Stock Exchange announcements
23-Jul-2010: Interim Management Statement
INTERIM MANAGEMENT STATEMENT
16 weeks to 17 July 2010
Fuller, Smith & Turner P.L.C. today made the following Interim Management Statement for the 16 week period from 28 March 2010 to 17 July 2010, in advance of the Company's Annual General Meeting to be held at 11.00 am, 23 July 2010, in the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.
The Company has traded well in the first 16 weeks to 17 July 2010. Fuller's Inns saw like for like sales in its Managed Pubs and Hotels increase by 4.1% in the period, whilst Tenanted like for like profits were up 1%. The Fuller's Beer Company's own brewed beer volumes declined by 2%.
Cash generation has been strong and net debt at the end of first quarter on 26 June 2010 had fallen to £102.0 million, from £107.7 million on 27 March 2010, with net debt to EBITDA down to 2.3 times.
Michael Turner, Chairman, commented as follows:
`Fuller's has started the year well. In the first 16 weeks of this year, our Managed Pubs and Hotels like for like sales increase of 4.1% is again amongst the very best in our sector. After some glorious summer weather there are economic clouds on the horizon, but I am confident that our strategy ensures
the Company is well placed to deliver for its shareholders even in these continuing uncertain times.'
The next report will be on 19 November 2010 when the Company issues its half year report for the 26 weeks to 25 September 2010.
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For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2198/2048/2175
Mobile: 07824 815 366
Michael Turner: Press 020 8996 2048
James Douglas: Analysts 020 8996 2048
Merlin 020 7653 6620
Paul Downes 07900 244 888 (mobile)
Toby Bates 07930 480 391 (mobile)
Category: Interim Management Statement