Interim Management Statement
24 July 2014
FULLER, SMITH & TURNER P.L.C.
Interim Management Statement
16 weeks to 19 July 2014
Strong start from all divisions
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the London brewer
and premium pub company, today made the following Interim Management Statement
for the 16 week period from 30 March to 19 July 2014, in advance of the
Company's Annual General Meeting to be held at 11.00 am, 24 July 2014, in the
Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.
Trading has been strong across all divisions, with like for like sales in
Managed Pubs and Hotels rising by 7.3% for the period and like for like profits
in the Tenanted Division growing by 3%. Total beer and cider volumes in the
Fuller's Beer Company rose by 7%.
Net debt as at 28 June 2014 was £145.2m and net debt to EBITDA remained at 2.5
times.
During the period, the Company purchased a 51% stake in The Stable, a craft
cider and pizza restaurant business, acquired The Bull Hotel in Bridport,
Dorset and The Windmill in Portishead, near Bristol and agreed to acquire The
Harp in Covent Garden. In addition, London's Pride, the Company's first airside
pub at Heathrow Terminal 2, opened its doors for trading.
Simon Emeny, Chief Executive, commented: "We've had a strong start to the new
financial year with our core business performing well. We launched a number of
new initiatives last year, particularly in the Beer Company, and these are
beginning to bear fruit. In addition, we have an excellent pipeline of new
openings - the three riverside pubs in Kew, Fulham and Greenwich will come on
stream, a seventh Stable opens in Falmouth at the end of August and we will
continue to look for new pub acquisitions that fit our style of operation. The
year has started well and I look forward to building on this early progress."
The next report will be on 21 November 2014 when the Company issues its half
year results for the 26 weeks to 27 September 2014.
- Ends -
Notes to Editors
Fuller, Smith & Turner P.L.C. is an independent traditional family brewer
founded in 1845 and is based at the historic Griffin Brewery in Chiswick,
London, where brewing has taken place continuously since 1654. The Company runs
181 Managed Pubs and Hotels and 205 Tenanted pubs, with a focus on outstanding
cask ale, great wine, exemplary service and delicious fresh, home-cooked food.
The Company also has 641 boutique bedrooms in its Managed estate and owns a 51%
share of The Stable, a craft cider and pizza restaurant business. Fuller's pub
estate stretches from Brighton to Birmingham and from Portishead to the
Greenwich Peninsula, including 168 locations within the M25.
The Fuller's Beer Company brews a portfolio of premium beers including London
Pride, ESB, Organic Honey Dew and Frontier Craft Lager. In June 2013, the
Company acquired Cornish Orchards, a craft cider maker producing a range of
award-winning ciders and premium soft drinks. Fuller's is also the UK
distributor for Sierra Nevada, the premier US craft beer.