Trading Statement

Fuller,Smith&Turner PLC
17 July 2003

                         FULLER, SMITH & TURNER P.L.C.



                               TRADING STATEMENT



Extract from the statement made at the Annual General Meeting held today: 17
July 2003.



"It has been another good start to the financial year for the Beer Company with
volumes up on last year.  Work has started on installing new fermentation and
maturation tanks which will increase capacity by 50,000 barrels to 260,000
barrels.



Good early summer weather has boosted sales in our managed and tenanted pubs
which have made an excellent start to the year.  However, as expected, the
difficult trading conditions experienced last year in the City have continued
and we do not envisage a turnaround in this area in the immediate future.



The trading environment for Hotels continues to be difficult and as yet shows no
signs of a recovery.  The continuing uncertainty in the sector makes it hard to
predict how the year will unfold.  Given the high quality and longstanding
reputation of our hotels, we are in a good position to see increased levels of
return when economic conditions improve.

Overall, results in the three months since March have been encouraging and
performance for the full year is expected to be in line with expectations."



- Ends -





For further information please contact:




Fuller, Smith & Turner P.L.C.

Michael Turner, Chief Executive                      020 8996 2048
Paul Clarke, Finance Director                        020 8996 2048
Press Office                                         020 8996 2048

Merlin Financial                                     020 7606 1244

Paul Downes                                          07900 244 888
Vanessa Maydon                                       07802 961 902




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