Fuller, Smith & Turner PLC: Covid-19 and Dividend Update (1014535)
April 03 2020 - 2:00AM
UK Regulatory
Fuller, Smith & Turner PLC (FSTA)
Fuller, Smith & Turner PLC: Covid-19 and Dividend Update
03-Apr-2020 / 07:00 GMT/BST
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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)
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