Stock Exchange announcements
29-Jul-2011: Interim Management Statement
INTERIM MANAGEMENT STATEMENT
16 weeks to 23 July 2011
Fuller, Smith & Turner P.L.C. today made the following Interim Management
Statement for the 16 week period from 3 April to 23 July 2011, in advance of
the Company's Annual General Meeting to be held at 11.00 am, 29 July 2011, in
the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.
The Company has traded well in the first 16 weeks to 23 July 2011. Fuller's
Inns saw like for like sales in its Managed Pubs and Hotels increase by 3.2% in
the period, whilst the Tenanted Inns like for like profits were up 1%. The
Fuller's Beer Company's own brewed beer volumes grew by 2%.
Cash generation continues to be strong with net debt at the end of the first
quarter at £90.9 million, marginally up from £88.5 million on 2 April 2011,
having completed the acquisition of five pubs since the start of the new
financial year. Net debt to EBITDA remains unchanged at 1.9 times.
The Company remains on target to invest £31 million in the business this year.
The £4.5 million tank farm to support bottled beer growth is on schedule to be
completed this autumn and the first of our seven major refurbishments planned
for this year, at the Thomas a Becket in Worthing, has reopened this week. The
27 new bedrooms at the Drayton Court Hotel, which opened last month have been a
great success, with occupancy and room rate immediately exceeding our first
As previously announced, Nick MacAndrew will stand down at the AGM following
ten years on the Board. Nick has provided invaluable support and guidance to us
over that period, and particularly in the last three years as Senior
Independent Director, a role he will now pass to John Dunsmore. Nick has also
served as an extremely effective and efficient Chairman of the Audit Committee
and Lynn Fordham will succeed him.
Alastair Kerr joins the Board on 1 August. His exceptional track record in
consumer-focused retail businesses will be a great asset to the Board and we
are very much looking forward to working with him.
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 increased by 3.2%. The UK economy
remains very difficult to read, but I am confident that our strategy ensures
that the Company is well placed to deliver good returns to its shareholders
even in these continuing uncertain times."
The next report will be on 25 November 2011 when the Company issues its half
year report for the 26 weeks to 1 October 2011.
- Ends -
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office: 020 8996 2198/2048
Mobile: 07789 396197
Michael Turner: Press 020 8996 2048
James Douglas: Analysts 020 8996 2048
Merlin 020 7726 8400
Paul Downes 07900 244 888 (mobile)
Del Jones 07787 183 306 (mobile)
Category: Interim Management Statement