Financial results for the 53 weeks ended 1 April 2017
Another good year for the Company
Financial Highlights
Adjusted profit before tax up 5% to £42.9 million (2016: £40.9 million)
Adjusted earnings per share up 5% to 61.39p (2016: 58.35p)
Revenue up 12% to £392.0 million (2016: £350.5 million)
EBITDA up 8% to £70.5 million (2016: £65.0 million)
Total annual dividend up 5% to 18.80p (2016: 17.90p)
Statutory profit before tax of £39.9 million (2016: £39.2 million)
Net debt to EBITDA 2.9 times (2016: 3.0 times).
Operational Indicators
Strong performance from Managed Pubs and Hotels with like for like sales[5] growth of 3.7%, driven by good growth in food and accommodation
Tenanted Inns like for like profits marginally down 1%, EBITDA per pub up 2%
Total beer and cider volumes down 2%, but operating profits in The Fuller's Beer Company rose 5%.
Adjusted profit before tax is the profit before tax excluding separately disclosed items. Statutory profit before tax was £39.9 million (2016: £39.2 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 59.21p (2016: 59.25p).
Earnings before separately disclosed items, interest, tax, depreciation and amortisation.
[4] Net debt to EBITDA is calculated on a pro forma basis adjusting as appropriate for acquisitions and disposals in the last 12 months.
[5] Managed Pubs and Hotels like for like sales excludes The Stable and are for 52 weeks ended 25 March 2017.
Strategy Update
Invested £22 million in our existing Inns estate, broadening the appeal of our pubs
Acquired five new pubs
Added an additional 71 new bedrooms
Opened four new restaurants for The Stable and acquired a further 25% share, taking ownership to 76%
Grew sales of our craft beer range and launched London Pride Unfiltered
Added further warehousing and capacity at Cornish Orchards and Nectar.
Filled 66% of vacancies with internal promotions through successful ongoing strategy of developing our people.
Fuller Smith & Turner plc published this content on 09 June 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 June 2017 06:28:23 UTC.
Original documenthttps://www.fullers.co.uk/corporate/investors/regulatory-announcements/9th-june-2017-full-year-results
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Fuller, Smith & Turner PLC is a United Kingdom-based premium pubs and hotels business. The Company provides food and a range of drinks, bedrooms, and engaging services. It operates through two segments: Managed Pubs and Hotels, and Tenanted Inns. Its Managed Pubs and Hotels include Cotswold Inns & Hotels operates approximately seven hotels in the Cotswolds, and Bel & The Dragon operates approximately six exquisite modern English inns located in the Home Counties. Its Tenanted Inns segment comprises pubs operated by third parties under tenancy or lease agreements. The Company has approximately 183 managed businesses, 1,015 boutique bedrooms, and 193 tenanted inns. It provides a range of pub categories, including breakfast & brunch, ale, and pie pubs, licensed, pubs in Hampshire, live sports pubs, play areas, pub gardens, rugby pubs, and others. Its hotels include The Bear of Burton, Christchurch; The Blackbird, Earl's Court; The Bull Hotel, Bridport, and others.
FULLER, SMITH & TURNER P.L.C. 
