Fuller’s Half Year Results


(“Fuller’s”, “the Group” or “the Company”)

Half year results for the 26 weeks ended 29 September 2018

Increased investment for the long term 

Financial Highlights

  • Revenue up 6% to £222.1 million (2017/18: £209.3 million)
  • EBITDA[1] up 2% to £38.2 million (2017/18: £37.6 million)
  • Adjusted profit before tax[2] down 1% to £23.6 million (2017/18: £23.8 million)
  • Adjusted earnings per share[3] down 1% at 33.83p (2017/18: 34.22p)
  • Interim dividend up 3% to 7.80p (2017/18: 7.55p)
  • Proforma net debt to EBITDA[4] of 3.1 times (2017/18: 2.8 times).

Operational Indicators

  • Good performance from Managed Pubs and Hotels with like for like sales rising 4.1% (2017/18: 3.6%), total profits reflect high number of 92 closure weeks (2017/18: 29 weeks) due to investment in estate
  • Strong results from Tenanted Inns with like for like profit increasing 4% (2017/18: 3%), four pubs sold and a rise in average EBITDA per pub of 2%
  • Total beer and cider volumes for The Fuller’s Beer Company rose marginally by 0.2% (2017/18: 1%), with revenue up 7% and operating profit up 9%.
  1. Pre-separately disclosed earnings before interest, tax, depreciation, loss on disposal of plant and equipment, and amortisation
  1. Adjusted profit before tax is the profit before tax excluding separately disclosed items. Statutory profit before tax was £20.8 million (2017/18: £23.6 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 29.65p (2017/18: 35.12p)
  3. Proforma net debt to EBITDA is calculated on a 12 month basis adjusting as appropriate for acquisitions and disposals