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05-Jun-2009: Final Results


Financial results for the 52 weeks ended 28 March 2009

Financial Performance

· Revenue up 3% to £210.0 million (2008: £203.1 million1)
· Adjusted profit before tax2 down 1% to £22.8 million (2008: £23.0 million)
· Profit before tax of £14.4 million (2008: £23.8 million)
· EBITDA3 of £40.2 million (2008: £40.5 million)
· Adjusted earnings per share4 level at 29.12p (2008: 29.15p)
· Basic earnings per share5 of 16.00p (2008: 34.33p)
· Final dividend5 increased to 7.00p (2008: 6.90p)
· Net exceptional costs before tax of £8.4 million (2008: profit of £0.8 million) largely relating to asset impairment charges

Corporate Progress

· Strong performance in tough market conditions with adjusted profits down 1%
· Managed Pubs and Hotels like for like sales up 3.0%
· Own Beer volumes level
· Beer Company profits up 4%
· Acquisition of five high quality pubs completed; post year end acquisition of a further seven iconic pubs

1 2008 revenue is restated to include all excise duty
2 Adjusted profit before tax is the profit before tax excluding 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

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

“I am pleased to report a strong set of results in what has been a very difficult year given tough market conditions. Our adjusted profit before tax (excluding exceptional items) has fallen by 1% to £22.8 million (2008: £23.0 million) and our revenues have risen by 3% to £210.0 million (2008 (restated): £203.1 million).

“Our adjusted earnings per share remained level at 29.12p (2008: 29.15p) and we have achieved a 3.0% increase in like for like sales in our Managed Pubs and Hotels, yet again an industry leading performance.

“We have made a solid start to the new financial year with like for like sales in our Managed Pubs and Hotels growing by 1.8% for the nine weeks to 30 May 2009.

“We remain very cautious about the outlook for the UK economy. With interest rates at an all time low and unemployment rising, we now have the prospect of rising VAT, rising interest rates, and significant tax increases in order to service the nation’s debt mountain. However, we are well placed to meet the challenges ahead with strong brands, well-controlled costs and delightful, well-invested, smoke-free pubs that serve outstanding cask ale and delicious food.”
- Ends -

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

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 Preliminary Announcement and results presentation will be available on the Company’s website,

Category: Final Results

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