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25-Jul-2013: Interim Management Statement

Fuller, Smith & Turner P.L.C. ('Fuller's' or 'the Company') reports its trading performance for the 16 weeks to 20 July 2013, in advance of the Company’s Annual General Meeting to be held today, 25 July 2013 at 11.00 am in the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.

The Company has enjoyed a strong first 16 weeks to 20 July 2013, aided by the recent spell of glorious weather. Total sales in Managed Pubs and Hotels have increased 12.0%. Like for like sales were up 10.0% with food and accommodation sales showing very strong growth, demonstrating good underlying momentum. Like for like profits in the Tenanted Inns division were down 1% in the same period, as we took advantage of the dry conditions to undertake external property repairs: underlying profit remains in growth. Total beer and cider volumes declined 2%.

The Company's balance sheet and cash generation remain strong and net debt reduced to £130.2 million on 29 June 2013, down from £135.6 million at the year end. Net debt to EBITDA (pro forma for the impact of acquisitions) also reduced to 2.5 times, from 2.6 times at the year end.

Simon Emeny, Chief Executive commented as follows:

“After several weeks of barbeque summer weather, it is pleasing to see customers coming to our pubs and gardens to enjoy our food, drink and hospitality. Of course, the boost to our fortunes that the sunshine brings is small in the context of our long term future. I am therefore equally pleased that the underlying business is well positioned, with pub investments performing strongly and our various long term initiatives, such as our entry into the craft lager and cider markets, showing promising progress.”

The Company will next report on 22 November 2013 when it issues its half year report for the 26 weeks to 28 September 2013.

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For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office: 020 8996 2048/2175
Mobile: 07870 408 102

Simon Emeny: Press 020 8996 2048
James Douglas: Analysts 020 8996 2048

College Hill: 020 7726 8400
Paul Downes: 07900 244 888
Justine Warren: 07785 555 692

Category: Interim Management Statement


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