Fuller's managed pubs see strong start

Fuller Smith & Turner told investors today at the group's AGM that invested like-for-like sales in its managed pubs increased by 5.4 per cent for in the first 16 weeks of the year to 21 July 2007, and uninvested by 4.3 per cent.

In an interim management statement - the new name for what was traditionally known as the trading update - the London-based brewer said that its tenanted pubs and hotels continued to make progress "in line with expectations".

The Fuller's Beer Company's volumes "continue to show growth in a competitive market place", it added.

Anthony Fuller, Fuller's chairman told shareholders: "The first quarter has seen a good start to the year, in line with our expectations.

"The smoking ban came into effect on 1 July 2007, but it is still too early to identify its effect on sales. Indeed a far greater daily influence has been the variable weather at the height of the English summer - a challenge which we have learned to expect and address through the years."

The Fuller's board was confident of the prospects for the continuing success of the group, he concluded.

Fuller's is looking to split its £1 and 10p shares 'five for two', converting every two £1 'A' or 'C' shares to five new 40p shares and every two 10p 'B' shares into five new 4p shares.

Shareholders were expected to approve the proposal.

The meeting also saw the official stepping down of Anthony Fuller as chairman, and the appointment of Michael Turner, formerly the group's chief executive, as executive chairman.