24th Jul 2014 09:45
LONDON (Alliance News) - Fuller Smith & Turner PLC said Thursday it had seen strong trading across all of its divisions in the 16 weeks from March 30 to July 19, in a statement ahead of its annual general meeting.
The west London brewer and premium pub company said it had seen like-for-like sales in its managed pubs and hotels rise 7.3% during the period, while like-for-like profits in its tenanted division rose 3%.
Total beer and cider volumes in the Fuller's beer company rose by 7%, it said.
The company had net debt as at June 28 of GBP145.2 million, and its ratio of net debt to earnings before interest, tax, depreciation and amortisation remained at 2.5 times.
During the period, Fuller bought a 51% stake in craft cider and pizza restaurant business The Stable, bought The Bull Hotel in Bridport, Dorset, and the Windmill in Portishead, near Bristol. It also agreed to acquire The Harp in Covent Garden.
Additionally, its opened its first air-side pub at Heathrow Terminal 2, London's Pride.
"The year has started well, and I look forward to building on this early progress," said Chief Executive Simon Emeny in the statement Thursday morning.
Shares in Fuller, Smith & Turner were trading up 3.8% at 988.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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