Friday, 7 June 2013

FULLER, SMITH & TURNER P.L.C. - Financial results for the 52 weeks ended 30 March 2013

Financial Performance
  • Revenue up 7% to £271.5 million (2012: £253.0 million)
  • Adjusted profit before tax1 up 5% to £31.7 million (2012: £30.3 million)
  • Adjusted earnings per share2 up 8% to 43.07p (2012: 39.82p)
  • EBITDA3 up 7% to £51.2 million (2012: £47.8 million)
  • Profit before tax (including exceptional items) of £35.2 million (2012: £28.8 million)
  • Basic earnings per share4 52.59p (2012: 42.13p)
  • Final dividend up 10% to 8.35p (2012: 7.60p)
  • Net debt to EBITDA5 2.6 times (2012: 2.7 times)

Corporate Progress
  • Managed Pubs and Hotels total sales up 9%, like for like sales up 2.1% and profits6 up 6%
  • Agreement signed to open “London’s Pride”, the only airside pub within the new Terminal 2 at London’s Heathrow Airport in 2014
  • Tenanted Inns profits6 up 18%, like for like profits up 1% and average EBITDA per pub up 9%
  • New Beer Company strategy in execution:- “Made of London” advertising campaign now live, telling the true stories of London Pride’s unique history, provenance and relationship with London
     - Elegant new 500ml bottle launched, with all labels redesigned and updated
     - Launch of Frontier, our new wave craft lager, brewed over 42 days for a more memorable flavour
     - Entry into the premium cider market through acquisition of Cornish Orchards Limited for £3.8m (completed 4 June 2013)
  • For the nine weeks to 1 June 2013, Managed Pubs and Hotels like for like sales up 7.0%

1 Adjusted profit is the profit before tax excluding exceptional items.
2 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.
3 Pre-exceptional earnings before interest, tax, depreciation, loss on disposal of plant and equipment and amortisation.
4 Calculated on a 40p ordinary share
5 Pro forma net debt to EBITDA is adjusted as appropriate for the pubs acquired or disposed of in the period.
6 Operating profit before exceptional items.

Commenting on the results, Michael Turner, Chairman of Fuller’s, said:
“I am pleased to announce a strong performance by the Group, driven by our pub acquisitions and developments. Our adjusted earnings per share rose by an impressive 8% to 43.07p (2012: 39.82p) and the recommended total dividend also increased 8%, delivering real value to our shareholders.”
“We are excited to be implementing our new Beer Company strategy which features a number of initiatives. We have just launched our latest product innovation, Frontier, a new wave craft lager brewed over 42 days and unpasteurised to satisfy discerning drinkers looking for more flavour. We have also entered into the premium cider market through the recent acquisition of Cornish Orchards and their flagship brand, Cornish Gold, a truly delicious, quality craft cider made from freshly pressed apples.”
“Trading for the current year has started positively and like for like sales in our Managed Pubs and Hotels were up 7.0%. We look forward to the prospect of a year less blighted by the weather in which consumers are inspired to enjoy the summer in the great British pub, or even better, in that pub’s garden.”

Copies of this statement, the Half Year Report and results presentation will be available on the Company’s website,