June 6 - Financial results for the 52 weeks ended 29 March 2008
Financial Highlights
· Revenue up 2% to £181.1 million (2007: £178.2 million)
· Adjusted profit before tax1 up 4% to £23.0 million (2007: £22.1 million)
· Profit before tax of £23.8 million (2007: £42.2 million)
· EBITDA2 of £40.5 million (2007: £40.7 million)
· Adjusted earnings per share3 up 6% to 29.15p (2007: 27.58p)
· Basic earnings per share4 of 34.33p (2007: 52.14p)
· Final dividend4 up 6% to 6.90p (2007: 6.50p)
Corporate Progress
· Good underlying growth with adjusted profits up 4%
· Managed Pubs invested like for like sales up 3.2% (3.6% including hotels)
· Fuller’s Inns profits level despite the sale of two hotels in 2007
· Own Beer volumes up 4%
· Beer Company profits up 1%
· Net exceptional profits of £0.8 million (2007: profits of £20.1 million)
1 Adjusted profit is the profit before tax excluding exceptional items
2 Pre-exceptional earnings before interest, tax, depreciation, loss on disposal of plant, property and equipment and amortisation
3 Calculated using adjusted profits after tax and the same weighted average number of shares as for the basic earnings per share and using a 40p ordinary share
4 Calculated on a 40p ordinary share
Commenting on the results, Michael Turner, Chairman of Fuller’s, said:
“I am delighted to report another good set of results in what can only be described as a challenging year for the industry. Our adjusted profit before tax has risen by 4% to £23.0 million and our revenues have risen by 2% to £181.1 million.
“Our adjusted earnings per share have risen by 6% to 29.15p (2007: 27.58p) and we have achieved a 3.6% increase in invested like for like sales in our Managed Pubs and Hotels, one of the highest increases in the industry.
“Our consistent focus on quality, and commitment to outstanding cask conditioned ales, delicious food, great wines and exemplary service, continues to provide the best foundations for a stable business. We operate in the premium end of the market and believe this is the only place to be.
“We have a long-term strategy, strong balance sheet, excellent cash flow generation and an experienced management team and are well placed to meet the challenges ahead.”