The trading update came ahead of its annual general meeting, at which all resolutions were passed. The business said it has “continued to make strong progress” with total sales for the period rising by 17.1% and an increase in tourism and events, along with workers returning to their offices, contributed to lfl sales growth of 17.9% in its City and central London sites.
The west London-based business said: “Given the strong start to the year and having declared a total dividend of 14.68p per 40p ‘A’ and ‘C’ share for FY23 (an increase of 30% on the previous year), the board has decided to commence the repurchase of up to 1m ‘A’ shares in line with our capital allocation framework.”
Strong start to year
Fuller’s chief executive Simon Emeny said: “We are very pleased to have delivered a strong start to the year. The hard work of our teams, coupled with London’s continued recovery, is driving strong sales momentum.
“Our comprehensive strategy, combined with the investments we have made in our people, infrastructure, marketing and estate, is delivering excellent results; and while cost inflation and the ongoing train and tube strikes continue to present challenges, we are pleased with our progress.
“We have a clear vision and the best people in the sector to take the company forward, grow the business and deliver excellent returns for all our stakeholders.”
Update in November
Emeny added he will provide a further update on 16 November 2023 when Fuller’s will issue its half-year results for the 26 weeks to 30 September 2023.
In June, Fuller’s announced its lfl sales for the first 10 weeks of FY23 had risen by 13.9% versus the same period in 2022.
Emeny said at the time: “Looking forwards, the future looks very positive. We continue to build on our five strategic pillars, investing in the areas that have the greatest impact on our business and growing our profitability.”