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23-Nov-2007: Half Year Results

Financial results for the 26 weeks ended 29 September 2007

Financial Highlights

· Revenue up 3% to £93.3 million (2006: £91.1 million)
· Profit before tax up 16% to £12.7 million (2006: £10.9 million)
· Adjusted profits1 up 11% to £12.1 million (2006: £10.9 million)
· EBITDA2 up 3% to £21.0 million (2006: £20.4 million)
· Basic earnings per share3 up 52% to 20.34p (2006: 13.42p)
· Adjusted earnings per share4 up 13% to 15.18p (2006: 13.42p)
· Interim dividend3 up 8% to 2.80p (2006: 2.59p)

Corporate Progress

· Managed invested like for like sales5 up 5.3%
· Fuller’s Inns operating profits up 4%
· Fuller’s Beer Company operating profits up 2%
· Interest cover up to 4.6 times
· Five for two share split completed in August 2007
· Successor to Finance Director already on the Board

1 Adjusted profit is the profit before tax excluding exceptional items.
2 Pre-exceptional earnings before interest, tax, depreciation and amortisation.
3 Calculated on a 40p ordinary share.
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 Invested like for like sales comprise all pubs in the managed estate, excepting acquisitions, transfers or disposals and with comparatives adjusted for refurbishment closures.

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

“We have had a very pleasing start to the year across all parts of the business and I am delighted to report another record-breaking set of results. Our adjusted profits increased by 11% to £12.1 million (2006: £10.9 million) and, following an exceptional gain of £0.6 million on property disposals, our statutory profit before tax increased by 16% to £12.7 million (2006: £10.9 million). Our adjusted earnings per share increased by 13% to 15.18p (2006: 13.42p).

“The profit after tax increased by 52% to £11.4 million from £7.5 million, benefiting substantially from a £2.5 million non-recurring tax credit relating to the changes in future Corporation Tax rates. This one-off tax credit also helped boost basic earnings per share by 52% to 20.34p (2006: 13.42p).

“We have a strong geographical balance across London and the South of England and we continue to seek to acquire additional sites and to manage our portfolio between the Managed and Tenanted divisions. Our investment in outside areas, marketing and focus on creating the best pub in any area ensure that we are well positioned to deal with the winter impact of the smoking ban.

“The money raised from the sale of two hotels last year has enabled us to reduce our net debt and our gearing, reinforcing our strong position to access funds for further acquisitions.

“The strong increase in the interim dividend reflects our confidence in our financial strength and the potential for future growth.

“We will continue to use the skills of our people to implement our long-term strategy, maintain our profits growth and deliver good returns for our shareholders.”

- Ends -
Notes to Editors
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This page was printed from the website of Fuller, Smith & Turner P.L.C at