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18-Jul-2012: Interim Management Statement

18-Jul-2012: Interim Management Statement
15 weeks to 14 July 2012

Fuller, Smith & Turner P.L.C. today made the following Interim Management Statement for the 15 week period from 1 April to 14 July 2012, in advance of the Company's Annual General Meeting to be held at 11.00 am, 18 July 2012, in the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.

Total sales for Managed Pubs and Hotels grew 8.0%, but the persistent rain affected sales in a large number of pubs with gardens, causing like for like sales to decline by 1.1%. The Queen’s Diamond Jubilee and Euro 2012 benefited the other parts of the business more noticeably, with Tenanted Inns like for like profits up 1% and The Fuller’s Beer Company total beer volumes growing by 1%, helped by the launch of Hope and Glory in May and Wild River in June, which have both proved very popular.

Cash generation is very strong and net debt at the end of the first quarter reduced to £134.5 million, down from £138.2 million on 31 March 2012. Net debt to EBITDA (proforma for the impact of acquisitions and disposals) remains unchanged at 2.7 times.

The 30 pubs we acquired last year are performing well and achieving our anticipated sales targets, providing a strong foundation for growth. Six of the 13 managed pubs acquired have now been refurbished and the rest will receive investment during the remainder of this financial year. Refurbishments to existing pubs continue to be successful with sales growing 13% as a result of the investments and we are planning increased expenditure this year. We remain focused on investing for the long term in quality pubs, in premium markets.

Nigel Atkinson will stand down after the AGM having served for six years on the Board. Nigel was previously Managing Director of George Gale and Company, which Fuller’s acquired in December 2005, for 14 years. He has added real value in both roles and his contribution has been extremely important to the Company.

Over the coming weeks the eyes of the world will be on London. Michael Turner, Chairman, commented:

“With the opening ceremony a mere nine days away and as the Olympic Torch weaves its way closer to the capital, past a growing number of our pubs and hotels, we can see the excitement building. The Brewery is running at full tilt to ensure that everyone can celebrate with a pint of London Pride.”

The next report will be on 23 November 2012 when the Company issues its half year report for the 26 weeks to 29 September 2012.

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For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office: 020 8996 2175/2048
Mobile: 07824 815366

Merlin 020 7726 8400
Paul Downes 07900 244 888
Rachel Thomas 07787 504 447

Category: Interim Management Statement

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