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Fuller, Smith & Turner PLC - London-based chain pub operator - Says its ‘trading momentum continues’ in update provided before its annual general meeting on Tuesday morning, for the first 16 weeks of the year ending on March 30, 2025. Says it delivered strong 5.3% like for like sales growth for the period ‘and, with inflationary pressures easing, our margins are recovering’. Notes that it has completed the disposal of 37 non-core pubs to Admiral Taverns for £18.3 million, and of Southwark pub The Mad Hatter for £20 million. The transactions reduced its underlying debt to £92 million, which will help fund its ongoing buyback and ‘leaves us well positioned to take advantage of appropriate acquisition opportunities’.
Chief Executive Simon Emeny says: ‘We have had a strong start to the financial year, and we look forward to the opportunities the future will bring. We have a new UK Government in place, and I urge Sir Keir Starmer to stand by his commitment to overhaul our archaic business rates system. The Labour Party has a clearly stated objective to grow the economy and the hospitality sector can be an excellent engine to help deliver that growth.’
Current stock price: 722.00 pence
12-month change: up 20%
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