Fuller, Smith & Turner PLC: Trading Statement (1540615)
23 January 2023 - 6:00PM
UK Regulatory
Fuller, Smith & Turner PLC (FSTA) Fuller, Smith & Turner
PLC: Trading Statement 23-Jan-2023 / 07:00 GMT/BST Dissemination of
a Regulatory Announcement that contains inside information in
accordance with the Market Abuse Regulation (MAR), transmitted by
EQS Group. The issuer is solely responsible for the content of this
announcement.
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23 January 2023
FULLER, SMITH & TURNER P.L.C.
Trading Update
43 weeks to 21 January 2023
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"),
the premium pubs and hotels business, provides the following
trading statement for the 43 weeks to 21 January 2023 ("the
period").
The underlying positive sales momentum of the business has
continued with like for like sales for the 43 weeks to 21 January
2023 up 20% on last year, despite the challenging consumer
backdrop. In comparison to pre-pandemic levels, our like for like
sales for the 43 weeks are at 97% against the same period in FY
2020.
Sales for the four-week Christmas and New Year period increased
by 38% against a trading period last year that was impacted by
Covid restrictions and work from home guidance. Due to the impact
of the train strikes, our sales compared to the same four weeks in
2019 have declined by 5%. Since the start of October, we estimate
that industrial action has reduced our sales by some GBP4 million
and the consequent impact on profitability means that we now expect
to report earnings below market expectations for the full year.
Simon Emeny, Chief Executive, said: "We are encouraged by our
underlying sales performance. While it is frustrating that the
train strikes have set back our reported sales and earnings, it is
reassuring that we are achieving our anticipated sales trajectory
in periods unaffected by strikes. While ongoing strike action will
dampen sales, demand from customers remains good and we are
optimistic that 2023 will deliver further sales growth through a
busy calendar of events, and as office workers and tourists
continue to return to the Capital.
"We are operating in a high inflation environment, and that
continues to impact our operating costs and margins. While some of
these costs may be temporary in nature, others - such as the
National Living Wage increase - are more permanent and we are
focused on taking action to mitigate these costs wherever we
can.
"Although strike action and the cost-of-living crisis create
short-term hurdles to our post-pandemic recovery, we remain
confident in the resilience of the pub and the future opportunity
for Fuller's. We are a long-term business, and we will continue to
invest in our people, in our properties and in providing excellent
reasons for our customers to visit. We are delighted to continue to
support the development of our 200 apprentices and we look forward
to the re-opening of The Admiralty in Trafalgar Square and The
Sanctuary House in Westminster in the spring, following
transformational investments, as well as opening The Willow, our
new pub in the stunning Cotswolds village of
Bourton-on-the-Water.
"These are challenging times, but our fundamental strengths of a
talented and experienced team, a high-quality, well invested,
predominately freehold estate, and a healthy balance sheet provide
the foundations for us to make the right long-term decisions in
this period of short-term turbulence.
"We will next update the market on 15 June 2023, when we
announce the Company's full year results for the 53 weeks to 1
April 2023."
[End]
For further information, please contact:
Fuller, Smith & Turner P.LC.
Simon Emeny, Chief Executive 020 8996 2000
Neil Smith, Finance Director 020 8996 2000
Georgina Wald, Corporate Comms Manager 020 8996 2198 / 07831
299801
Instinctif Partners
Justine Warren 020 7457 2020
Notes to Editors:
Fuller, Smith & Turner PLC is the premium pubs and hotels
business that is famous for beautiful and inviting pubs with
delicious fresh food, a vibrant and interesting range of drinks,
and engaging service from passionate people. Fuller's has 208
managed businesses, with 1,027 boutique bedrooms, and 175 Tenanted
Inns. The estate is predominately located in the South of England
(44% of sites are within the M25) and stretches from our London
heartland to the Jurassic Coast via the New Forest. Our Managed
Pubs and Hotels include Cotswolds Inns & Hotels - seven
stunning hotels in the Cotswolds, and Bel & The Dragon - seven
exquisite country inns located in the Home Counties. In summary,
Fuller's is the home of great pubs, outstanding hospitality and
passionate people, where everyone is welcome and leaves that little
bit happier than they arrived.
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ISIN: GB00B1YPC344
Category Code: TST
TIDM: FSTA
LEI Code: 213800C7ACOFMRCQQW76
OAM Categories: 2.2. Inside information
Sequence No.: 217427
EQS News ID: 1540615
End of Announcement EQS News Service
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