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

Fuller Smith & TurnerAnnouncement

23/01/2023 07:15

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

   23-Jan-2023 / 07:00 GMT/BST
   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.

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   23 January 2023

                         FULLER, SMITH & TURNER P.L.C.

                                 Trading Update

                          43 weeks to 21 January 2023

    

   Fuller, Smith & Turner P.L.C. (“Fuller’s” or “the Company”), the premium
   pubs and hotels business, provides the following trading statement for the
   43 weeks to 21 January 2023 (“the period”).

    

   The underlying positive sales momentum of the business has continued with
   like for like sales for the 43 weeks to 21 January 2023 up 20% on last
   year, despite the challenging consumer backdrop. In comparison to
   pre-pandemic levels, our like for like sales for the 43 weeks are at 97%
   against the same period in FY 2020.

    

   Sales for the four-week Christmas and New Year period increased by 38%
   against a trading period last year that was impacted by Covid restrictions
   and work from home guidance. Due to the impact of the train strikes, our
   sales compared to the same four weeks in 2019 have declined by 5%. Since
   the start of October, we estimate that industrial action has reduced our
   sales by some £4 million and the consequent impact on profitability means
   that we now expect to report earnings below market expectations for the
   full year. 

    

   Simon Emeny, Chief Executive, said: “We are encouraged by our underlying
   sales performance. While it is frustrating that the train strikes have set
   back our reported sales and earnings, it is reassuring that we are
   achieving our anticipated sales trajectory in periods unaffected by
   strikes. While ongoing strike action will dampen sales, demand from
   customers remains good and we are optimistic that 2023 will deliver
   further sales growth through a busy calendar of events, and as office
   workers and tourists continue to return to the Capital.

    

   “We are operating in a high inflation environment, and that continues to
   impact our operating costs and margins. While some of these costs may be
   temporary in nature, others – such as the National Living Wage increase –
   are more permanent and we are focused on taking action to mitigate these
   costs wherever we can.

    

   “Although strike action and the cost-of-living crisis create short-term
   hurdles to our post-pandemic recovery, we remain confident in the
   resilience of the pub and the future opportunity for Fuller’s. We are a
   long-term business, and we will continue to invest in our people, in our
   properties and in providing excellent reasons for our customers to visit.
   We are delighted to continue to support the development of our 200
   apprentices and we look forward to the re-opening of The Admiralty in
   Trafalgar Square and The Sanctuary House in Westminster in the spring,
   following transformational investments, as well as opening The Willow, our
   new pub in the stunning Cotswolds village of Bourton-on-the-Water.  

    

   “These are challenging times, but our fundamental strengths of a talented
   and experienced team, a high-quality, well invested, predominately
   freehold estate, and a healthy balance sheet provide the foundations for
   us to make the right long-term decisions in this period of short-term
   turbulence.

    

   “We will next update the market on 15 June 2023, when we announce the
   Company’s full year results for the 53 weeks to 1 April 2023.”

    

                                      End 

    

    

   For further information, please contact:

    

   Fuller, Smith & Turner P.LC.

   Simon Emeny, Chief Executive    020 8996 2000

   Neil Smith, Finance Director    020 8996 2000

   Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

    

   Instinctif Partners

   Justine Warren      020 7457 2020

    

    

    

    

   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 208 managed businesses, with 1,027
   boutique bedrooms, and 175 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 Cotswolds Inns & Hotels –
   seven stunning hotels in the Cotswolds, and Bel & The Dragon – seven
   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: 2.2. Inside information
   Sequence No.:   217427
   EQS News ID:    1540615


    
   End of Announcement EQS News Service

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