Fuller Smith & Turner : 24-Jul-2014 Interim Management Statement 16 weeks to 19 July 2014

FULLER, SMITH & TURNER P.L.C.

Interim Management Statement

16 weeks to 19 July 2014

Strong start from all divisions

Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the London brewer and premium pub company, today made the following Interim Management Statement for the 16 week period from 30 March to 19 July 2014, in advance of the Company's Annual General Meeting to be held at 11.00 am, 24 July 2014, in the Hock Cellar, Griffin Brewery, Chiswick, London W4 2QB.

Trading has been strong across all divisions, with like for like sales in Managed Pubs and Hotels rising by 7.3% for the period and like for like profits in the Tenanted Division growing by 3%. Total beer and cider volumes in the Fuller's Beer Company rose by 7%.

Net debt as at 28 June 2014 was £145.2m and net debt to EBITDA remained at 2.5 times.

During the period, the Company purchased a 51% stake in The Stable, a craft cider and pizza restaurant business, acquired The Bull Hotel in Bridport, Dorset and The Windmill in Portishead, near Bristol and agreed to acquire The Harp in Covent Garden. In addition, London's Pride, the Company's first airside pub at Heathrow Terminal 2, opened its doors for trading.

Simon Emeny, Chief Executive, commented: "We've had a strong start to the new financial year with our core business performing well. We launched a number of new initiatives last year, particularly in the Beer Company, and these are beginning to bear fruit. In addition, we have an excellent pipeline of new openings - the three riverside pubs in Kew, Fulham and Greenwich will come on stream, a seventh Stable opens in Falmouth at the end of August and we will continue to look for new pub acquisitions that fit our style of operation. The year has started well and I look forward to building on this early progress."

The next report will be on 21 November 2014 when the Company issues its half year results for the 26 weeks to 27 September 2014.

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Notes to Editors

Fuller, Smith and Turner P.L.C. is an independent traditional family brewer founded in 1845 and is based at the historic Griffin Brewery in Chiswick, London, where brewing has taken place continuously since 1654. The Company runs 181 Managed Pubs and Hotels and 205 Tenanted pubs, with a focus on outstanding cask ale, great wine, exemplary service and delicious fresh, home-cooked food. The Company also has 641 boutique bedrooms in its Managed estate and owns a 51% share of The Stable, a craft cider and pizza restaurant business. Fuller's pub estate stretches from Brighton to Birmingham and from Portishead to the Greenwich Peninsula, including 168 locations within the M25.

The Fuller's Beer Company brews a portfolio of premium beers including London Pride, ESB, Organic Honey Dew and Frontier Craft Lager. In June 2013, the Company acquired Cornish Orchards, a craft cider maker producing a range of award-winning ciders and premium soft drinks. Fuller's is also the UK distributor for Sierra Nevada, the premier US craft beer.