Fuller, Smith & Turner plc : 27-Jan-2012 Interim Management Statement
January 27, 2012 at 08:20 am
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27-Jan-2012: Interim Management Statement
Interim Management Statement
Fuller, Smith & Turner P.L.C. ('Fuller's' or
'the Company') today reports its trading performance
for the 42 weeks to 21 January 2012.
In the 9 weeks to 21 January 2012, the Company has traded
well with like for like sales in Managed Pubs and Hotels up
5.1%, bringing the like for like sales growth for the 42
weeks to 4.1%. Like for like profits in the Tenanted Inns
division increased 1% and Own Beer volumes for the
Fuller's Beer Company grew 1% for the 42 week period.
The Company's balance sheet and cash generation remain
strong. As at 31 December 2011, net debt was £109.4m, up from
£92.5m at the half year following the previously announced
acquisition of five pubs from Marston's on 1 November 2011
for £16m, the purchase of the freehold of one of our formerly
leasehold sites, The Old Fish Market in Bristol, and £5.1m of
share buy-backs in the quarter.
Fuller's once again enjoyed a strong Christmas, with over 40
managed pubs having record weeks. Trade has also been good in
January, but like-for-like performance in these nine weeks
versus prior year has been boosted by the snow in the
previous year. Given the high level of economic uncertainty
in the UK and the rest of Europe we must remain cautious
about the outlook for 2012.
However, we are confident that our acquisitions pipeline and
refurbishment programme will continue to give us good
momentum going into a summer of sport and celebration that
should lift the national mood. We have exchanged on two more
pubs that are due to complete before the end of March and the
two recent acquisitions that are currently closed for
extensive work, The Crown Inn, Bishop's Waltham and The White
Swan Hotel, Stratford-upon-Avon, will reopen in March and
April respectively.
Michael Turner, Chairman, commented as follows:
"The Company has traded well since we last reported and we
have had another strong Christmas. We have now completed or
exchanged on 14 acquisitions so far this financial year which
gives us good momentum going into a summer of sport and
celebration that should lift the national mood. 2012 is
finally here and with the world's attention focused on
London, we at Fuller's, our capital city's only long-standing
brewer, intend to showcase what is great about British Beer
and Pubs."
The Company will next report on 31 May 2012 when it releases
its preliminary results for the 52 weeks to 31 March
2012.
Enquiries:
Category: Interim Management Statement
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Fuller, Smith & Turner PLC is a United Kingdom-based premium pubs and hotels business. The Company provides food and a range of drinks, bedrooms, and engaging services. It operates through two segments: Managed Pubs and Hotels, and Tenanted Inns. Its Managed Pubs and Hotels include Cotswold Inns & Hotels operates approximately seven hotels in the Cotswolds, and Bel & The Dragon operates approximately six exquisite modern English inns located in the Home Counties. Its Tenanted Inns segment comprises pubs operated by third parties under tenancy or lease agreements. The Company has approximately 183 managed businesses, 1,015 boutique bedrooms, and 193 tenanted inns. It provides a range of pub categories, including breakfast & brunch, ale, and pie pubs, licensed, pubs in Hampshire, live sports pubs, play areas, pub gardens, rugby pubs, and others. Its hotels include The Bear of Burton, Christchurch; The Blackbird, Earl's Court; The Bull Hotel, Bridport, and others.