Financial results for the 26 weeks ended 1 October 2011
Financial Performance
• Revenue up 6% to £128.2 million (2010: £121.5 million)
• Adjusted profit before tax up 5% to £16.5 million (2010: £15.7 million)
• Adjusted earnings per share up 8% to 21.48p (2010: 19.96p)
• EBITDA up 4% to £25.0 million (2010: £24.1 million)
• Interim dividend up 6% to 5.05p (2010: 4.75p)
Corporate Progress
• 12 pubs acquired since last year end
• Managed Pubs and Hotels like for like sales up 3.9%
• Managed Pubs and Hotels profits4 up 1%
• Tenanted Inns profits4 up 2%
• Own Beer volumes up 2%
• Beer Company Profits up 12%
• Beer Company Managing Director recruited – starts 12 December 2011
Commenting on the results, Michael Turner, Chairman of Fuller’s, said: “I am pleased to announce a good set of results for the first half of the financial year, driven by growth in all parts of the business.
“Our revenues grew by 6% to £128.2 million (2010: £121.5 million) and adjusted profit before tax (excluding exceptional items) increased by 5% to £16.5 million (2010: £15.7 million). Our adjusted earnings per share rose by 8% to 21.48p (2010: 19.96p).
“These results highlight the successful execution of our long term strategy, which has remained unchanged despite the economic pressures on the UK consumer. The largest part of our business, Managed Pubs and Hotels, has again traded well with like for like sales up 3.9%.
“Our balance sheet remains very strong and having increased our bank facilities to £120 million during the period we have additional funds available to invest in new opportunities as they arise. Our strategy is to be highly selective and we have the patience to wait for the right assets to become available at the right price.
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