Strictly embargoed until 7am Thursday 24 January 2013
24-Jan-2013: Interim Management Statement
Fuller, Smith & Turner P.L.C. ('Fuller's' or 'the Company') today reports its
trading performance for the 42 weeks to 19 January 2013.
In the nine weeks to 19 January 2013, the Company has traded well, with like
for like sales in Managed Pubs and Hotels up 4.5%, bringing the like for like
sales growth for the 42 weeks to 2.6% from 2.1% after 33 weeks. Like for like
profits in the Tenanted Inns division grew 1% for the 42 weeks, having been
level after 33 weeks. Total beer volumes in the Fuller's Beer Company remained
level, as they were after 33 weeks.
The Company's balance sheet and cash generation remain strong. We completed the
previously announced acquisition of two managed pubs in Bath on 1 November for
£7.5m, and net debt still reduced to £136.1m on 29 December 2012, from £137.3m
at the half year. Net debt to EBITDA (proforma for the impact of acquisitions)
also declined to 2.6 times, from 2.7 times at the half year.
Fuller's once again enjoyed a good Christmas, with many managed pubs having
record weeks. Our strategy to invest consistently in our pubs and emphasis on
freshly cooked food has driven growth, with our mobile and tablet-friendly
website contributing to the increase in covers.
Michael Turner, Chairman, commented as follows:
"UK consumers enjoyed themselves in our pubs and hotels over the festive
period. Whilst the economic outlook for 2013 remains uncertain, our long term
strategy and focus on quality continue to serve us well and the strong
performance of our acquisitions and refurbishments give us confidence to keep
on investing for the future."
The Company will next report on 7 June 2013 when it releases its preliminary
results for the 52 weeks to 30 March 2013.
- Ends -
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2048/2175/2135
Mobile: 07824 815366
Michael Turner: Press 020 8996 2048
James Douglas: Analysts 020 8996 2048
College Hill: 020 7457 2020
Paul Downes: 07900 244 888
Justine Warren: 07785 555 692