Fuller Smith & Turner Share News (FSTA)

(Alliance News) - Fuller, Smith & Turner PLC on Thursday said it expects to deliver annual figures in line with market guidance, and announced a new buyback.

The stock was trading 4.5% higher at 545.61 pence per share in London on Thursday.

The London-based pub and hotel chain also has agreed a new GBP185 million unsecured facility with "a consortium of existing relationship banks", available until August 31, 2028. The interest margin is lower than existing terms by 75 basis points, Fuller said.

The company said the agreement reflects its "strong financial position" and "provides us with significant headroom to pursue further growth through appropriate acquisitions and to enhance returns for shareholders".

Fuller, Smith & Turner also announced its freehold purchase of The White Swan pub in south west London, with completion expected on March 19.

"With just two weeks to go, we have had a very strong year – and to cap it off with such an excellent new acquisition is the icing on the cake," commented Chief Executive Simon Emeny.

The company added: "As we approach our financial year end, on [March 29], trading momentum continues to be strong, and we are confident that market expectations will be delivered."

Emeny added: "We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the impact of forthcoming market challenges.

"We remain confident and optimistic about the future for our business and will continue to allocate capital to drive long-term growth and returns for shareholders."

Fuller, Smith & Turner moreover announced a new share buyback programme, with the intention of repurchasing "up to one million 'A' shares".

The firm believes that its current share price "significantly undervalues the business and does not reflect the intrinsic net asset value of our high quality, primarily freehold estate".

The company has also completed a full buy-in of its pension plan with Legal & General Group PLC, to "further demonstrate [our] financial strength...and reduce the exposure to future liabilities".

By Emma Curzon, Alliance News reporter

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