Fuller,Smith &Turner - Trading Update
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FULLER, SMITH & TURNER P.L.C.
Trading Update for the 42 weeks to 18 January 2020
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the premium pubs and hotels business, today announces its trading update for the 42 weeks to 18 January 2020 ("the period").
The Company has traded well over the festive period with like for like sales in Managed Pubs and Hotels rising 4.3% for the six weeks encompassing Christmas and New Year, and 2.5% for the 42 weeks to the period end. All areas of the business - food, drink and accommodation - have been in like for like growth. Tenanted like for like profits are down 3% for the period.
Simon Emeny, Chief Executive, said:
"It's been a year of change for Fuller's and this is a good first Christmas as a focused premium pubs and hotels business. We have exciting plans in place for the coming months including the opening of our new sites The Windjammer at Royal Dock, The White Horse at Wembley Park and The Parcel Office at Liverpool Street Station. We will also be moving to our new offices at Pier House in Chiswick at the end of March.
"This is a very busy time for Fuller's as we complete the integration of Cotswolds Inns & Hotels, undertake a number of major capex projects including the redevelopment of The Bear of Burton in Dorset and our new Bel & The Dragon site at Westerham in Kent, as well as continue to grow our existing business. In addition, we are approaching the conclusion of the transitional services agreement with Asahi, while maintaining a keen focus on reducing our central costs against a backdrop of rising wage inflation and business rates. There is a lot to do - but we relish the challenge.
"We will next update the market on 11 June 2020, when we announce the Company's full year results for the 52 weeks to 28 March 2020."