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20-Nov-2009: Half Year Results


Financial results for the 26 weeks ended 26 September 2009

Financial Performance

· Revenue up 10% to £116.9 million (2008: £106.4 million1)
· Adjusted2 profit before tax up 18% to £14.1 million (2008: £12.0 million)
· Profit before tax up 26% to £15.1 million (2008: £12.0 million)
· EBITDA3 up 9% to £22.7 million (2008: £20.9 million)
· Adjusted earnings per share4 up 17% at 17.95p (2008: 15.29p)
· Basic earnings per share5 up 46% at 19.21p (2008: 13.13p)
· Increased interim dividend5 of 4.50p comprising two elements – underlying 5% growth from 2.85p to 3.00p and 1.50p rebasing

Corporate Progress

· Managed Pubs and Hotels like for like sales up 2.8%, reflecting the strength of our premium offer
· Managed Pubs and Hotels profits up 20%, including contribution from 11 excellent pubs acquired in the last 12 months
· Tenanted like for like profits down 3%
· Own Beer volumes up 3%
· Beer Company profits up 15%
· Net Debt6 / EBITDA 2.4 times on a pro forma7 basis

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

“I am pleased to report a very strong set of results for the first half of our financial year in what has been another challenging period for the industry. In defiance of the recession, we have grown profits through an excellent performance of the core business, further boosted by the incremental contribution of acquired pubs together with reduced costs of borrowing. Adjusted profits before tax (excluding exceptional items) increased by 18% to £14.1 million (2008: £12.0 million), with adjusted earnings per share up 17% to 17.95p (2008: 15.29p).”

“Our Managed Pubs and Hotels, the largest part of our business, achieved a 2.8% increase in like for like sales, with good weather in the South East of England meaning our rural pubs enjoyed better trading conditions than in the last two summers.”

“Our first half performance has defied the recession but it has been boosted by factors that may not repeat or may even reverse: incremental earnings from acquisitions, record low interest rates, a pay freeze and better weather. We remain cautious about the outlook for the UK economy and we expect our second half to be significantly tougher than the first. Starting with VAT rising by 2.5% on 1 January 2010, taxes and interest rates must rise and the economic climate is likely to remain challenging for some considerable time.

We are well placed to meet these challenges ahead with strong brands, well-controlled costs and delightful, well-invested, pubs that serve outstanding cask ale and delicious food.”

1 2008 revenue is restated to include all excise duty
2 Adjusted profit measures exclude exceptional items
3 Pre-exceptional earnings before interest, tax, depreciation, loss on disposal of plant and equipment and amortisation
4 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
5 Calculated on a 40p ordinary share
6 Net debt comprises cash and short term deposits, bank loans, loan notes, debenture stock and preference shares
7 Calculated using EBITDA for a 52 week period, adjusted as appropriate for the 11 pubs acquired in the period

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

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For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175 / 2048 / 2198
07824 815366

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

Merlin 020 7653 6620
Paul Downes 07900 244888
Toby Bates 07876 161314

Category: Half Year Results

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