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Fuller's buoyed by strong Christmas

Start a new threadBy John Harrington , 27-Jan-2012

Fuller’s, the London-based pub operator and brewer, has said a “strong Christmas” and good January trading helped it report a 5.1% rise in like-for-like sales in its managed estate in the nine weeks to 21 January.

The performance helped lift its managed like-for-likes in the 42 weeks to 21 January to 4.1%, over which period like-for-like profits in the tenanted arm increased by 1% and own-beer volumes grew 1%.

The company also revealed that it has exchanged on two more pubs that are due to complete before the end of March. In addition, the two recent acquisitions that are currently closed for “extensive work”, the Crown Inn at Bishop’s Waltham and the White Swan Hotel, Stratford-upon-Avon, are due to reopen in March and April respectively.

The firm said its balance sheet and cash generation “remain strong”. Net debt at 31 December 2011 was £109.4m, up from £92.5m at the half year, following the acquisition of five pubs from Marston’s on 1 November for £16m, the purchase of the freehold of one of its formerly leasehold sites, the Old Fish Market in Bristol, and £5.1m of share buy-backs in the quarter.

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