30th Jan 2015 08:58
LONDON (Alliance News) - Fuller, Smith & Turner PLC on Friday reported a rise in sales and beer volumes for the 43 weeks to January 24 and said its net debt has increased slightly owing to site acquisitions.
The pubs and brewing company said like-for-like sales in its managed pubs and hotels business rose 6.8% over the period. Like-for-like profit for its tenanted inns division rose 4% and its total beer and cider volumes, in the Fuller's Beer Company business, rose 4%.
During the period Fuller, Smith & Turner acquired two sites, in Romsey in Hampshire and Reading in Berkshire, and opened one site in Kew Bridge in south west London. It also bought the freehold on a pub in Falmouth in Cornwall.
The group said its net debt at the end of its financial third quarter to December 27 was GBP157.8 million, up from GBP155.9 million at the half-year end, owing to the site acquisitions.
"Trading in our estate has been consistently good during the year, and it was particularly pleasing to have a record Christmas - especially against very strong comparative figures last year," said Fuller Chief Executive Simon Emeny.
Emeny added the company is confident it will meet market expectations and will announce its preliminary results for the year to March 28 on June 5.
By Sam Unsted; [email protected]; @SamUAtAlliance
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