Fuller’s has reported its financial results for the 52 weeks ended 31 March 2012 – and very good reading they make, especially since the figures are for 52 weeks (2012) versus 53 weeks (2011).
Whilst pointing to the success of long term strategy shown in these results, Fuller’s are looking forward to the next few months. Said Chairman, Michael Turner:
“… we now look ahead to what promises to be a historic time for the country. This coming weekend we have the Queen’s Diamond Jubilee, followed by the European Football Championships and then the Olympic Games. With our pub estate based in London and the South East, and London Pride as our flagship beer, we aim to give our customers a wonderful summer to remember.”
H&C News looks forward to raising a glass of London Pride in celebration of these events – as well as Fuller’s results – in the near future!
The highlights
- Adjusted earnings per share up 7% to 39.82p (2011: 37.36p); five year growth of 44%
- Revenue up 5% to £253.0 million (2011: £241.9 million)
- Adjusted profit before tax up 3% to £30.3 million (2011: £29.3.million)
- EBITDA up 3% to £47.8 million (2011: £46.6 million)
- Profit before tax (including non-trading items) of £28.8 million (2011: £31.0 million)
- Basic earnings per share 42.13p (2011: 44.12p)
- Final dividend increased by 8% to 7.60p (2011: 7.05p)
Corporate Progress
- 30 pubs acquired and major investment in the brewery
- Managed Pubs and Hotels like for like sales up 4.2%
- Tenanted Inns profits up 4%
- Beer Company profits up 2%
- All business divisions in growth
- Net Debt to EBITDA 2.7 times after capital investment of £75 million
- Divisional Managing Directors in place
Commenting on the results, Michael Turner, Chairman of Fuller’s, said:
“I am pleased to announce a very positive performance in a year where we have laid strong foundations for future growth following capital investment of £75 million across the business, which included the acquisition of 30 carefully selected pubs.”
“Our adjusted earnings per share rose by 7% to 39.82p (2011: 37.36p). Over the last five years our adjusted earnings per share have grown 44%, which is testament to the success of our long term strategy. Our revenues increased 5% to £253.0 million (2011: £241.9 million) and adjusted profit before tax (excluding exceptional items) improved by 3% to £30.3 million (2011: £29.3 million).”