Fuller, Smith & Turner Makes Solid Start To FY11

23rd Jul 2010 08:59

LONDON (Dow Jones)--Pub and brewery group Fuller, Smith & Turner PLC (FSTA.LN) Friday said it had a solid start to the 2011 fiscal year, with sales at its managed pubs and hotels up 4.1% in the first 16 weeks, but said trading is likely to remain unpredictable. Fuller's said during the same 16 weeks to July 17, comparable profits at its tenanted pubs rose 1%. Sales of its own-brewed bear fell 2%. "After some glorious summer weather there are economic clouds on the horizon, but I am confident that our strategy ensures the company is well placed to deliver for its shareholders even in these continuing uncertain times," Chairman Michael Turner said in the company's statement. The firm said cash generation was strong in the period, with net debt at the end of the first quarter, or June 26, down to GBP102 million from GBP107.7 million at March 27. Fuller's also Friday said that Simon Emeny, Managing Director of Fuller's Inns, is being promoted to Group Managing Director Nov. 1. Emeny will assume overall responsibility for the company's operations, with both The Fuller's Beer Company and Fuller's Inns reporting to him. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires July 23, 2010 03:59 ET (07:59 GMT)