Fuller's takes pride in solid start to year

29th Jul 2011 07:28

London-focused pubs owner and brewer Fuller, Smith & Turner has seen a 3.2% increase in like-for-like sales in its managed pubs and hotels since the beginning of April. The company, which has completed the acquisition of five pubs since the start of its financial year, achieved the rise in the 16 week period from 3 April to 23 July of this year. Profits for its tenanted inns were up 1%, while the company's own brewed beer volumes grew by 2%. Cash generation continues to be strong with net debt at the end of the June at £90.9 million, marginally up from £88.5 million on 2 April 2011. Net debt to EBITDA (earnings before interest, tax, depreciation and amortisation) remains unchanged at 1.9 times.The news comes ahead of the AGM, held Friday 29th July, at which Nick MacAndrew will stand down from the board as Senior Independent Director, to be replaced by John Dunsmore.Michael Turner, Chairman, said:"Fuller's has started the year well. The UK economy remains very difficult to read, but I am confident that our strategy ensures that the company is well placed to deliver good returns to its shareholders even in these continuing uncertain times."NR