Trading Statement

Fuller,Smith&Turner PLC
19 July 2001


Extract from the Chairman's statement made at the Annual General Meeting held
today, 19 July 2001.

'The new financial year is an exciting one for Fullers with continued
investment across the Group to support further growth.  We have invested £23
million in the opening of three new hotels. The 37 bedroom White Hart Hotel at
Kingston Bridge opened in April and has been trading well.

The 117 bedroom Brigstow Hotel in Bristol opens on August 13th and the 64
bedroom Chamberlain Hotel in Minories is opening in October.  The new hotels
will contribute significant profits to the Group, but the expected
contribution in the first half will be slightly less than budgeted owing to
the delayed openings of the Brigstow and Chamberlain hotels.

Five new tenanted pubs have been acquired since the year-end and three managed
and eight tenanted pubs have been refurbished.  Like for like sales in the
managed estate are 1% up.

Our beer volumes have increased by 1%. The growth of the Beer Company is
accompanied by the largest capital investment programme the brewery has ever
seen, with in excess of £4.5 million budgeted over an 18 month period. This
investment started with the new cask racking line, completed in February 2001,
and a new bottling line which is currently underway. There are also plans for
a further fermentation and maturation tank development in the current
financial year, which will substantially increase our capacity, and help us to
further enhance the quality of our beers.

The first half will be a period of consolidation for Fuller's with the
benefits of our investment programme in the second half, when we expect to
make good progress. We remain confident in the overall growth prospects for
the Group.'


For further information please contact:

A G F Fuller CBE
Chairman

Michael Turner
Managing Director

Paul Clarke
Finance Director
020 8996 2000

Vanessa Maydon, Merlin Financial
020 7606 1244 / 07802 961 902