Interim Management Statement

FULLER SMITH & TURNER PLC - Interim Management Statement

PR Newswire

London, January 23

Strictly embargoed until 7am Thursday 24 January 2013

24-Jan-2013: Interim Management Statement

Fuller, Smith & Turner P.L.C. ('Fuller's' or 'the Company') today reports itstrading performance for the 42 weeks to 19 January 2013.

In the nine weeks to 19 January 2013, the Company has traded well, with likefor like sales in Managed Pubs and Hotels up 4.5%, bringing the like for likesales growth for the 42 weeks to 2.6% from 2.1% after 33 weeks. Like for likeprofits in the Tenanted Inns division grew 1% for the 42 weeks, having beenlevel after 33 weeks. Total beer volumes in the Fuller's Beer Company remainedlevel, as they were after 33 weeks.

The Company's balance sheet and cash generation remain strong. We completed thepreviously announced acquisition of two managed pubs in Bath on 1 November for£7.5m, and net debt still reduced to £136.1m on 29 December 2012, from £137.3mat the half year. Net debt to EBITDA (proforma for the impact of acquisitions)also declined to 2.6 times, from 2.7 times at the half year.

Fuller's once again enjoyed a good Christmas, with many managed pubs havingrecord weeks. Our strategy to invest consistently in our pubs and emphasis onfreshly cooked food has driven growth, with our mobile and tablet-friendlywebsite contributing to the increase in covers.

Michael Turner, Chairman, commented as follows:

"UK consumers enjoyed themselves in our pubs and hotels over the festiveperiod. Whilst the economic outlook for 2013 remains uncertain, our long termstrategy and focus on quality continue to serve us well and the strongperformance of our acquisitions and refurbishments give us confidence to keepon investing for the future."

The Company will next report on 7 June 2013 when it releases its preliminaryresults for the 52 weeks to 30 March 2013.

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