Fuller, Smith & Turner PLC: AGM Trading Statement

Fuller, Smith & Turner PLC reported robust like-for-like sales growth of 5.3% for the first 16 weeks of the financial year. The company attributes this to easing inflationary pressures and recovering profit margins.

The company completed the sale of 37 non-core pubs to Admiral Taverns for £18.3 million and The Mad Hatter in Southwark for £20 million. This sale reduced the underlying net debt to £92 million, allowing the company to continue its share buyback program and explore acquisition opportunities.

CEO Simon Emeny expressed optimism, noting the positive momentum and the energetic efforts of team members. He also called on the UK government to overhaul the business rates system to support economic growth and the hospitality sector.

Fuller’s will provide a further update with its half-year results on 13 November 2024.