Interim Management Statement
Fuller, Smith & Turner P.L.C. ('Fuller's' or
'the Company') today reports its trading
performance for the 42 weeks to 21 January 2012.
In the 9 weeks to 21 January 2012, the Company has traded
well with like for like sales in Managed Pubs and Hotels up
5.1%, bringing the like for like sales growth for the 42
weeks to 4.1%. Like for like profits in the Tenanted Inns
division increased 1% and Own Beer volumes for the
Fuller's Beer Company grew 1% for the 42 week
period.
The Company's balance sheet and cash generation remain
strong. As at 31 December 2011, net debt was £109.4m, up
from £92.5m at the half year following the previously
announced acquisition of five pubs from Marston's on 1
November 2011 for £16m, the purchase of the freehold of one
of our formerly leasehold sites, The Old Fish Market in
Bristol, and £5.1m of share buy-backs in the quarter.
Fuller's once again enjoyed a strong Christmas, with over
40 managed pubs having record weeks. Trade has also been
good in January, but like-for-like performance in these
nine weeks versus prior year has been boosted by the snow
in the previous year. Given the high level of economic
uncertainty in the UK and the rest of Europe we must remain
cautious about the outlook for 2012.
However, we are confident that our acquisitions pipeline
and refurbishment programme will continue to give us good
momentum going into a summer of sport and celebration that
should lift the national mood. We have exchanged on two
more pubs that are due to complete before the end of March
and the two recent acquisitions that are currently closed
for extensive work, The Crown Inn, Bishop's Waltham and The
White Swan Hotel, Stratford-upon-Avon, will reopen in March
and April respectively.
Michael Turner, Chairman, commented as follows:
"The Company has traded well since we last reported and we
have had another strong Christmas. We have now completed or
exchanged on 14 acquisitions so far this financial year
which gives us good momentum going into a summer of sport
and celebration that should lift the national mood. 2012 is
finally here and with the world's attention focused on
London, we at Fuller's, our capital city's only
long-standing brewer, intend to showcase what is great
about British Beer and Pubs."
The Company will next report on 31 May 2012 when it
releases its preliminary results for the 52 weeks to 31
March 2012.
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