Stock Exchange announcements
24-Jul-2007: Interim Management Statement
16 weeks to 21 July 2007
Fuller, Smith & Turner P.L.C., London’s last remaining traditional brewer, and pub retailer, today issued the following Interim Management Statement in advance of the Company’s Annual General Meeting, to be held at 11.00 a.m. today 24 July 2007 at the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.
Fuller’s Inns, the managed and tenanted pubs and hotel division, saw invested like for like sales in its managed pubs increase by 5.4%* in the first 16 weeks to 21 July 2007 (uninvested by 4.3%). Tenanted pubs and hotels continue to make progress in line with expectations. The Fuller’s Beer Company’s volumes continue to show growth in a competitive market place.
The Group’s cash flows and debt levels are in line with expectations. As mentioned in the preliminary announcement of the Group’s results on 8 June 2007, since the year end, the Group has paid £8m into its pension fund, reducing the year end pension deficit from £16m to £8m.
Anthony Fuller, Chairman commented as follows:
“The first quarter has seen a good start to the year, in line with our expectations. The smoking ban came into effect on 1 July 2007, but it is still too early to identify its effect on sales. Indeed a far greater daily influence has been the variable weather at the height of the English summer – a challenge which we have learned to expect and address through the years. The Board is confident of the prospects for the continuing success of the Group.”
At its AGM today, the Group is seeking permission to have a five for two split of its £1 and 10p shares, converting every two £1 ‘A’ or ‘C’ shares to five new 40p shares and every two 10p ‘B’ shares into five new 4p shares.
As announced last year, today sees the retirement of Anthony Fuller CBE as Chairman. He will remain on the Board as a Non-Executive Director and has agreed to become President. Michael Turner, who has been the Chief Executive since July 2002, takes over as Executive Chairman of the Group.
The next report will be on 23 November when the Group issues its 26 week trading statement and results to 29 September 2007.
- Ends -
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175/2198/2048
Mobile: 07831 299 801/07748 657 854
Michael Turner: Press 020 8996 2048
Paul Clarke: Analysts 020 8996 2048
Merlin 020 7653 6620
Paul Downes 07900 244 888 (mobile)
Anja Kharlamova 07887 884 788 (mobile)
Copies of this statement, the annual report and other recent press releases are available on the company’s website www.fullers.co.uk
Invested like for like sales comprise all pubs in the managed estate excepting acquisitions, transfers or disposals, and with comparatives adjusted for refurbishment closures. Uninvested like for like sales exclude, in addition to acquisitions, transfers and disposals, those properties where more than £75k of capital expenditure has been incurred.
Category: Interim Management Statement