23 July 2024
FULLER, SMITH & TURNER
P.L.C.
AGM Trading Statement
16 weeks to 20 July 2024
Fuller, Smith & Turner P.L.C.
(“Fuller’s” or “the Company”), the premium pubs and hotels
business, provides the following trading statement in advance of
the Company's Annual General Meeting to be held today, 23 July
2024, at 11am in The Boston Room, The George IV, 185 Chiswick High
Road, London W4 2DR.
Our trading momentum continues with the
Company delivering strong like for like sales growth of 5.3% for
the first 16 weeks of the financial year and, with inflationary
pressures easing, our margins are recovering.
Since the year end, we have completed
the sale of 37 non-core pubs to Admiral Taverns for a cash
realisation of £18.3 million and completed the sale of The Mad
Hatter in Southwark for a total consideration of £20 million. The
sale of these properties strengthens our Balance Sheet, reducing
our underlying net debt to £92 million, which provides the capacity
to fund our on-going share buyback programme and leaves us well
positioned to take advantage of appropriate acquisition
opportunities.
Chief Executive Simon Emeny said: “I am
delighted to see our sales growth momentum continue, particularly
against the backdrop of easing inflation, which will help us to
grow margins and profit, as well as revenue. You can feel the
positivity across the business, with our team members working
energetically to drive our continued success.
“We have had a strong start to the
financial year, and we look forward to the opportunities the future
will bring. We have a new UK Government in place, and I urge Sir
Keir Starmer to stand by his commitment to overhaul our archaic
business rates system. The Labour Party has a clearly stated
objective to grow the economy and the hospitality sector can be an
excellent engine to help deliver that growth.
“With the continued commitment of our
inspiring teams, we will take the Company forward, grow the
business, and deliver excellent returns for all our stakeholders. I
look forward to providing a further update on 13 November 2024 when
we will issue our half year results for the 26 weeks to 28
September 2024.”
- Ends –
For further information, please
contact:
Fuller, Smith & Turner
P.L.C.
Simon Emeny, Chief Executive (press) 020 8996
2000
Neil Smith, Finance Director (analysts) 020 8996
2000
Georgina Wald, Corporate Comms Manager 020 8996
2198
Instinctif
Partners
Justine Warren 020 7457
2010
Notes to Editors:
Fuller, Smith & Turner PLC is the premium pubs and hotels
business that is famous for beautiful and inviting pubs with
delicious fresh food, a vibrant and interesting range of drinks,
and engaging service from passionate people. Our purpose in life is
to create experiences that nourish the soul.
Fuller’s has 178 managed businesses, with 1,009 boutique
bedrooms, and 154 Tenanted Inns. The Fuller’s pub estate stretches
from Brighton to Birmingham and from Bristol to the Greenwich
Peninsula. Our Managed Pubs and Hotels include
Cotswold Inns & Hotels – seven stunning hotels in the
Cotswolds, and Bel & The Dragon – six exquisite modern English
inns with boutique rooms located in the Home Counties. In summary,
Fuller’s is the home of great pubs, outstanding hospitality and
passionate people, where everyone is welcome and leaves that little
bit happier than they arrived.