Fuller,Smith&Turner PLC
24 July 2007
FIRST INTERIM MANAGEMENT STATEMENT
16 weeks to 21 July 2007
Fuller, Smith & Turner P.L.C., London's last remaining traditional brewer, and
pub retailer, today issued the following Interim Management Statement in advance
of the Company's Annual General Meeting, to be held at 11.00 a.m. today 24 July
2007 at the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.
Fuller's Inns, the managed and tenanted pubs and hotel division, saw invested
like for like sales in its managed pubs increase by 5.4%* for in the first 16
weeks to 21 July 2007 (uninvested by 4.3%). Tenanted pubs and hotels continue
to make progress in line with expectations. The Fuller's Beer Company's volumes
continue to show growth in a competitive market place.
The Group's cash flows and debt levels are in line with expectations. As
mentioned in the preliminary announcement of the Group's results on 8 June 2007,
since the year end, the Group has paid £8m into its pension fund, reducing the
year end pension deficit from £16m to £8m.
Anthony Fuller, Chairman commented as follows:
"The first quarter has seen a good start to the year, in line with our
expectations. The smoking ban came into effect on 1 July 2007, but it is still
too early to identify its effect on sales. Indeed a far greater daily
influence has been the variable weather at the height of the English summer - a
challenge which we have learned to expect and address through the years. The
Board is confident of the prospects for the continuing success of the Group."
At its AGM today, the Group is seeking permission to have a five for two split
of its £1 and 10p shares, converting every two £1 'A' or 'C' shares to five new
40p shares and every two 10p 'B' shares into five new 4p shares.
As announced last year, today sees the retirement of Anthony Fuller CBE as
Chairman. He will remain on the Board as a Non-Executive Director and has
agreed to become President. Michael Turner, who has been the Chief Executive
since July 2002, takes over as Executive Chairman of the Group.
The next report will be on 23 November when the Group issues its 26 week trading
statement and results to 29 September 2007.
- Ends -
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175/2198/2048
Mobile: 07831 299 801/07748 657 854
pr@fullers.co.uk
Michael Turner: Press 020 8996 2048
Paul Clarke: Analysts 020 8996 2048
Merlin 020 7653 6620
Paul Downes 07900 244 888 (mobile)
Anja Kharlamova 07887 884 788 (mobile)
Copies of this statement, the annual report and other recent press releases are
available on the company's website www.fullers.co.uk
*Note:
Invested like for like sales comprise all pubs in the managed estate excepting
acquisitions, transfers or disposals, and with comparatives adjusted for
refurbishment closures. Uninvested like for like sales exclude, in addition to
acquisitions, transfers and disposals, those properties where more than £75k of
capital expenditure has been incurred.
This information is provided by RNS
The company news service from the London Stock Exchange
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Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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