Interim Management Statement

29-Jan-2009: Interim Management Statement

43 week trading period to 24 January 2009

Fuller, Smith & Turner P.L.C. ('Fuller's' or 'the Company') today releases the
following Interim Management Statement in connection with the 43 week trading
period to 24 January 2009.

The Company has enjoyed a robust trading period since our half year. As
previously reported, like for like sales in the Fuller's Inns Managed Pubs
business in the first 7 weeks to 15 November 2008 following the half year grew
by 1.8%. In the 10 week period from 16 November 2008 to 24 January 2009 they
grew 4.5%, increasing the year to date like for like sales growth to 2.7%. Like
for like profits in the tenanted divison continue to be down 1% for the 43
weeks to 24 January 2009. Own Beer volumes for the Fuller's Beer Company remain
marginally behind last year, at 1% lower for the 43 weeks, but with overall
market share continuing to grow and margins holding up well.

The Company's cash generation and balance sheet remain strong. When we complete
the purchase of 3 pubs from Mitchells & Butlers plc in early February, we will
have added 5 pubs to our estate during the year, bringing the total number to
360. The Company is well placed to purchase further high quality pubs.

As previously announced on 20 January 2009, John Dunsmore, former Chief
Executive of Scottish & Newcastle plc and recently appointed Chief Executive of
C&C Group plc, joined the Board as a Non Executive Director, with effect from
that date.

The trading environment for the remainder of the financial year is unlikely to
improve. Although the outlook for cost prices is better, the Company will
continue to experience very high like for like increases in energy and raw
materials costs for the remainder of this financial year and into next year,
due to the expiry of advantageous forward contracts. However, the overall
strength of the Company's business gives the Board cause to remain confident
that adjusted profit before tax for the year will be within the range of market
expectations.

Michael Turner, Chairman, commented as follows:

"I am very pleased with our performance in what is now clearly a period of
sharp contraction in consumer spending. Our Christmas and New Year trading
demonstates that even when the UK is feeling the pinch, customers will seek out
Fuller's beers and Fuller's pubs. This is clear validation of our strategy of
offering high quality products in the best pubs and our conservative financial
management has put us in a position to strengthen the business during this
economic downturn.

"Notwithstanding Fuller's own situation, the Chancellor's duty increase during
the year of 17.8% has had a devastating effect on some of our customers. It is
essential that the duty escalator which was announced last year is now
withdrawn, and that there should be no further duty increases in the
forthcoming budget. Fuller's beer volumes are outperforming the market but the
British beer industry is not resilient enough to pay any more.

"I appeal to the Prime Minister and the Chancellor to stop adding to the misery
that licensees are suffering due to the economic downturn by adding any further
burdens. The costs of compliance with the seemingly endless legislation that
licensees have to cope with has meant that the tipping point has now been
reached. The number of pubs closing their doors for ever has risen to a very
worrying 39 each week.

"The British pub is the home of responsible drinking, and the envy of the
world. The entrepreneurial characters that run their community pubs should be
respected for what they add to our society, and not pilloried and legislated
out of business."

The next report will be on 5 June 2009 when the Company issues its preliminary
results for the 52 weeks to 28 March 2009.

- Ends -

For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175/2198/2048
Mobile: [phone]
[e-mail]

Michael Turner: Press 020 8996 2048
James Douglas: Analysts 020 8996 2048

Merlin 020 7653 6620
Paul Downes 07900 244 888 (mobile)

Copies of this statement, the annual report and other recent press releases are
available on the Company's website www.fullers.co.uk

Category: Interim Management Statement