Fuller, Smith & Turner PLC (FSTA) Fuller, Smith & Turner
PLC: 20-Sep-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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20 September 2022
FULLER, SMITH & TURNER P.L.C.
Trading Update
25 weeks to 17 September 2022
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"),
the premium pubs and hotels business, provides the following
trading statement.
Sales
Sales continue to rebuild from the impact of the pandemic with
total sales in the first 25 weeks of the financial year up 3%
against pre-pandemic levels and up 50% on the same period last
year. On a like for like basis, sales for the 25 weeks to 17
September 2022 are 21% up on last year.
Energy costs
The global energy crisis is causing significant increases in our
expected costs for gas and electricity in the current financial
year.
Earlier in the year we had forward purchase contracts in place
to cover 50% of our forecast annual gas and electricity
requirements. More recently the energy markets have seen costs
increase even further to unprecedented levels. With growing
uncertainty, and the risk of even higher market costs for energy as
we head into the winter months, we have purchased additional
forward contracts to cover what we anticipate will be our annual
requirement, providing surety for the months ahead.
On 8 September 2022, the Government announced a new six-month
scheme that will offer support to businesses at a similar level to
that offered to consumers. As the details are yet to be published,
we do not know, and are unable to quantify, the extent to which the
scheme will mitigate increased costs. Prior to realising any
financial benefit from this scheme, we expect our total gas and
electricity costs in the current year to be c.GBP18 million against
a prior year figure of GBP8 million.
We have made good progress implementing a number of initiatives,
with more to follow, which reduce our energy usage and help
mitigate these cost increases over the medium term.
Capital allocation
During the first half of the financial year, the Company has
opened The Queen's Arms, a landside pub at Heathrow Terminal Two,
The Queen's Terminal. In addition, we are close to completion on
two further sites.
In the year to date we have sold four non-core unlicensed
premises, generating proceeds of GBP6.9 million, and we plan to use
part of these proceeds to fund a repurchase of up to one million
'A' shares in the Company.
Chief Executive Simon Emeny said: "While sales continue to
recover from the effects of the pandemic, we are conscious that
consumers face increasingly challenging times ahead.
"Businesses across the hospitality sector are experiencing
unsustainable increases in energy costs. Despite having proactively
purchased forward contracts to limit the impact on Fuller's, we
will see significant increases this year and do urge the Government
to provide much needed clarity on its proposed support package so
that we can plan accordingly.
"We are looking forward to the forthcoming World Cup and our
first restriction-free Christmas for three years. The future may
present more obstacles to navigate, but Fuller's is a long-term
company with a clear vision and the people, properties, and
financial fire power to deliver consistent returns in the long
term."
Fuller's will next update the market on 17 November 2022, when
the Company issues its half year results for the 26 weeks to 24
September 2022.
- 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. Fuller's has 207
managed businesses, with 1,030 boutique bedrooms, and 178 Tenanted
Inns. The estate is predominately located in the South of England
(44% of sites are within the M25) and stretches from our London
heartland to the Jurassic Coast via the New Forest. Our Managed
Pubs and Hotels include seven stunning hotels in the Cotswolds, and
Bel & The Dragon - eight exquisite country inns 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.
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ISIN: GB00B1YPC344
Category Code: TST
TIDM: FSTA
LEI Code: 213800C7ACOFMRCQQW76
OAM Categories: 2.1. Home Member State
Sequence No.: 189051
EQS News ID: 1445675
End of Announcement EQS News Service
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