REG-Fuller, Smith & Turner PLC Fuller, Smith & Turner PLC: AGM Trading Statement

Fuller Smith & TurnerAnnouncement

21/07/2022 07:15

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   Fuller, Smith & Turner PLC (FSTA)
   Fuller, Smith & Turner PLC: AGM Trading Statement

   21-Jul-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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   21 July 2022

                                        

                         FULLER, SMITH & TURNER P.L.C.

                             AGM Trading Statement

                            16 weeks to 16 July 2022

                                        

   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, 21 July
   2022, at 11am in The Boston Room, The George IV, 185 Chiswick High Road,
   London W4 2DR.

    

   Our sales recovery is continuing, especially in the City and West End of
   London. In the first 16 weeks of the new financial year, total sales are
   up 3% on pre-pandemic levels and up 81% on the same period last year. On a
   like-for-like basis, sales for the 16 weeks to 16 July 2022 are up 27% on
   last year.

    

   The Company is well-financed, with total available facilities of £226
   million and with net debt reduced from £131.9 million at the start of this
   financial year to £123.6 million at 17 July 2022, demonstrating the
   healthy recovery in free cash flow generation. The underlying strength of
   our long-term business is reflected in our implied net asset value per
   share of £13.80, based upon the Directors’ valuation of the estate
   undertaken as at 26 March 2022.

    

   During the period, the Company has acquired one new site – The Queen’s
   Arms, landside at Heathrow Terminal Two, The Queen’s Terminal – which will
   open in early August 2022. The site is a perfect complement to London’s
   Pride, our successful airside pub in the same terminal. A further three
   sites are in advanced stages of negotiation.

    

   Chief Executive Simon Emeny said: “We are pleased with our sales growth
   trajectory, particularly in our Central London sites where momentum is
   building well.

    

   “The industry-wide inflationary cost pressures around food supply, labour
   and particularly energy are showing little signs of abating. Our premium
   offer and effective supply chain management provide a degree of
   protection, but we are not immune from its effects on costs or consumer
   behaviour.

    

   “Fuller’s is a long-term business with a strong balance sheet, a clear
   strategy, and great people to execute it. Hospitality continues to bear
   the brunt of many challenging external factors, but we remain confident
   that Fuller’s is well placed to continue to prosper.”

    

   The next report will be 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 – seven exquisite country inns located in
   the Home Counties (with an eighth due to open imminently). 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
   Sequence No.:  176112
   EQS News ID:   1402491


    
   End of Announcement EQS News Service

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