Interim Management Statement
30 January 2015
FULLER, SMITH & TURNER P.L.C.
Trading Update for the 43 weeks to 24 January 2015
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the London brewer
and premium pub company, today announces its trading update for the 43 weeks to
24 January 2015 ("the period").
Like-for-like sales in Managed Pubs and Hotels rose 6.8%, like-for-like profits
in the Tenanted Inns division grew by 4% and total beer and cider volumes in
the Fuller's Beer Company also grew by 4%.
Since we last reported, the Company has acquired two new sites - The Cromwell
Arms in Romsey, Hampshire, and The Three Guineas at Reading Station, an area
that will benefit from the arrival of Crossrail. In addition, the Company
opened One over the Ait, Kew Bridge, and acquired the freehold of The Stable in
Falmouth. This continued policy of acquiring premium sites and investment in
the existing estate has led to a slight rise in debt to £157.8m at the end of
our third quarter on 27 December 2014, up from £155.9m at the half year.
Meanwhile, net debt to EBITDA remained at 2.6 times.
Simon Emeny, Chief Executive, commented: "Trading in our estate has been
consistently good during the year and it was particularly pleasing to have a
record Christmas - especially against very strong comparative figures last
year. Our commitment to three key principles - an unrivalled portfolio of
premium brands, engaging service, and freshly-cooked food delivered in a
stylish environment - continues to deliver great results and delight new and
existing customers alike.
"We are confident of meeting our expectations for the full year and look
forward to updating the market on 5 June 2015, when we announce the Company's
preliminary results for the 52 weeks to 28 March 2015."
-Ends-
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Simon Emeny, Chief Executive 020 8996 2000
James Douglas, Finance Director 020 8996 2000
Georgina Wald, Corporate Communications Manager 020 8996 2198 / 07831 299801
Instinctif Partners
Paul Downes 07900 244888
Justine Warren 07785 555692
Notes to Editors:
Fuller, Smith and 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
185 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 gourmet pizza business. Fuller's pub
estate stretches from Brighton to Birmingham and from Portishead to the
Greenwich Peninsula, including 170 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.
Copies of this statement will be available on the Company's website,
www.fullers.co.uk, in the Investors section.
Photography is available from the Fuller's Press Office on 020 8996 2175 or by
email at pr@fullers.co.uk.