Fullers raises a glass
The company is confident that expectations for the full financial year will be met.
Fuller, Smith & Turner P.L.C. ('Fuller's' or 'the Company') has released its Interim Management Statement for the 43 week trading period to 22 January 2011.
In the 10 weeks to 22 January 2011, like for like sales in Managed Pubs and Hotels grew by 3.7%,
bringing the like for like sales growth for the 43 weeks to 3.5%.
Like for like profits in the Tenanted Inns division were level for the 43 weeks to 22 January 2011.
Own Beer volumes for the Fuller's Beer Company for the 17 weeks to 22 January 2011 grew 1%, with a 1% decrease for the 43 weeks.
After some disposals, there are now 360 pubs within the estate. At the end of the third quarter on 25 December 2010, net debt was £90.5m, down from £93.6m at the half year.
Despite the VAT increase and further tax rises, including the duty escalator and Government spending cuts, the company says it is confident they will meet their expectations for the full financial year.
They also say that cost inflation is becoming an issue.
The Company will next report on 10 June 2011 when it releases its preliminary results for the 53 weeks to 2 April 2011.
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