FULLER, SMITH & TURNER P.L.C.
(“Fuller’s”, “the Group” or “the Company”)
Half year results for the 26 weeks ended 29 September 2018
Increased investment for the long term
- Revenue up 6% to £222.1 million (2017/18: £209.3 million)
- EBITDA up 2% to £38.2 million (2017/18: £37.6 million)
- Adjusted profit before tax down 1% to £23.6 million (2017/18: £23.8 million)
- Adjusted earnings per share 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 of 3.1 times (2017/18: 2.8 times).
- 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%.
- Pre-separately disclosed earnings before interest, tax, depreciation, loss on disposal of plant and equipment, and amortisation
- 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)
- 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)
- Proforma net debt to EBITDA is calculated on a 12 month basis adjusting as appropriate for acquisitions and disposals