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(Alliance News) - Fuller, Smith & Turner PLC said at its annual general meeting on Thursday that sales were continuing to recover, marked by a strong performance in the first weeks of its current financial year.
For the first 16 weeks to July 16, total sales rose 3% over pre-pandemic levels, and were 81% higher on the same period the year before.
On a like-for-like basis, sales for the period were up 27% compared to a year prior.
During the period, the London-based pub and hotel company acquire one new site - The Queen's Arms on landside at Heathrow Terminal Two, at the Queen's Terminal which will open in August.
Looking ahead, Fuller said it is well-financed, with total available facilities of GBP226 million and a reduced net debt position of GBP123.6 million at July 17 from GBP131.9 million at the start of the financial year.
"We are pleased with our sales growth trajectory, particularly in our central London sites where momentum is building well.The industry-wide inflationary cost pressures around food supply, labour and particularly energy are showing little signs of abating. Our premium offer and effective supply chain management provide a degree of protection, but we are not immune from its effects on costs or consumer behaviour," said Chief Executive Simon Emeny.
Fuller, Smith & Turner will publish its interim results on November 17.
Shares in Fuller, Smith & Turner were down 2.6% at 613.34 pence on Friday morning in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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