Healthy profit rise for Fuller's

November 23, 2007: Fuller Smith & Turner plc has reported pre-tax profits up 16% to £12.7 million in the 26 weeks to September 29, 2007.

Operating profits at Fuller's Inns were up 4% and at Fuller's Beer Company up 2%.

Michael Turner, chairman of Fuller’s, said: “We have had a very pleasing start to the year across all parts of the business and I am delighted to report another record-breaking set of results ...

“The profit after tax increased by 52% to £11.4 million from £7.5 million, benefiting substantially from a £2.5 million non-recurring tax credit relating to the changes in future corporation tax rates. This one-off tax credit also helped boost basic earnings per share by 52% to 20.34p

“We have a strong geographical balance across London and the south of England and we continue to seek to acquire additional sites and to manage our portfolio between the managed and tenanted divisions.

"Our investment in outside areas, marketing and focus on creating the best pub in any area ensure that we are well positioned to deal with the winter impact of the smoking ban.

“The money raised from the sale of two hotels last year has enabled us to reduce our net debt and our gearing, reinforcing our strong position to access funds for further acquisitions."

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