Financial Performance
Revenue up 8% to £137.9 million (2011: £128.2 million)
Adjusted profit before tax1 up 4% to £17.1 million (2011: £16.5 million)
Adjusted earnings per share2 up 8% to 23.14p (2011: 21.48p)
EBITDA3 up 8% to £26.9 million (2011: £25.0 million)
Interim dividend up 6% to 5.35p (2011: 5.05p)
Net debt to EBITDA4 2.7 times (2011: 1.9 times)
Corporate Progress
Two pubs acquired in the period and a further two since the half year end
Managed Pubs and Hotels like for like sales up 1.6%; profits5 up 5%
Managed Pubs and Hotels delivered a good performance despite an unprecedented
number of non‐trading weeks due to redevelopment
Tenanted Inns profits5 up 19%; like for like profits up 1%
Total Beer volumes up 1%; profits5 down 7% due to increased depreciation from
prior year’s investment in conditioning tanks
Last year’s acquisitions are making good progress and demonstrating encouraging
momentum
Commenting on the results, Michael Turner, Chairman of Fuller’s, said:
“Despite what has been an extraordinary six months, I am pleased to announce a strong set
of results, driven by a very encouraging performance from the exciting acquisitions we have
made over the past year and a half.”
1 Adjusted profit is the profit before tax excluding exceptional items. Statutory profit before tax was £18.1 million
(2011: £16.0 million).
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. Basic earnings per share were 28.52p (2011: 23.07p).
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.
23rd November 2012