Weather boosts Fuller's sales
The good weather has helped Fuller's Inns to a 4.1% rise in like-for-like sales for the 16 weeks from 28 March 2010 to 17 July 2010.
The London-based pub firm and brewer also announced that it would promote Simon Emeny, currently the managing director of Fuller's Inns, to the position of group managing director from 1 November.
Tenanted like-for-like profits were up 1% but the Fuller's Beer Company's own-brewed beer volumes declined by 2%.
Net debt at the end of first quarter on 26 June 2010 had fallen to £102m from £107.7m on 27 March 2010, with net debt to EBITDA down to 2.3 times.
Commenting on the update, chairman Michael Turner said: "Fuller's has started the year well. In the first 16 weeks of this year, our managed pubs and hotels like-for-like sales increase of 4.1% is again among the very best in our sector. After some glorious summer weather there are economic clouds on the horizon, but I am confident that our strategy ensures the company is well placed to deliver for its shareholders even in these continuing uncertain times."
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By Neil Gerrard
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