Fuller, Smith & Turner PLC: Covid-19 and Dividend Update (1014535)

 
 Fuller, Smith & Turner PLC (FSTA) 
Fuller, Smith & Turner PLC: Covid-19 and Dividend Update 
 
03-Apr-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Press Release 
 
3 April 2020 
 
                         Fuller, Smith & Turner PLC 
 
                        COVID-19 and Dividend Update 
 
Fuller, Smith & Turner PLC ("Fuller's" or "the Company"), the premium pubs 
and hotels business, today provides the following update in response to the 
ongoing impact of COVID-19 and the current closure of its entire Managed and 
Tenanted pub estate. 
 
The Company has placed the vast majority of its employees in furlough, 
retaining a small number in key positions to maintain critical functions and 
deliver the year-end financial reporting process. Fuller's is grateful for 
the Government's financial assistance to employees in furlough and, where 
80% of their regular wage exceeds the Government cap of GBP2,500 per month, 
the Company has committed to top up the payment to the 80% level. 
 
During the current closure of the entire estate, steps have been taken to 
minimise all outgoings and to preserve cash. The Company has suspended all 
non-essential capital spend and is negotiating across its supplier base to 
reduce costs further. 
 
As stated in the previous announcement on 23 March 2020, Fuller's has an 
excellent relationship and open dialogue with its lending banks, and the 
Company is well financed with a healthy balance sheet and significant 
liquidity headroom. However, in light of the unprecedented current situation 
- especially the uncertainty as to how long the emergency regulations will 
last - and to ensure the Company is in the best possible financial position 
with maximum flexibility, the Board has taken the decision not to propose a 
final dividend on the Company's ordinary shares for the year ended 28 March 
2020, thereby preserving further cash (FY2019 final dividend: GBP6.8 million). 
 
Chief Executive Simon Emeny said: "We have implemented a wide range of 
measures that will impact all our stakeholders, but will protect the 
business and ensure that we emerge in a strong position to build for the 
future. We are supporting our tenants by cancelling commercial rent 
payments, we will not be proposing a final dividend, we have placed over 95% 
of our team members in furlough and my Board colleagues and I have taken a 
25% reduction in pay. 
 
"I would like to thank all my colleagues for their support and the way they 
have positively engaged in these decisions. I have been so proud of the way 
they have reacted with understanding and compassion. These are unprecedented 
times - but we look forward to the day we reopen our doors, get our teams 
back together and are ready to welcome our customers back into our pubs and 
hotels and deliver the outstanding hospitality that Fuller's is famous for." 
 
                                     S> 
 
For further information, please contact: 
 
Fuller, Smith & Turner P.LC. 
 
Simon Emeny, Chief Executive 020 8996 2000 
 
Adam Councell, Finance Director 020 8996 2000 
 
Georgina Wald, Corporate Comms Manager 020 8996 2198 / 07831 299801 
 
Instinctif Partners 
 
Justine Warren 020 7457 2010 
 
ISIN:           GB00B1YPC344 
Category Code:  MSCL 
TIDM:           FSTA 
LEI Code:       213800C7ACOFMRCQQW76 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   56381 
EQS News ID:    1014535 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

April 03, 2020 02:00 ET (06:00 GMT)