Too soon for ban but weather affecting sales, says Fuller's

Fuller's, the London brewer and pub operator, said it has had a good start to the year but it is too early to assess the impact of the smoking ban.

The company issued a statement ahead of its AGM today which said the variable summer weather had more daily influence over takings than the new smoking law.

It read: "Fuller's Inns, the managed and tenanted pubs and hotel division, saw invested like for like sales in its managed pubs increase by 5.4% for in the first 16 weeks to 21 July 2007 (uninvested by 4.3%). ​

A far greater daily influence has been the variable weather at the height of the English summer ​ Anthony Fuller, chairman

"Tenanted pubs and hotels continue to make progress in line with expectations.

"The Fuller's Beer Company's volume continue to show growth in a competitive market place.

"The Group's cash flows and debt levels are in line with expectations.

"As mentioned in the preliminary announcement of the Group's results on 8 June 2007, since the year end, the Group has paid £8m into its pension fund, reducing the year end pension deficit from £16m to £8m."

Speaking about the results, Anthony Fuller, chairman said: "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 board is confident of the prospects for the continuing success of the Group."

As announced last year, today sees the retirement of Anthony Fuller CBE as chairman.

He will remain on the Board as a Non-Executive Director and has agreed to become president.

Michael Turner, who has been the chief executive since July 2002, takes over as executive chairman of the Group.