23rd Jul 2024 14:31
Fuller, Smith & Turner PLC - London-based chain pub operator - Says its "trading momentum continues" in update provided before its annual general meeting on Tuesday morning, for the first 16 weeks of the year ending on March 30, 2025. Says it delivered strong 5.3% like for like sales growth for the period "and, with inflationary pressures easing, our margins are recovering". Notes that it has completed the disposal of 37 non-core pubs to Admiral Taverns for GBP18.3 million, and of Southwark pub The Mad Hatter for GBP20 million. The transactions reduced its underlying debt to GBP92 million, which will help fund its ongoing buyback and "leaves us well positioned to take advantage of appropriate acquisition opportunities". Read More
