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Trading statements

Fuller, Smith & Turner LFL sales up

21 July 2016 07:06

Fuller, Smith & Turner (FSTA) had a solid start to the new financial year in a more challenging environment, with like for like sales in managed pubs and hotels rising by 2.1% for the period.

Like for like profits in the tenanted division were down by 2%, while total beer and cider volumes in the Fuller's beer company were down by 5%.

Since the year end, the company purchased The Gun, a stunning riverside pub on the edge of Canary Wharf with views across to the O2 Arena.

The company also opened the first London site for The Stable in Whitechapel, with a second on Kew Bridge due to open before the end of July.

A number of transformational refurbishments have been carried out in the last 16 weeks including The Harpenden Arms in Harpenden, The Drayton Court in West Ealing and The Queen's Head in Kingston, one of two transfers from tenanted to managed, which has been refurbished with the addition of ten bedrooms.

In addition, the virtual freehold of The Butcher's Hook & Cleaver, the Company's existing and highly successful pub in London's Smithfield, has been acquired.

Chief executive Simon Emeny said: "We have seen solid growth in our managed pubs business during the first part of the new financial year against tough comparatives from last year and despite some unseasonably poor summer weather and an uncertain economic and political environment.

"Fuller's has always focused on building a business with genuine longevity and this ability to take a long-term view during short-term external pressures stands us in good stead.

"We have exciting plans in place and will continue to invest in our people, our premium brands and our pub estate."

The next report will be on 18 November, when the company issues its half year results for the 26 weeks to 24 September 2016.

Story provided by StockMarketWire.com

Related Company: FSTA

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