Pub group Fuller, Smith & Turner (FSTA) reported further progress at the full-year stage, helped by such events as the London Olympics - conveniently, it's the London area where most of the group’s pub estate happens to be located.
Fuller's managed pubs saw like-for-like sales rise 1.6 per cent in the six-month period, with good growth having continued since the half-year end - underlying sales have risen 2.1 per cent in the 33 weeks to 17 November. Management has also been busy bolstering its pub estate, making 30 canny pubs acquisitions in the prior financial year and a further four since then. That brings the total estate to 387 pubs - 175 of which are managed, with the remainder being tenanted. Moreover, the tenanted operations grew like-for-like profits by 1 per cent - that may seem sedate, but it's not bad at all given that the tenanted operations at plenty of rival pub groups are struggling. The brewing operation, meanwhile, grew volumes 1 per cent - although operating profit here slipped 7 per cent to £4.3m on the back of rising UK excise duty and investment-related costs.
Broker Numis Securities expects full-year pre-tax profit £31.7m and EPS of 42p (2012: £30.3m and 39.3p).
FULLER, SMITH & TURNER (FSTA) | ||||
|---|---|---|---|---|
| ORD 'A' PRICE: | 745p | MARKET VALUE: | £415m | |
| TOUCH: | 740-750p | 12-MONTH HIGH: | 798p | LOW: 650p |
| DIVIDEND YIELD: | 1.7% | PE RATIO: | 16 | |
| NET ASSET VALUE: | 450p | NET DEBT: | 55% | |
| Half-year to 29 Sep | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 128 | 16.0 | 23.1 | 5.05 |
| 2012 | 138 | 18.1 | 28.5 | 5.35 |
| % change | +8 | +13 | +23 | +6 |
Ex-div: 5 Dec Payment: 2 Jan | ||||
