increased to UK£0.12 Dividend of UK£0.12 is 11% higher than last year. Ex-date: 3rd July 2025 Payment date: 24th July 2025 Dividend yield will be 3.3%, 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. New Risk • Jun 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% 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 1.4% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (242% cash payout ratio). Large one-off items impacting financial results. Announcement • 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. Major Estimate Revision • Mar 23
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£0.305 to UK£0.366. Revenue forecast steady at UK£370.4m. Net income forecast to grow 12% next year vs 19% growth forecast for Hospitality industry in the United Kingdom. Consensus price target of UK£8.11 unchanged from last update. Share price fell 2.5% to UK£5.36 over the past week. 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. Major Estimate Revision • Jan 16
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from UK£0.312 to UK£0.384. Revenue forecast unchanged at UK£368.3m. Net income forecast to grow 9.5% next year vs 28% growth forecast for Hospitality industry in the United Kingdom. Consensus price target broadly unchanged at UK£8.54. Share price fell 2.1% to UK£5.72 over the past week. 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 British dividend payers (5.7%). Higher than average of industry peers (1.9%). 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 increased to UK£0.074 Dividend of UK£0.074 is 12% higher than last year. Ex-date: 12th December 2024 Payment date: 2nd January 2025 Dividend yield will be 2.6%, 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. Announcement • 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. Announcement • 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. Price Target Changed • Jul 23
Price target increased by 13% to UK£8.44 Up from UK£7.47, the current price target is an average from 4 analysts. New target price is 18% above last closing price of UK£7.16. Stock is up 23% over the past year. The company is forecast to post earnings per share of UK£0.30 for next year compared to UK£0.15 last year. 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 7.3% growth forecast for the Hospitality industry in the United Kingdom. Announcement • 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. Price Target Changed • May 08
Price target decreased by 19% to UK£6.15 Down from UK£7.56, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of UK£6.18. Stock is up 17% over the past year. The company is forecast to post earnings per share of UK£0.25 for next year compared to UK£0.13 last year. 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 British dividend payers (6.0%). In line with average of industry peers (2.2%). 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 7.8% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • 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. Announcement • 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 Price Target Changed • Jul 20
Price target increased by 7.6% to UK£7.07 Up from UK£6.57, the current price target is an average from 5 analysts. New target price is 22% above last closing price of UK£5.80. Stock is down 7.9% over the past year. The company is forecast to post earnings per share of UK£0.24 for next year compared to UK£0.13 last year. Announcement • 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. Announcement • 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 Risk 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 8.3% growth forecast for the Hospitality industry in the United Kingdom. Announcement • 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. Major Estimate Revision • Jan 24
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from UK£327.2m to UK£322.5m. EPS estimate also fell from UK£0.224 per share to UK£0.155 per share. Net income forecast to shrink 2.1% next year vs 0.5% growth forecast for Hospitality industry in the United Kingdom . Consensus price target down from UK£6.72 to UK£6.57. Share price was steady at UK£4.95 over the past week. Announcement • 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 British dividend payers (5.7%). Higher than average of industry peers (1.6%). 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 9.8% growth forecast for the Hospitality industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 16
Price target decreased to UK£6.92 Down from UK£7.74, the current price target is an average from 5 analysts. New target price is 41% above last closing price of UK£4.92. Stock is down 23% over the past year. The company is forecast to post earnings per share of UK£0.24 for next year compared to UK£0.12 last year. 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 UK£96k worth of stock On the 6th of October, Richard H. Fuller bought around 21k shares on-market at roughly UK£4.57 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 UK£105k more in shares than they have sold in the last 12 months. Buying Opportunity • Oct 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be UK£5.73, 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. Price Target Changed • Oct 06
Price target decreased to UK£7.48 Down from UK£8.16, the current price target is an average from 5 analysts. New target price is 64% above last closing price of UK£4.55. Stock is down 33% over the past year. The company is forecast to post earnings per share of UK£0.28 for next year compared to UK£0.12 last year. Major Estimate Revision • Sep 21
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from UK£0.35 to UK£0.28 per share. Revenue forecast steady at UK£328.1m. Net income forecast to grow 158% next year vs 2.6% growth forecast for Hospitality industry in the United Kingdom. Consensus price target down from UK£8.16 to UK£7.74. Share price was steady at UK£5.00 over the past week. Price Target Changed • Sep 20
Price target decreased to UK£7.74 Down from UK£8.33, the current price target is an average from 5 analysts. New target price is 61% above last closing price of UK£4.80. Stock is down 35% over the past year. The company is forecast to post earnings per share of UK£0.35 for next year compared to UK£0.12 last year. Buying Opportunity • Sep 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be UK£6.25, 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 British dividend payers (5.2%). Higher than average of industry peers (1.3%). Reported Earnings • Jun 10
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: 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). Revenue missed analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 28%, compared to a 23% growth forecast for the restaurants industry in the United Kingdom. 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 • Feb 21
Now 23% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be UK£9.06, 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. Upcoming Dividend • Dec 09
Upcoming dividend of UK£0.039 per share Eligible shareholders must have bought the stock before 16 December 2021. Payment date: 04 January 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.1%. Lower than top quartile of British dividend payers (4.1%). In line with average of industry peers (1.0%). 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). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 09
Full year 2021 earnings released 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). Price Target Changed • Apr 14
Price target increased to UK£9.44 Up from UK£8.81, the current price target is an average from 6 analysts. New target price is 6.1% above last closing price of UK£8.90. Stock is up 16% over the past year. Price Target Changed • Apr 01
Price target increased to UK£8.84 Up from UK£8.12, the current price target is an average from 6 analysts. New target price is 5.2% above last closing price of UK£8.40. Stock is up 20% over the past year. Is New 90 Day High Low • Feb 25
New 90-day high: UK£9.02 The company is up 33% from its price of UK£6.80 on 27 November 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£12.13 per share. Is New 90 Day High Low • Feb 06
New 90-day high: UK£8.60 The company is up 51% from its price of UK£5.70 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£12.59 per share. Is New 90 Day High Low • Jan 19
New 90-day high: UK£7.86 The company is up 34% from its price of UK£5.85 on 21 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£13.03 per share. Reported Earnings • Nov 28
First half 2021 earnings released: UK£0.35 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: UK£45.4m (down 73% from 1H 2020). Net loss: UK£19.1m (down 262% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 26
Analysts update estimates The 2021 consensus revenue estimate was lowered from UK£212.1m to UK£185.4m. Earning per share (EPS) estimate was unchanged from the last update at -UK£0.43. The Hospitality industry in the United Kingdom is expected to see a 30% decline in net income next year. The consensus price target increased from UK£8.42 to UK£8.54. Share price is down by 7.5% to UK£6.62 over the past week. Is New 90 Day High Low • Nov 09
New 90-day high: UK£6.36 The company is up 3.0% from its price of UK£6.20 on 11 August 2020. The British market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£2.53 per share. 
