Trading Statement

Fuller,Smith&Turner PLC
16 July 2002

Extract from the Chairman's statement made at the Annual General Meeting held
today, 16 July 2002.


"Overall, trading in the first quarter has been mixed; however performance for
the full year is expected to be on target.


It has been a good start to the year for the Beer Company with beer volumes up
compared with last year.  June was a busy month with record volumes sold ahead
of the Jubilee bank holiday.  Investment in this area of the business is set to
continue in the current year with a new labelling machine underlining our
commitment to increase quality and reduce costs through improved efficiency.


The Managed Estate enjoyed a good month in April but trading levels were
impacted by the poor weather in May and June.  The continued uncertain economic
environment in the City of London is holding back the performance of our outlets
there.  The impact of the World Cup throughout the Estate was broadly neutral
with many customers replacing evening visits with early morning breakfasts in
order to view screened matches.


The Tenanted Estate traded solidly in line with expectations.


Our Hotels are performing to expectations and we will benefit from a full
contribution in this financial year from our two newest hotels, the Brigstow in
Bristol and the Chamberlain in the City.  It will be the first summer of trading
for both hotels.  This, together with continuing uncertainty within the sector,
makes performance difficult to predict, although we are confident that targets
will be achieved.


In July, the Group bought for cancellation 725,000 of its Ordinary shares at £5
each.  It is the Board's opinion that, at this price, the shares represent a
sound investment and will benefit shareholders through improved EPS (earnings
per share)."





For further information please contact:



A G F Fuller CBE
Chairman


Michael Turner
Chief Executive


Paul Clarke
Finance Director

020 8996 2000


Fuller's Press Office
0208 996 2198/2175/2048/07958 989124


Paul Downes
Merlin Financial
020 7606 1244



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