Staff of Reuters 2 minutes Reuters (Reuters) – Fuller, Smith & Turner, a pub and hotel operator in the United Kingdom, announced on Thursday that it will cancel its full-year dividend after posting an annual deficit as a result of pandemic-related restrictions. For the 12 weeks ending July 3, like-for-like sales at the company’s directly operated venues were 76 percent of pre-pandemic levels, indicating an improvement in net debt levels following the lifting of some limitations, according to Fuller’s. “Strong performance in portions of our estate, particularly Cotswold Inns & Hotels and our country pubs with rooms, has resulted from the surge in staycations and the desire to get back out with friends,” said Chief Executive Officer Simon Emeny. As social distancing measures and curfews shut down its operations and battered the hospitality sector, the primarily family-owned business had to reduce employment, sell some enterprises, borrow finances, and seek loan waivers throughout the pandemic. For the 52 weeks ending March 27, Fuller’s reported an adjusted pretax loss of 48.7 million pounds ($67.14 million), compared to a profit of 19.4 million pounds the previous year. Overall, sales and other income fell by 77%. (1 pound = 0.7254 pound) Pushkala Aripaka contributed reporting from Bengaluru, and Amy Caren edited the piece. Daniel/n
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