AGM Trading Statement
23/07/2024 07:00
============
Fuller, Smith & Turner PLC (FSTA)
Fuller, Smith & Turner PLC: AGM Trading Statement
23-Jul-2024 / 07:00 GMT/BST
══════════════════════════════════════════════════════════════════════════
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.
══════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement that contains inside
information in accordance with the Market Abuse Regulation (MAR),
transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
ISIN: GB00B1YPC344
Category Code: AGM
TIDM: FSTA
LEI Code: 213800C7ACOFMRCQQW76
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 335701
EQS News ID: 1951503
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
1 fncls.ssp?fn=show_t_gif&application_id=1951503&application_name=news&site_id=reuters~~~787b94c3-8286-43cc-98b3-26b1dc52d810
References
Visible links
============