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Annual Results

Fuller's earnings up

10 June 2016 07:16

Fuller, Smith & Turner's adjusted profit before tax rose 12% to £40.9 million in the 52 weeks to 26 March.

Adjusted earnings per share were up 13% to 58.35p; revenue increased by 9% to £350.5 million and EBITDA rose by 11% to £65.0 million.

The total annual dividend is up 8% to 17.90p (2015: 16.60p) and statutory profit after tax rose 17% to £33.0 million.

Chief Executive Simon Emeny said: "It has been another outstanding year for the Company and I am delighted to be reporting an excellent set of results, particularly in the largest part of our business - our Managed Pubs and Hotels. We are seeing the rewards of our continued investment programme and the emphasis we have placed on recruiting, developing, rewarding and promoting the best people. We do this to ensure that across the business we are giving industry-leading service.

"Our long-term approach is underpinned by a consistent strategy, but we continue to seek new, exciting opportunities to build our business further - keeping the Brewery as our beating heart. We have purchased pubs in geographical areas where we have previously lacked a presence, introduced new premium brands that the consumers of today and tomorrow are seeking out and continued to develop our pub designs and the quality and creativity of our menus.

"Our business is in excellent shape and it has been a solid start to the year. Like for like sales in our Managed Pubs and Hotels for the first 10 weeks of the new financial year are up by 2.7% against strong comparatives from last year. Over the same period, like for like profits in our Tenanted Inns are down by 2% and beer and cider volumes have decreased by 5%.

"The economy is difficult to read with the European referendum imminent, but while it is important to be aware of the external environment, we will continue with the exciting plans we have in place and our long-term perspective gives us the flexibility to react accordingly.

"We will further invest in training our people and we will also be investing a record amount in refurbishing our existing estate, putting more focus on our delicious fresh food and continuing to attract new customers to our pubs. We have already completed seven major schemes in this current financial year including The Harpenden Arms in Harpenden, The Drayton Court in Ealing and The Ox Row in Salisbury, and four more are underway as of today with many others soon to follow. In addition, since the year end, we have purchased an additional 25% of The Stable, taking our stake to 76%.

"As we look forward to the year ahead, we know that our long-term strategy, combined with the vision to address the needs of our customers and consumers of the future, will keep Fuller's on the path of growth. By continuing to invest in our assets, our brands and, most importantly, our employees, we will continue to build a Fuller's that delivers outstanding service to our customers, excellent careers for our people and good returns for our shareholders."

Story provided by StockMarketWire.com

Related Company: FSTA

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