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Think the board are to be congratulated on this deal. As UK moves full speed towards Beachy Head this puts some money in the coffers. Griffin Brewery is a museum piece so some licensed efficient brewing should help take the strain. The days of using the brewery waste as pig feed and delivery by diesel truck are coming to an end and Fullers know it.
sure likes trading 8 shares !!
do not look too bad to me and with the footie starting later this month I reckon an entry at 9.50 should do me fine.
Think this company will be watching budget closely. The business rate hikes could hit Fullers quite hard.
watchlist
The company trades at 18.2 times its expected 2014 earnings, a slight premium to its sector on a multiple of 17. Coming down from record highs. Like-for-Like sales up 7% including the World Cup period. looks a sell to me but could be interesting if it goes sub 870p. Thoughts?
Does anyone have any thoughts on why this share has been steadily falling while others like MARS and YNGA have put on small steady rises? Can't find any news in searches.
Fuller Smith & Turner Sell 19-Jul-12 £46,163.40 Richard Fuller 6,548 @ 705.00p Fuller Smith & Turner Sell 19-Jul-12 £24,583.35 Richard Fuller 3,487 @ 705.00p
Fuller Smith & Turner Sell 19-Jul-12 £209,448.46 M J Turner 29,709 @ 705.00p Fuller Smith & Turner Sell 19-Jul-12 £160,465.05 Simon Emeny 22,761 @ 705.00p Fuller Smith & Turner Sell 19-Jul-12 £145,737.60 James Douglas 20,672 @ 705.00p
"We reiterate our Hold recommendation and 735p Target Price and continue to prefer Young's (Buy, 804p Target Price) for those seeking exposure to London and the South East," Panmure Gordon said. Peel Hunt is more bullish on the stock, rating it a "buy". "As the largest operator of station pubs with established operations at Paddington, Waterloo, and its new Parcel Yard at King's Cross, Fullers is well placed to benefit from high passenger turnover here, as well as from high footfall on London streets," Peel Hunt analyst Paul Hickman said, referring to the influx of people expected in the nation's capital as the Olympics kick off.
The 30 pubs acquired last year have bedded down well and are hitting sales targets. Panmure Gordon said the LFL sales performance of the Managed Pubs and Hotels was worse than it had been expecting; the broker had forecast positive LFL sales growth of 1.0%. The 1.1% decline in LFL sales was at least an improvement on the 2.8% fall the group reported for the first eight weeks of its current financial year and implies, according to the broker's calculations, LFL sales growth of 0.3% over the last seven weeks.
Having lots of pubs with beer gardens has proved less of a boon this year than usual for cask ale brewer and pubs group Fuller, Smith and Turner, as England's soggy summer continues. In the period from April 1st to July 18th, total sales for Fuller's Managed Pubs and Hotels were up 8.0% on the corresponding period of the previous year, but were down 1.1% on a like-for-like (LFL) basis. The group attributed this to lousy weather affecting sales in pubs that have beer gardens. In contrast, other parts of the business did well out of the Queen's Diamond Jubilee celebrations and the Euro 2012 football championships. The Tenanted Inns division saw LFL profits rise 1% year-on-year while beer volumes produced by the London Pride brewer were up 1% on a year earlier. Cash generation remains strong and net debt at the end of June was down to £134.5m from £138.2m at the end of March.
Over the coming weeks the eyes of the world will be on London. Michael Turner, Chairman, commented: "With the opening ceremony a mere nine days away and as the Olympic Torch weaves its way closer to the capital, past a growing number of our pubs and hotels, we can see the excitement building. The Brewery is running at full tilt to ensure that everyone can celebrate with a pint of London Pride." The next report will be on 23 November 2012 when the Company issues its half year report for the 26 weeks to 29 September 2012.
INTERIM MANAGEMENT STATEMENT 15 weeks to 14 July 2012 Fuller, Smith & Turner P.L.C. today made the following Interim Management Statement for the 15 week period from 1 April to 14 July 2012, in advance of the Company's Annual General Meeting to be held at 11.00 am, 18 July 2012, in the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB. Total sales for Managed Pubs and Hotels grew 8.0%, but the persistent rain affected sales in a large number of pubs with gardens, causing like for like sales to decline by 1.1%. The Queen's Diamond Jubilee and Euro 2012 benefited the other parts of the business more noticeably, with Tenanted Inns like for like profits up 1% and The Fuller's Beer Company total beer volumes growing by 1%, helped by the launch of Hope and Glory in May and Wild River in June, which have both proved very popular. Cash generation is very strong and net debt at the end of the first quarter reduced to £134.5 million, down from £138.2 million on 31 March 2012. Net debt to EBITDA (proforma for the impact of acquisitions and disposals) remains unchanged at 2.7 times. The 30 pubs we acquired last year are performing well and achieving our anticipated sales targets, providing a strong foundation for growth. Six of the 13 managed pubs acquired have now been refurbished and the rest will receive investment during the remainder of this financial year. Refurbishments to existing pubs continue to be successful with sales growing 13% as a result of the investments and we are planning increased expenditure this year. We remain focused on investing for the long term in quality pubs, in premium markets. Nigel Atkinson will stand down after the AGM having served for six years on the Board. Nigel was previously Managing Director of George Gale and Company, which Fuller's acquired in December 2005, for 14 years. He has added real value in both roles and his contribution has been extremely important to the Company.
http://www.investegate.co.uk/Article.aspx?id=20120718070000P8B91
London Pride brewer and pubs group Fuller, Smith & Turner comes in. The group will give a trading update at its annual general meeting, and Peel Hunt reckons Fuller's managed estate will have done well to show any sort of like-for-like growth. At the end of May the group said: "We have experienced the most volatile and weather-dependent start to a year that we can remember. April was the wettest on record, whilst last week was glorious." Trading in the first eight weeks of the new financial year saw like-for-like sales down 2.3% and, as Peel Hunt noted, this time a year ago the group reported a 3% increase in like-for-like sales, so the comparative figures are tough.
Tate and Lyle doesn’t make sugar anymore, as the Tempus column in the Times kindly reminds us. Its corn-based sweetener products do, however, benefit when the sugar price is high because they look cheap by comparison. But the company has been hit with some annoying one-offs and could face further charges if it decides to reopen a mothballed facility in Alabama. Trading at something like 11.5 times forward earnings, Tempus says hold for now
http://www.investegate.co.uk/Article.aspx?id=20120309122455PDA21
Michael Turner, Chairman, commented as follows: "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 lift the national mood. 2012 is finally here and with the world's attention focused on London, we at Fuller's, our capital city's only long-standing brewer, intend to showcase what is great about British Beer and Pubs." The Company will next report on 31 May 2012 when it releases its preliminary results for the 52 weeks to 31 March 2012.
nterim Management Statement 27-Jan-2012: Interim Management Statement Fuller, Smith & Turner P.L.C. ('Fuller's' or 'the Company') today reports its trading performance for the 42 weeks to 21 January 2012. In the 9 weeks to 21 January 2012, the Company has traded well with like for like sales in Managed Pubs and Hotels up 5.1%, bringing the like for like sales growth for the 42 weeks to 4.1%. Like for like profits in the Tenanted Inns division increased 1% and Own Beer volumes for the Fuller's Beer Company grew 1% for the 42 week period. The Company's balance sheet and cash generation remain strong. As at 31 December 2011, net debt was £109.4m, up from £92.5m at the half year following the previously announced acquisition of five pubs from Marston's on 1 November 2011 for £16m, the purchase of the freehold of one of our formerly leasehold sites, The Old Fish Market in Bristol, and £5.1m of share buy-backs in the quarter. Fuller's once again enjoyed a strong Christmas, with over 40 managed pubs having record weeks. Trade has also been good in January, but like-for-like performance in these nine weeks versus prior year has been boosted by the snow in the previous year. Given the high level of economic uncertainty in the UK and the rest of Europe we must remain cautious about the outlook for 2012. However, we are confident that our acquisitions pipeline and refurbishment programme will continue to give us good momentum going into a summer of sport and celebration that should lift the national mood. We have exchanged on two more pubs that are due to complete before the end of March and the two recent acquisitions that are currently closed for extensive work, The Crown Inn, Bishop's Waltham and The White Swan Hotel, Stratford-upon-Avon, will reopen in March and April respectively.
http://www.investegate.co.uk/Article.aspx?id=20120127070000P3528
Panmure Gordon reiterates sell and 545p target.
Commenting on the results, Michael Turner, Chairman of Fuller's, said: "I am pleased to announce a good set of results for the first half of the financial year, driven by growth in all parts of the business. "Our revenues grew by 6% to £128.2 million (2010: £121.5 million) and adjusted profit before tax (excluding exceptional items) increased by 5% to £16.5 million (2010: £15.7 million). Our adjusted earnings per share rose by 8% to 21.48p (2010: 19.96p). "These results highlight the successful execution of our long term strategy, which has remained unchanged despite the economic pressures on the UK consumer. The largest part of our business, Managed Pubs and Hotels, has again traded well with like for like sales up 3.9%. "Our balance sheet remains very strong and having increased our bank facilities to £120 million during the period we have additional funds available to invest in new opportunities as they arise. Our strategy is to be highly selective and we have the patience to wait for the right assets to become available at the right price.
Financial results for the 26 weeks ended 1 October 2011 Financial Performance · Revenue up 6% to £128.2 million (2010: £121.5 million) · Adjusted profit before tax1 up 5% to £16.5 million (2010: £15.7 million) · Adjusted earnings per share2 up 8% to 21.48p (2010: 19.96p) · EBITDA3 up 4% to £25.0 million (2010: £24.1 million) · Interim dividend up 6% to 5.05p (2010: 4.75p) Corporate Progress · 12 pubs acquired since last year end · Managed Pubs and Hotels like for like sales up 3.9% · Managed Pubs and Hotels profits4 up 1% · Tenanted Inns profits4 up 2% · Own Beer volumes up 2% · Beer Company Profits4 up 12% · Beer Company Managing Director recruited - starts 12 December 2011
http://www.investegate.co.uk/Article.aspx?id=201111250700307582S