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21-Nov-2008: Half Year Results

Financial results for the 26 weeks ended September 27, 2008



Financial results for the 26 weeks ended 27 September 2008

Financial Performance

· Revenue up 1% to £94.4 million (2007: £93.3 million)
· Adjusted profit before tax(1) down 1% to £12.0 million (2007: £12.1 million)
· Profit before tax down 6% to £12.0 million (2007: £12.7 million)
· EBITDA(2) level at £20.9 million (2007: £21.0 million)
· Adjusted earnings per share(3) up 1% to 15.29p (2007: 15.18p)
· Basic earnings per share down 35% to 13.13p (2007: 20.34p)
· Interim dividend up 2% to 2.85p (2007: 2.80p)

Corporate Progress

· Managed Pubs and Hotels invested like for like sales up 2.3%
· Fuller’s Inns operating profits down 2%
· Fuller’s Beer Company operating profits down 3%
· Cash generated from operating activities of £20.8 million (2007: £11.2 million)
· Net interest cover(4) improved to 4.8x with no refinancing requirements until November 2010
· Net debt(5) reduced by £5.4 million to £90.1 million since March 2008
(1) Adjusted profit is the profit before tax excluding exceptional items.
(2) Pre-exceptional earnings before interest, tax, depreciation, loss on disposal of plant and equipment and amortisation.
(3) Calculated using adjusted profits after tax and the same weighted average number of shares as for the basic earnings per share and using a 40p ordinary share.
(4) Net interest cover is the ratio of operating profit before exceptional items to net finance costs.
(5) Net debt comprises cash and short term deposits, bank overdraft, bank loans, loan notes, debenture stock and preference shares.

Commenting on the results, Michael Turner, Chairman of Fuller’s, said:

“Our performance has been resilient in what has been a challenging period for the industry. EBITDA for the period was £20.9 million, broadly in line with last year (2007: £21.0 million). The adjusted profit before tax (excluding exceptional items) amounted to £12.0 million (2007: £12.1 million), with adjusted earnings per share up 1% to 15.29p (2007: 15.18p). In addition we generated £20.8 million cash flow from operating activities (2007: £11.2 million).

“Revenue rose by 1% to £94.4 million (2007: £93.3 million), and our Managed Pubs and Hotels have achieved a 2.3% increase in invested like for like sales, yet again one of the highest reported increases in the industry.

“We are in a strong financial position, owning the freeholds of the majority of our pubs, with prudent gearing and substantial headroom on our committed bank facilities. Combined with our excellent cash flow generation and an experienced and talented management team, we are confident that our strategy places us well for the future. The continued increase in the dividend at this time demonstrates the Board’s confidence in our financial strength.

“The collapse of confidence in the world’s banking system has meant that the outlook for the nation’s economy does not look good. We believe we have the business model and financial strength to cope well with a downturn, can improve our relative market position and are well placed to capitalise on the opportunities that may arise.”

- Ends -

For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175 / 2048
07748 657854 / 07824 815366 (mobile)

Michael Turner, Chairman: Press 020 8996 2048
James Douglas, Finance Director: Analysts 020 8996 2048

Merlin 020 7653 6620
Paul Downes 07900 244888 (mobile)
Anja Kharlamova 07887 884788 (mobile)

Notes to Editors
For an official photograph, please e-mail and one will automatically be sent by return on receipt of your e-mail.

Copies of this statement, the Half Year Statement and results presentation will be available on the Company’s website,

Category: Half Year Results

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