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22-Nov-2013: Half Year Results


Financial results for the 26 weeks ended 28 September 2013

Financial Performance

  • Adjusted earnings per share1 up 9% to 24.79p (2012: 22.78p)
  • Adjusted profit before tax2 up 8% to £18.1 million (2012: £16.8 million)
  • Revenue up 6% to £146.3 million (2012: £137.9 million)
  • EBITDA3 up 4% to £28.1 million (2012: £26.9 million)
  • Interim dividend up 8% to 5.80p (2012: 5.35p)
  • Net debt to EBITDA4 2.5 times (2012: 2.7 times)
Corporate Progress

  • Industry leading like for like sales growth of 7.9% in Managed Pubs and Hotels led by strong food growth
  • Managed Pubs and Hotels profits5 up 16% with good operating margins
  • Tenanted Inns profits5 level with like for like profits up 1%
  • Total Beer and Cider volumes down 1%
  • Good progress on Fuller’s Beer Company long term strategic initiatives:
- Cornish Orchards premium cider business acquired in June; successfully integrated and trading strongly

- Successful launch of Frontier, our new wave craft lager

- Creative “Made of London” advertising campaign well received

Commenting on the results, Simon Emeny, Chief Executive of Fuller’s, said:

“I am pleased to report a strong first half for the Group with adjusted profit before tax growing 8% to £18.1 million and our adjusted earnings per share increasing 9% to 24.79p.

“Our results have been driven by another excellent performance from Managed Pubs and Hotels, with industry leading like for like sales growth of 7.9% and profits up 16%, clearly demonstrating the ongoing appeal of our freshly prepared food offer.

“The second half has started well and the underlying momentum which characterised our trading in the first half has continued over the last seven weeks, with Managed Pubs and Hotels like for like sales up 7.8% over the 33 weeks. Our London and South East based portfolio of well invested quality pubs, a strong balance sheet and consistent long term strategy leave us well placed for the future as we continue to invest in our people, our pubs and our brands. We remain confident of another year of progress for the Group.”


For further information please contact:

Fuller, Smith & Turner P.L.C.

On the day: College Hill

Paul Downes 07900 244888

Justine Warren 07785 555692

Press: Simon Emeny 0208 996 2000

Analysts: James Douglas 0208 996 2000


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 28.71p (2012 restated: 27.45p). 2012 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 £16.8 million (2012 restated: £17.3 million). 2012 profits are restated in line with the change in accounting policy. 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: Half Year Results

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