Fuller Smith & Turner Sales Rose in Early Part of FY23; Sees Energy Costs Rising
20 September 2022 - 9:16AM
Dow Jones News
By Joe Hoppe
Fuller Smith & Turner PLC said Tuesday that like-for-like
sales for the 25 weeks to Sept. 17 rose 21% on year as it continues
its pandemic recovery, though it expects energy costs to
significantly rise.
The U.K. pubs-and-hotels business said that on a total sales
basis, sales in the first 25 25 weeks of the financial year were 3%
higher than prepandemic levels, and up 50% from a year earlier.
The company said that the global energy crisis is causing
significant increases in expected gas and electricity costs, and
that it has purchased additional forward contracts to cover its
annual requirement given growing uncertainty and the risk of even
higher market costs for energy.
The company expects total gas and electricity costs to increase
to 18 million pounds ($20.6 million) from GBP8 million a year
earlier. That is before factoring in any financial benefit from a
U.K. government program to offer support to businesses during the
energy crisis. The program was announced Sept. 8, though the
details haven't yet been revealed.
The company said it has made progress implementing a number of
initiatives to reduce energy use and help mitigate costs increases
over the medium term, with more to follow.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
September 20, 2022 03:01 ET (07:01 GMT)
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