Fuller's reports like-for-like sales up

Like-for-like growth in the managed estate in the first three quarters (43 weeks to 25 January) was 7.7%, during which time like-for-like profits in the Tenanted Inns division grew by 2%.

Total beer and cider volumes in the Fuller’s Beer Company grew by 1% across the period.

Freehold purchase​

Fuller’s said the freehold purchase of the Distillers in Hammersmith and the completion of the deferred purchase of the freehold of the Lamb & Flag, Covent Garden, both in the third quarter, led to a slight rise in net debt as at 28 December 2013 to £137.7m, against £131.4m at the half year.

Net debt to EBITDA also increased slightly from 2.5 times at the half year to 2.6 times.

Good cash generation​

The company said it continues to benefit from a strong balance sheet and good cash generation.

Simon Emeny, chief executive, said: “We have had a good year so far, including a record Christmas, and it’s great to see so many customers enjoying our pubs. Our commitment to three key principles – an unrivalled portfolio of premium brands, engaging service, and freshly-cooked food delivered in a stylish environment – continues to pay off through attracting new customers and giving our regulars even more reasons to visit.

“As a result of this good performance we have decided to bring some additional projects forward into this financial year. Obviously there are some costs associated with this move, but we believe it makes better business sense to further improve our pubs at the earliest opportunity.

“We are confident of meeting our expectations for the full year and look forward to updating the market on 6 June 2014, when we announce the company’s preliminary results for the 52 weeks to 29 March 2014.”