Half Year Results press release


(“Fuller’s” or “the Company”)

Half year results for the 26 weeks ended 26 September 2015

A strong first half from a great team of people

Financial Highlights

•    Adjusted earnings per share  up 11% to 30.74p (2014/15: 27.67p)
•    Adjusted profit before tax  up 10% to £21.6 million (2014/15: £19.6 million)
•    Revenue up 10% to £177.7 million (2014/15: £161.6 million)
•    EBITDA  up 8% to £33.3 million (2014/15: £30.7 million)
•    Interim dividend up 8% to 6.90p (2014/15: 6.40p)
•    Net debt to EBITDA  3.0 times (2014/15: 2.6 times)

Operational Indicators

•    Like for like sales growth of 5.6% in Managed Pubs and Hotels – against strong comparatives from last year
•    Good performance from Tenanted Inns, with like for like profits  increasing by 3%
•    A solid start for The Fuller’s Beer Company with total beer and cider volumes up by 1%

Strategy Update

•    Acquired two new freehold pubs, plus the freeholds of three existing sites including The Barrowboy & Banker on London Bridge
•    Continued to invest in our people – with over 1,000 training days per month and a rise in the hourly rate of all team members on a development programme
•    Opened The Stable in Plymouth and Winchester and relocated The Stable in Bath to a premium location
•    Strong performance from new beer brands – Oliver’s Island is now our second best-selling cask ale in the UK and Frontier sales have doubled year on year
•    Continued focus on investing in our premium pub estate and brand portfolio to maintain clear differentiation over the competition

Current Trading

•    Managed Pubs and Hotels like for like sales up by 5.8% in first 33 weeks
•    Tenanted Inns like for like profits for first 33 weeks increased by 4%
•    Total beer and cider volumes have increased by 1% in the first 33 weeks
•    Purchased two new pubs since the period end – The Great Northern Railway Tavern in Hornsey, North London, and The Sutton Arms, Farringdon, London
•    Opened The Stable, Southampton in November 2015

Commenting on the results, Chief Executive Simon Emeny said: “We have had a strong first half with all areas of the business in growth, demonstrating the clear trading momentum underway in the business. It is particularly rewarding, coming on the back of a good prior year. During the last six months, our Managed Pubs and Hotels have had excellent growth, the Tenanted Division has put in another good performance and the Beer Company has also made progress. Our commitment to providing the best drinks range, the most delicious, freshly-cooked food, fantastic surroundings and service that is second to none continues to deliver good experiences for our customers and good returns for our shareholders.

“The second half of the year has started well, with a number of our pubs – particularly in West London – benefitting from a boost during the Rugby World Cup. For the first 33 weeks, our like for like sales in our Managed Pubs and Hotels have risen by 5.8% and like for like profits in our Tenanted Inns have risen by 4%. Beer and cider volumes have increased by 1% for the first 33 weeks.

“We have purchased two new sites since the period end. The Great Northern Railway Tavern is in the North London suburb of Hornsey, an area where we are currently under represented. The other is The Sutton Arms, in the City, close to Farringdon Station. In addition, we opened The Stable in Southampton, in the cultural quarter of this university city. We have an exciting pipeline of acquisitions and will be opening The Sail Loft on Greenwich Reach in January.

“In short, having completed the first half of this financial year, I look forward to the rest of the year with optimism. We have the best team in the industry and iconic pubs, combined with the financial firepower and business acumen to stay ahead of the competition. Fuller’s is a company with clear values, a consistent and well communicated strategy and I know that we will continue to deliver great beer and cider, delicious food and outstanding service to our customers, great careers for our people and solid returns for our shareholders.”


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
Notes to Editors:

Fuller, Smith and Turner P.L.C. is an independent traditional family brewer founded in 1845 and is based at the historic Griffin Brewery in Chiswick, London, where brewing has taken place continuously since 1654. The Company runs 189 Managed Pubs and Hotels and 203 Tenanted pubs, with a focus on outstanding cask ale, great wine, exemplary service and delicious fresh, home-cooked food. The Company also has 651 boutique bedrooms in its Managed estate. The Fuller’s pub estate stretches from Brighton to Birmingham and from Portishead to the Greenwich Peninsula, including 172 locations within the M25. In 2014, Fuller’s acquired a 51% stake in The Stable, a craft cider and gourmet pizza restaurant business. The Stable has 10 sites in the South and South West of England.

The Fuller’s Beer Company brews a portfolio of premium beers including London Pride, ESB, Organic Honey Dew and Frontier Craft Lager. In June 2013, the Company acquired Cornish Orchards, a craft cider maker producing a range of award-winning ciders and premium soft drinks. Fuller’s is also the UK distributor for Sierra Nevada, the premier US craft beer.

Photography is available from the Fuller’s Press Office on 020 8996 2175 or by email at [email protected]

Copies of this statement, the Interim Report and results presentation will be available on the Company’s website, www.fullers.co.uk.  The presentation will be available from 12 noon on 20 November 2015.

Click here to download the full PDF press release