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

Fuller Smith & TurnerAnnouncement

20/09/2022 07:15

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   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.£18
   million against a prior year figure of £8 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 £6.9 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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