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23-Nov-2012: Half Year Results

Financial results for the 26 weeks ended 29 September 2012

Financial Performance

  • Revenue up 8% to £137.9 million (2011: £128.2 million)
  • Adjusted profit before tax[1] up 4% to £17.1 million (2011: £16.5 million)
  • Adjusted earnings per share[2] up 8% to 23.14p (2011: 21.48p)
  • EBITDA[3] up 8% to £26.9 million (2011: £25.0 million)
  • Interim dividend up 6% to 5.35p (2011: 5.05p)
  • Net debt to EBITDA[4] 2.7 times (2011: 1.9 times)
Corporate Progress

  • Two pubs acquired in the period and a further two since the half year end
  • Managed Pubs and Hotels like for like sales up 1.6%; profits[5] up 5%
  • Managed Pubs and Hotels delivered a good performance despite an unprecedented number of non-trading weeks due to redevelopment
  • Tenanted Inns profits5 up 19%; like for like profits up 1%
  • Total Beer volumes up 1%; profits5 down 7% due to increased depreciation from prior year’s investment in conditioning tanks
  • Last year’s acquisitions are making good progress and demonstrating encouraging momentum

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

“Despite what has been an extraordinary six months, I am pleased to announce a strong set of results, driven by a very encouraging performance from the exciting acquisitions we have made over the past year and a half.”

“Managed Pubs and Hotels, our largest division, has delivered a robust performance against the backdrop of a unique combination of events in London and the wettest summer in 100 years. The 13 Managed pubs purchased last year have seen considerable focus and investment in this period and their performance in recent months has been particularly encouraging. There is gathering momentum as these pubs climb towards their full trading potential.”

“Whilst the economic outlook remains uncertain, we are confident that the business is well placed for the future, with a healthy balance sheet and a successful long term strategy. The 2012 London Olympic Games showcased our vibrant capital city and generated fantastic goodwill and publicity around the world. We have no doubt that Fuller’s historic London heritage and iconic brands will receive an enduring boost for many years to come from this unique summer.”


For further information please contact:

Fuller, Smith & Turner P.L.C.

Press Office: 0208 996 2135 / 2175

07956 839113


College Hill

Paul Downes 07900 244888

Justine Warren 07785 555692

Copies of this statement, the Half Year Report and results presentation will be available on the Company’s website, The presentation will be available from 12.00 pm on 23 November 2012.


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