In their Interim Management Statement the pubco reported that their managed pubs and hotels division had seen sales growth in the same period of over 5 per cent, while profits for the tenanted inns division were up 1 per cent.
Michael Turner, chairman of Fuller, Smith & Turner said the business had experienced a strong festive period with over 40 managed pubs having record weeks over Christmas.
“The company has traded well since we last reported and we have had another strong Christmas. We have now completed or exchanged on 14 acquisitions so far this financial year which gives us good momentum going into a summer of sport and celebration that should liftthe national mood," he said.
Acquisitions
Despite optimism about a summer of sport in 2012, Fuller's says they remain cautious about the next year's economic outlook and pointed out the strong like for like festive sales were boosted by the hit the company took during the snow the year before in 2010.
The pubco declared their balance sheet and cash generation remained strong with net debt at £109.4m following the acquisition in 2011 of five pubs from Marston's .
The company said that the opening of two pubs that were recently acquired, The Crown Inn, Bishop’s Waltham and The White Swan Hotel, Stratford-upon-Avon, would help give Fuller's the momentum to take advantage of the Olympics and football in 2012.
Meanwhile Marston's also announced positive festive sales with a 7 per cent rise in the like for like sales in the pubco's managed estate in the eight weeks to 21 January.
Post a comment