30th Jan 2014 10:30
LONDON (Alliance News) - London-based brewer Fuller, Smith & Turner PLC Thursday said its had a good year so far, including a strong Christmas trading period, and its confident in meeting full-year expectations.
In a trading update, the London Pride brewer, which also runs 176 managed pubs and hotels in the UK, said like-for-like sales in its managed pubs and hotels grew by 7.7% in the 43 weeks to January 25, and by 7.2% over the last 10 weeks.
Like-for-like profits in its tenanted inns division grew by 2% during the 43 week period, it said, while total beer and cider volumes in the Fuller's Beer Company grew by 1%.
Fuller, Smith & Turner said it continues to benefit from a strong balance sheet and good cash generation.
"As a result of this good performance we have decided to bring some additional projects forward into this financial year. Obviously there are some costs associated with this move, but we believe it makes better business sense to further improve our pubs at the earliest opportunity," said Chief Executive Officer Simon Emeny in a statement.
The group said the freehold purchase of The Distillers in Hammersmith, west London, and the completion of the deferred purchase of the freehold of The Lamb & Flag in Covent Garden in central London, both in the third quarter, led to a slight rise in net debt, which stood at GBP137.7 million as at December 28 2013.
Fuller, Smith & Turner said it will release its full year results for the financial year ending March 29 on June 6.
Its shares were trading 0.8% higher at 977.00 pence per share Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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