24th Jul 2007 07:00
Fuller,Smith&Turner PLC24 July 2007 FIRST INTERIM MANAGEMENT STATEMENT 16 weeks to 21 July 2007 Fuller, Smith & Turner P.L.C., London's last remaining traditional brewer, andpub retailer, today issued the following Interim Management Statement in advanceof the Company's Annual General Meeting, to be held at 11.00 a.m. today 24 July2007 at the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB. Fuller's Inns, the managed and tenanted pubs and hotel division, saw investedlike for like sales in its managed pubs increase by 5.4%* for in the first 16weeks to 21 July 2007 (uninvested by 4.3%). Tenanted pubs and hotels continueto make progress in line with expectations. The Fuller's Beer Company's volumescontinue to show growth in a competitive market place. The Group's cash flows and debt levels are in line with expectations. Asmentioned in the preliminary announcement of the Group's results on 8 June 2007,since the year end, the Group has paid £8m into its pension fund, reducing theyear end pension deficit from £16m to £8m. Anthony Fuller, Chairman commented as follows: "The first quarter has seen a good start to the year, in line with ourexpectations. The smoking ban came into effect on 1 July 2007, but it is stilltoo early to identify its effect on sales. Indeed a far greater dailyinfluence has been the variable weather at the height of the English summer - achallenge which we have learned to expect and address through the years. TheBoard is confident of the prospects for the continuing success of the Group." At its AGM today, the Group is seeking permission to have a five for two splitof its £1 and 10p shares, converting every two £1 'A' or 'C' shares to five new40p shares and every two 10p 'B' shares into five new 4p shares. As announced last year, today sees the retirement of Anthony Fuller CBE asChairman. He will remain on the Board as a Non-Executive Director and hasagreed to become President. Michael Turner, who has been the Chief Executivesince July 2002, takes over as Executive Chairman of the Group. The next report will be on 23 November when the Group issues its 26 week tradingstatement and results to 29 September 2007. - Ends - For further information, please contact: Fuller, Smith & Turner P.L.C.Press Office 020 8996 2175/2198/2048 Mobile: 07831 299 801/07748 657 854 [email protected] Michael Turner: Press 020 8996 2048Paul Clarke: Analysts 020 8996 2048 Merlin 020 7653 6620Paul Downes 07900 244 888 (mobile)Anja Kharlamova 07887 884 788 (mobile) Copies of this statement, the annual report and other recent press releases areavailable on the company's website www.fullers.co.uk *Note: Invested like for like sales comprise all pubs in the managed estate exceptingacquisitions, transfers or disposals, and with comparatives adjusted forrefurbishment closures. Uninvested like for like sales exclude, in addition toacquisitions, transfers and disposals, those properties where more than £75k ofcapital expenditure has been incurred. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Fuller Smith & Turner