UK News
11/20/2009 5:50 AM ET
(RTTNews) -
London-based pubs and bars operator Fuller, Smith & Turner Plc (FSTA.L: News ) reported Friday an increase in first-half profit, as revenues grew 10% helped by an excellent performance of its core business as a result of acquisition of new pubs as well as good weather. Results for the period also reflect reduced costs of borrowing. Looking forward, the company remains cautious about the outlook for the UK economy and expects its second half to be significantly tougher than the first.
The company's profit before tax for the half year increased to GBP 15.1 million from GBP 12 million in the previous year. Before exceptional items, pre-tax profit was GBP 14.1 million for the period.
During the first half, the company recorded a pre-tax exceptional item of GBP 1 million, related to profit on disposal of non-core properties.
Profit attributable to equity holders increased to GBP 10.7 million from GBP 7.3 million in the same period last year. Adjusted earnings attributable to equity shareholders were GBP 10 million, compared to GBP 8.5 million in the year earlier.
Earnings per 40 p 'A' and 'C' ordinary share were 18.9 pence, up from 12.96 pence in the prior year. Adjusted earnings rose to 17.67 pence per share from 15.09 pence per share in the preceding year. Earnings per 4 p 'B' ordinary share were 1.89 pence, compared to 1.3 pence in the prior year. Adjusted earnings per share increased to 1.77 pence from 1.51 pence in the year earlier.
Revenues for the first half grew 10% to GBP 116.9 million from GBP 106.4 million in the prior-year period, helped by 11 managed pubs, which have been acquired in the last 12 months.
Segment-wise, Managed Pubs and Hotels reported revenues of GBP 71.6 million, up 12%, from GBP 63.7 million in the previous year, due to the acquisition of new pubs, good weather and the reduction in VAT. The company said Managed Pubs and Hotels, the largest part of its business, achieved a 2.8% increase in like-for-like sales, with good weather in the South East of England.
Revenues from Tenanted Inns segment were GBP 13.3 million, up 2%, compared to GBP 13.1 million in the prior year. The sales of drinks to Tenanted Inns increased with Own Beer volumes showing good growth, the company noted.
Fuller's Beer Company revenues rose by 9% to GBP 49.4 million from GBP 45.5 million in the preceding year. The segment continues to outperform the UK beer market, with a 3% increase in Own Beer volumes, the company noted. According to Fuller, London Pride, its flagship brand, remains the UK's leading premium ale and is supported by an excellent portfolio of other beers.
The company noted that the segmental analysis for the 26 weeks ended September 27, 2008 has been restated as a result of the adoption of IFRS8, Operating Segments, to show Managed Pubs and Hotels and Tenanted Inns as separate business segments.
Operating profit was GBP 17 million, higher than GBP 15.2 million in the comparable period last year.
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