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23rd November 2012

FULLER, SMITH & TURNER P.L.C. Financial results for the 26 weeks ended 29 September 2012

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
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
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.