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Fuller, Smith & Turner

June 2020

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Fullers traded well in the 42 weeks ended 18th January with like-for-like sales rising 2.5% but that’s ancient history with COVID-19 shuttering its pubs and hotels. In response it has furloughed 95% of its staff with a small number retained for critical functions. It has also suspended collecting commercial rents from its pub tenants. To save money, the Board has taken a 25% pay cut and the dividend (FY’19 final: £6.8m) has been scrapped. All non-essential capex has been suspended with negotiations under way with suppliers to reduce its exposure to working capital (i.e. cash) outflows during months of closure. Fullers has total debt facilities of £185m (£152m matures August 2 ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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