Fuller,Smith &Turner AGM Trading Statement
21 Juli 2016 - 8:00AM
UK Regulatory
TIDMFSTA
21 July 2016
FULLER, SMITH & TURNER P.L.C.
AGM Trading Statement
16 weeks to 16 July 2016
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the London brewer
and premium pub company, today made the following Trading Statement for the 16
weeks from 27 March to 16 July 2016 ("the period"), in advance of the Company's
Annual General Meeting to be held on 21 July 2016 at 11am, in The Hock Cellar,
Griffin Brewery, Chiswick, London W4 2QB.
The business has had a solid start to the new financial year in a more
challenging environment, with like for like sales in Managed Pubs and Hotels
rising by 2.1% for the period. Like for like profits in the Tenanted Division
were down by 2%, while total beer and cider volumes in the Fuller's Beer
Company were down by 5%.
Since the year end, the Company has purchased The Gun, a stunning riverside pub
on the edge of Canary Wharf with views across to the O2 Arena. This freehold
pub has an excellent reputation for delicious fresh food, is one of London's
gems and is a fantastic addition to our Managed estate. The Company has also
opened the first London site for The Stable in Whitechapel, with a second on
Kew Bridge due to open before the end of July.
A number of transformational refurbishments have been carried out in the last
16 weeks including The Harpenden Arms in Harpenden, The Drayton Court in West
Ealing and The Queen's Head in Kingston, one of two transfers from Tenanted to
Managed, which has been refurbished with the addition of 10 bedrooms. In
addition, the virtual freehold of The Butcher's Hook & Cleaver, the Company's
existing and highly successful pub in London's Smithfield, has been acquired.
Simon Emeny, Chief Executive, commented: "We have seen solid growth in our
Managed Pubs business during the first part of the new financial year against
tough comparatives from last year and despite some unseasonably poor summer
weather and an uncertain economic and political environment.
"Fuller's has always focused on building a business with genuine longevity and
this ability to take a long-term view during short-term external pressures
stands us in good stead. We have exciting plans in place and will continue to
invest in our people, our premium brands and our pub estate."
The next report will be on 18 November 2016, when the Company issues its half
year results for the 26 weeks to 24 September 2016.
- Ends -
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Simon Emeny, Chief Executive (press) 020 8996 2175
James Douglas, Finance Director (analysts) 020 8996 2000
Georgina Wald, Corporate Comms Manager 020 8996 2198/07831 299801
Instinctif Partners
Justine Warren 020 7457 2020/07785 555692
Notes to Editors:
Fuller, Smith and Turner P.L.C. is an independent traditional family brewer
founded in 1845 and is based at the historic Griffin Brewery in Chiswick,
London, where brewing has taken place continuously since 1654. The Company runs
196 Tenanted Inns and 194 Managed Pubs and Hotels, with a focus on delicious
fresh, home-cooked food, outstanding cask and craft ale, great wine, and
exceptional service. The Company also has 665 boutique bedrooms in its Managed
estate. The Fuller's pub estate stretches from Brighton to Birmingham and from
Bristol to the Greenwich Peninsula, including 173 locations within the M25. In
2014, Fuller's acquired a 51% stake in The Stable, a craft cider and gourmet
pizza restaurant business and has recently increased this to 76%. The Stable
has 14 sites in England and Wales.
The Fuller's Beer Company brews a portfolio of premium beers including London
Pride, Oliver's Island, ESB, Organic Honey Dew and Frontier Craft Lager. In
2013, the Company acquired Cornish Orchards, a craft cider maker producing a
range of award-winning ciders and premium soft drinks. Fuller's is also the UK
distributor for Sierra Nevada, the premier US craft beer. In December 2015,
Fuller's acquired a 51% stake in Nectar Imports, a wholesale drinks business.
END
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