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21st November 2014

Financial results for the 26 weeks ended 27 September 2014 – An excellent first half for the Group


Financial Highlights
 Adjusted earnings per share1 up 12% to 27.67p (2013: 24.79p)
 Adjusted profit before tax2 up 8% to £19.6 million (2013: £18.1 million)
 Revenue up 10% to £161.6 million (2013: £146.3 million)
 EBITDA3 up 9% to £30.7 million (2013: £28.1 million)
 Interim dividend up 10% to 6.40p (2013: 5.80p)
 Net debt to EBITDA4 2.6 times (2013: 2.5 times)

Operational Indicators
 Strong like for like sales growth of 6.5% in Managed Pubs and Hotels
 Tenanted Inns like for like profits5 increased by 5%
 Total beer and cider volumes rose by 6%

Strategy Update
 Acquired three new managed freehold sites – The Bull Hotel in Bridport, The Harp in
Covent Garden and The Windmill in Portishead
 Opened London’s Pride at Heathrow, Terminal 2
 Good pipeline of openings to come during the rest of the year
 Acquired 51% of The Stable, craft cider and gourmet pizza business, and opened a
seventh site with up to four more planned for the next 12 months
 London Pride activity is gaining momentum and wider portfolio of premium brands
continues to drive new accounts

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 25.33p (2013: 28.71p) 2 Adjusted profit before tax is the profit before tax excluding exceptional items. Statutory profit before tax was
£18.3 million (2013: £16.8 million) 3 Pre‐exceptional earnings before interest, tax, depreciation, loss on disposal of plant and equipment and

4 Net debt to EBITDA is adjusted as appropriate for acquisitions and disposals in the last 12 months 5 Operating profit before exceptional items.Current Trading
 Opened new flagship site, The Admiralty on Trafalgar Square
 One Over the Ait, a new build site at Kew Bridge, opens today [21 November 2014]
with two more riverside pubs due to open
 Completed purchase of a new leasehold site in Plymouth for The Stable
 Managed Pubs & Hotels like for like sales growth for the first 33 weeks up 6.8%
 Tenanted like for like profits up 3% during first 33 weeks
 Total beer and cider volumes up 4% during first 33 weeks

Commenting on the results, Simon Emeny, Chief Executive of Fuller’s, said: “It has been an
exciting six months for the Company and I am pleased to report a strong operational
performance in our existing business combined with striking new long term investments for
the future.
“Our business has a clear vision and long term strategy focusing on recruiting and developing
the best people, enhancing our premium drinks portfolio, continuous investment in our
estate and developing our range of freshly‐made seasonal dishes. The result of this strategy
is another significant increase in sales and profit.
“We have seen a positive start to the second half. The Company is in robust health and we
face the future with optimism and confidence. Our high quality predominantly freehold
estate, passionate team and healthy balance sheet put us in an excellent position to
continue to deliver good returns for the Company and our investors. ”

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 183 Managed Pubs and Hotels and 205
Tenanted pubs, with a focus on outstanding cask ale, great wine, exemplary service and
delicious fresh, home‐cooked food. The Company also has 641 boutique bedrooms in its
Managed estate and owns a 51% share of The Stable, a craft cider and gourmet pizza
2business.  Fuller’s pub estate stretches from Brighton to Birmingham and from Portishead to
the Greenwich Peninsula, including 169 locations within the M25.
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
Copies of this statement, the Half Year Report and results presentation will be available on
the Company’s website,  The presentation will be available from 12 noon
on 21 November 2014.