Fuller, Smith & Turner has reported strong Q1 trading “aided by the recent spell of glorious weather”, with total sales in its managed pubs and hotels division up by 12.0% for the 16 weeks to 20 July 2013.
Like for like sales were up 10.0%, said Fuller’s, “with food and accommodation sales showing very strong growth, demonstrating good underlying momentum”.
In its tenanted inns division, like-for-like profits were down 1%, as the company took advantage of the dry conditions to undertake external property repairs. But underlying profit remains in growth, the company insists. Total beer and cider volumes declined 2%.
Fullers added: “The company’s balance sheet and cash generation remain strong and net debt reduced to £130.2m on 29 June 2013, down from £135.6m at the year end. Net debt to EBITDA (pro forma for the impact of acquisitions) also reduced to 2.5 times, from 2.6 times at the year end.
Simon Emeny, Fuller’s chief executive, commented: “After several weeks of barbeque summer weather, it is pleasing to see customers coming to our pubs and gardens to enjoy our food, drink and hospitality. Of course, the boost to our fortunes that the sunshine brings is small in the context of our long term future. I am therefore equally pleased that the underlying business is well positioned, with pub investments performing strongly and our various long term initiatives, such as our entry into the craft lager and cider markets, showing promising progress.”
The company will next report on 22 November 2013 when it issues its half year report for the 26 weeks to 28 September 2013.
