Fuller, Smith & Turner PLC (LON:FSTA) has warned of a “material reduction” in trading performance as it closed its entire pub estate amid new UK government regulations to combat the coronavirus pandemic.
The company said that it was “not in a position to give guidance on the financial impact of [coronavirus]” on its business at this juncture, although the extent will depend on how long its pubs were forced to keep their doors closed.
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Fuller also said it was taking steps to “further preserve cash and reduce overhead costs” through a range of measures including delaying the start of large capital expenditure projects and was also considering its dividend policy.
"These are unprecedented times. The impact of [coronavirus] on the hospitality sector, and indeed the nation, cannot be underestimated”, said chief executive Simon Emeny.
“However, Fuller's is a long-term business, established on extremely sound foundations, which equips it well to navigate testing times such as these”, he added.
In a note on Monday, analysts at Liberum, which rate Fuller at ‘hold’ with a 950p price target, said they considered the firm’s cost-saving plans to be “prudent measures considering the unprecedented situation”.
The shares were down 0.8% at 655p in early trading.