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06-Jun-2014: Full Year Results 2014

A record year driven by strong like for likes

Financial Highlights

  • Adjusted earnings per share[1] up 11% to 46.94p (2013: 42.18p)
  • Adjusted profit before tax[2] up 10% to £34.1 million (2013: £31.1 million)
  • Revenue up 6% to £288.0 million (2013: £271.5 million)
  • EBITDA[3] up 6% to £54.5 million (2013: £51.2 million)
  • Final dividend up 11% to 9.30p (2013: 8.35p)
  • Net debt to EBITDA[4] 2.5 times (2013: 2.6 times)

Operational Indicators

  • Industry leading like for like sales growth of 8.3% in Managed Pubs and Hotels
  • Particularly strong growth in food and accommodation, with like-for-like sales in both areas rising by 10.4%
  • Tenanted Inns like for like profits[5] increased by 2%
  • Total Beer and Cider volumes rose by 1%

Strategy Update

  • Portfolio development continues with addition of Frontier, our new craft lager, Cornish Orchards cider and Sierra Nevada
  • Increased capacity at Cornish Orchards by 60%
  • Acquired three new sites and opened Cams Mill, Fareham
  • Tenanted Division wins Tenanted Pub Company of the Year at the Publican Awards

Current Trading

· Managed Pubs & Hotels like for like sales +8.0%

· Tenanted like for like profits +4%

· Fuller’s Beer Company volumes +10%

· Purchase of three new freehold sites including two Thames riverside locations

· Opened London’s Pride at Heathrow Terminal 2: The Queen’s Terminal

Commenting on the results, Simon Emeny, Chief Executive of Fuller’s, said: “Approaching the end of my first full year as Chief Executive, I am pleased to report that Fuller’s has had another very strong year. As a company, we know our strength is in operating at the premium end of the market and we have a clear vision of where we are going and how we will get there.

“Fuller’s Inns has had an excellent year with like for like sales in the Managed business rising by 8.3% and Tenanted like for like profits rising by 2%. It’s been a year of change for the Fuller’s Beer Company, with foundation blocks being laid for the future. Several new initiatives have come into play during the period including the acquisition of Cornish Orchards, the launch of Frontier, the purchase of the UK distribution rights to Sierra Nevada and the launch of Westside Drinks.

“We are looking forward with anticipation and excitement to the forthcoming year. Investment is taking place in all areas of the Company and we continue to be pleased with the impact that it is having on the business.

“The combination of a high quality estate, premium brands and a healthy balance sheet puts us in an excellent position going forward.”


For further information, please contact:

Fuller, Smith & Turner P.L.C.

Simon Emeny, Chief Executive (press) 020 8996 2175

James Douglas, Finance Director (analysts) 020 8996 2000

Georgina Wald, Corporate Communications Manager 020 8996 2198/07831 299801

Instinctif Partners

Paul Downes 07900 244888

Justine Warren 07785 555692

[1] Calculated using adjusted profit after tax and the same weighted average number of shares as for the basic earnings per share and using a 40p ordinary share. Basic earnings per share were 52.14p (2013 restated: 50.43p). 2013 earnings per share are restated in line with the change in accounting policy as a result of IAS19 (amendment). See note 1 of the financial statements for details.

[2] Adjusted profit is the profit before tax excluding exceptional items. Statutory profit before tax was £33.5 million (2013 restated: £33.7 million). 2013 profits are restated, see note 1 for details.

[3] Pre-exceptional earnings before interest, tax, depreciation, loss on disposal of plant and equipment and amortisation.

[4] Net debt to EBITDA is adjusted as appropriate for the pubs acquired or disposed of in the period.

[5] Operating profit before exceptional items

Category: Final Results

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