Interim Results
Fuller,Smith&Turner PLC
21 November 2003
STRICTLY EMBARGOED
UNTIL 7AM FRIDAY 21 NOVEMBER 2003
PRESS RELEASE
FULLER SMITH & TURNER P.L.C.
Financial results for the six months ended 27 September 2003
Financial Highlights
• Normalised* profit before tax up 4% to £8.0 million (2002: £7.7
million)
• Normalised* earnings per share** up 13% to 23.63p (2002: 20.83p)
• Basic earnings per share** up 14% to 23.82p (2002: 20.83p)
• EBITDA up 4% to £13.4 million (2002: £12.9 million)
• Dividend increased 7% to 5.1p (2002: 4.75p)
• Net assets per share** up 7% to £6.71 (2002: £6.26)
• Gearing broadly unchanged at 14.0% (2002: 14.5%)
Corporate Progress
• Excellent performance from the Beer Company: profits up 18%
• Food-led pubs benefited from the good summer weather: LFL sales up 5%
• City trading continued to be tough: profits in Managed Pubs & Bars held
back
• Tenanted pubs had an excellent first six months: average profit per pub
up 13%
• As expected, Hotels saw lower occupancy levels but maintained room
rates
* Profits after interest before exceptional items
** Calculated on a £1 ordinary share
Commenting on the results, Anthony Fuller, Chairman, said:
"The first six months of this financial year have seen good steady growth across
the business. Excellent results from the Beer Company, tenanted pubs and
food-led managed pubs more than offset continuing tough trading conditions in
the City and the Hotels Division. This has resulted in a 4% increase in
normalised profit to £8.0 million (2002: £7.7 million) with a 4% increase in
turnover to £71.3 million (2002: £68.8 million). Normalised earnings per share
increased 13% to 23.63p (2002: 20.83p).
One of the Company's key strengths is its broad-based and balanced business
portfolio with high quality assets and excellent brands. We continue to invest
in the business, targeting areas that offer the best long-term prospects. The
extensive refurbishment programme undertaken in the first half will continue
into the second half of the year. This will inevitably have some impact on
short-term returns, but will provide a strong platform for future growth.
We remain active in seeking opportunities to invest in quality new sites but,
with pubs continuing to be sold in such large packages, it remains difficult for
Fuller's to make substantial acquisitions. However, we have been successful in
identifying opportunities to extend or convert selected existing properties and
in acquiring a small number of excellent freehold and leasehold sites.
Currently, our largest development is the 55-bedroom Red Lion Hotel in
Hillingdon opening in summer 2004.
We are continuing to make strong progress in the Beer Company and in the
tenanted pubs. Long-term prospects for our City pubs and hotels remain good, but
the continuing weak economy and downturn in tourism and business travel make the
short-term outlook uncertain.
Our underlying objective is to continue to add value for shareholders through
earnings growth. The £13.8 million invested over the last two years on share
buybacks has added 12% to our reported earnings per share, bolstering returns to
shareholders in what has been an unfavourable market for pub acquisitions.
We will continue to invest in our estate, our brewery, our brands, our people
and, where appropriate, our own shares in order to deliver the best possible
returns and add value to the business."
- Ends -
For further information, please contact:
Fuller Smith & Turner P.L.C.
Press Office 020 8996 2175/2198/2048
Mobile 07831 299801/ 07748 657854
E-mail: pr@fullers.co.uk
Michael Turner - Press 020 8996 2048
Paul Clarke - Analysts 020 8996 2048
Merlin Financial 020 7606 1244
Vanessa Maydon 07802 961 902 (mobile)
Kirsty Black 07961 433 041 (mobile)
Notes to Editors Photographs for the media are available at NewsCast
Online - www.newscast.co.uk
Tel. 020 7608 1000
Copies of this statement, the Interim Report and press presentation will be
available on the Company's web site, www.fullers.co.uk.
Attached: Chairman's Statement
Financial Highlights
Unaudited Group Profit and Loss Account
Unaudited Group Balance Sheet
Unaudited Group Cash Flow Statement
Other Unaudited Group Primary Statements
Notes to the Accounts
FULLER SMITH & TURNER P.L.C.
INTERIM RESULTS FOR THE SIX MONTHS
TO 27 SEPTEMBER 2003
CHAIRMAN'S STATEMENT
Whatever You Do, Take Pride
The first six months of this financial year have seen good steady growth across
the business. Excellent results from the Beer Company, tenanted pubs and
food-led managed pubs more than offset continuing tough trading conditions in
the City and the Hotels Division. This has resulted in a 4% increase in
normalised profit to £8.0 million (2002: £7.7 million) with a 4% increase in
turnover to £71.3 million (2002: £68.8 million).
Normalised earnings per share increased 13% to 23.63p (2002: 20.83p), which
reflects, in part, the impact of a reduction in the weighted average number of
shares following a series of share buybacks over the last two years.
There was a small net exceptional non-operating profit this half-year relating
to the disposal of properties. There were no exceptional items in the comparable
period last year. Taking this into account, the basic earnings per share were
23.82p, an increase of 14% on last year.
Tax on normalised profits has been provided for at the expected effective rate
for the full year of 32.5%.
EBITDA increased by 4% to £13.4 million compared to £12.9 million last year.
Total capital expenditure for the half-year was £9.2 million (2002: £5.2
million), £6.2 million of which related to enhancing the existing business and
extending the Brewery site with the balance on pub acquisitions and new
projects. Most capital expenditure has been focused on enhancing the existing
estate, as finding suitable freehold and leasehold sites available for
acquisition remains difficult. However, we have managed to open three excellent
new pubs in the first half of the year. Gearing is broadly unchanged at 14.0%
(2002: 14.5%).
In the first six months of this year, we have bought back 75,000 £1 'A' ordinary
shares and 2,531,000 unquoted 10p 'B' ordinary shares. The average price paid
was £5.48 (per £1 share equivalent). Although higher than the average price paid
in previous years, this is still a significant discount to our net assets per
share. The cumulative buybacks to date have increased normalised earnings per
share and net assets per share by 12% and 3% respectively.
We shall be increasing the interim dividend by 7% to 5.1p per £1 'A' and 'C'
ordinary share and 0.51p per 10p 'B' ordinary share, which will be paid on
Friday 9 January 2004 to shareholders on the Share Register as at Friday 12
December 2003.
Fuller's Inns
Fuller's Inns' turnover increased by 2% to £49.7 million, with growth from the
traditional tenanted and managed estate offsetting the continuing difficulties
in the City and hotels markets. Profit is slightly lower than last year at £8.1
million (2002: £8.2 million) although EBITDA has been maintained at £11.5
million.
Managed Pubs and Bars
The overall size of the managed estate is broadly unchanged since March 2003.
Our strategy is to acquire or develop high quality assets that present excellent
opportunities for cask ale, food and wine sales. One of our key aims this year
has been to improve the quality of, and contribution from, food in the estate.
We are pleased to report a 17% increase in food turnover compared to the same
period last year, largely as a result of focusing refurbishments, training and
acquisitions on this key area. Importantly, this growth has not been at the
expense of margins.
The good summer weather and our recent capital investments certainly contributed
to a good overall performance from the estate with food, wine, soft drink and
lager sales up significantly in the period. However, difficult trading
conditions continue in the City. Total like for like sales were down 1%, as a
consequence of a 6% fall from the City pubs and bars.
The capital development programme announced in March is progressing well, with
six major projects in the first half of the year and a further nine scheduled to
be completed by the financial year end. As a result, we anticipate a significant
increase in repair costs in the second half. To date, the projects have been
highly successful and exceeded our expectations, with total sales growth of 42%
being achieved from these sites. However, such investments have resulted in an
increase in the number of trading weeks lost to 43, compared to 11 last year.
There are currently 116 managed pubs and bars trading, one more than in March,
with the Red Lion in Hillingdon being closed prior to its transfer to the Hotels
Division in summer 2004. During the first half of the year we opened three
excellent new sites: The Mill at Elstead, The Telegraph in the City of London
and the Jolly Farmer in Worplesdon. The gradual improvement in the estate
portfolio, the targeted capital investment programme and the focus on food have
led to a 1.3% increase in the average turnover per managed pub.
Tenanted Pubs
Our tenanted estate has enjoyed an excellent first half of the year, performing
well on all key performance indicator measures. Average turnover and profit per
pub have increased by 6% and 13% respectively, reflecting the ever-improving
quality of our estate. Like for like sales were up 4% with a 9% increase in like
for like profits. Wine sales continue to do well with volumes up 14% on last
year.
There has been no increase in the number of outlets since March and the size of
the estate remained at 115 pubs. We have, however, completed 14 external
redecoration schemes, six internal refurbishments and converted a further nine
tenancies to the 10-year lease, bringing the total to 45.
Investment in signage, exterior decoration and presentation is paying off, with
a record number of awards being won by our tenants.
Fuller's Hotels
All Fuller's Hotels continue to trade profitably in a difficult market. Last
year we held up well in a weak market and grew like for like sales. However,
this year the continued downturn in both business travel and tourism has had an
inevitable effect on revenues in the first half. In line with our expectations,
turnover has decreased by 9% and, on a like for like basis, stripping out the
effect of the sale of the Pilgrim's Rest in July, turnover is down 6%.
During this difficult trading period our strategy has been to maintain the
premium position of our hotels by avoiding discounting to boost short-term
occupancy. This has led to average room rates holding steady at £66.67 (2002:
£66.55) but occupancy and RevPar falling by 10% compared to last year.
Work is progressing well on the new 55-bedroom hotel at the Red Lion in
Hillingdon, which is due to open in the summer of 2004. This new hotel and the
sale of the Pilgrim's Rest in Kent are part of Fuller's strategy to focus on
hotels of quality and character capable of sustaining premium room rates.
Bookings via the internet continue to play an important role. The launch of
www.fullershotels.com last September has proved to be a success with over
125,000 'hits' last month. Links have been created from a number of popular
websites and our commitment to this market contributed to the recent increase in
our weekend room sales.
The Fuller's Beer Company
The Fuller's Beer Company has enjoyed another excellent first half with profits
up 18% to £3.3 million (2002: £2.8 million), EBITDA up 15% to £4 million (2002:
£3.5 million) and turnover up 6% to £32.9 million (2002: £30.9 million). This
represents good progress in a market wherein it is estimated that total ale
sales declined by 5%.
Own beer UK barrelage was up 3% to just over 90,000 barrels, although a decline
in export volumes (caused mainly by a change of our US agent), resulted in the
overall own beer barrelage being up by just 1% to 95,000 barrels. Volumes of
other beer, predominantly lager, have increased this year by 3% to 39,000
barrels.
Sales to the free trade now represent over 85% (2002: 84%) of the total own beer
volumes, with the on trade and off trade showing strong growth of 4% and 5%
respectively. The Fuller's Wine Division has also had a very good first half
with wine volumes up 8% and profits up 28%.
Fuller's ales continue to win recognition and awards from a number of sources
ranging from medals at prestigious beer festivals to consumer-driven accolades
such as being voted the most desirable cask ale in the Publican Newspaper Desert
Island Brands survey for the second year running. London Pride continues to be
our flagship brand, with excellent volume growth of 5% in the UK and bottled
London Pride up 22% in the first half. We continue to support our other brands
with a cask Autumn Beer Festival in our tied estate and selected free trade
outlets featuring Organic Honey Dew, London Porter and 1845.
We have continued to invest in the Brewery, with the second phase of the
fermentation and maturation tank extension nearing completion, increasing
capacity by 25% to 260,000 barrels. In addition, there has been significant
investment in the distribution fleet and several other smaller projects to
improve further quality, efficiency and service.
Active marketing support for our brands continues to be important with a
comprehensive multi-media campaign for London Pride at the centre. This has
included high profile TV and perimeter advertising targeted toward major
sporting events, in particular the 2003 Rugby World Cup and England's Euro 2004
qualifying games. We are confident that this sustained support will ensure that
demand for our beer continues to thrive.
Prospects
One of the Company's key strengths is its broad-based and balanced business
portfolio with high quality assets and excellent brands. We continue to invest
in the business, targeting areas that offer the best long-term prospects. The
extensive refurbishment programme undertaken in the first half will continue
into the second half of the year. This will inevitably have some impact on
short-term returns, but will provide a strong platform for future growth.
We remain active in seeking opportunities to invest in quality new sites but,
with pubs continuing to be sold in such large packages, it remains difficult for
Fuller's to make substantial acquisitions. However, we have been successful in
identifying opportunities to extend or convert selected existing properties and
in acquiring a small number of excellent freehold and leasehold sites.
Currently, our largest development is the 55-bedroom Red Lion Hotel in
Hillingdon opening in summer 2004.
We are continuing to make strong progress in the Beer Company and in the
tenanted pubs. Long-term prospects for our City pubs and hotels remain good, but
the continuing weak economy and downturn in tourism and business travel make the
short-term outlook uncertain.
Our underlying objective is to continue to add value for shareholders through
earnings growth. The £13.8 million invested over the last two years on share
buybacks has added 12% to our reported earnings per share, bolstering returns to
shareholders in what has been an unfavourable market for pub acquisitions.
We will continue to invest in our estate, our brewery, our brands, our people
and, where appropriate, our own shares in order to deliver the best possible
returns and add value to the business.
A.G.F. Fuller CBE
Chairman
21 November 2003
FULLER SMITH & TURNER P.L.C.
FINANCIAL HIGHLIGHTS
FOR THE 26 WEEKS ENDED 27 SEPTEMBER 2003
26 weeks to 26 weeks to 52 weeks to
27 September 28 September Increase 29 March
2003 2002 2003/2002 2003
£000 £000 £000
_______________________________________ ___________ ___________ ___________ ___________
Turnover 71,302 68,803 3.6% 137,643
Normalised profits(1) 8,019 7,705 4.1% 16,420
EBITDA(2) 13,437 12,942 3.8% 26,950
Normalised earnings per share(3) 23.63p 20.83p 13.4% 45.59p
Basic earnings per share(3) 23.82p 20.83p 14.4% 48.04p
Dividend per share(3) 5.10p 4.75p 7.4% 16.12p
Net assets per share(3) £6.71 £6.26 7.2% £6.52
Gearing ratio 14.0% 14.5% N/A 14.5%
_______________________________________ ___________ ___________ ___________ ___________
(1) Profits after interest before exceptional items.
(2) Earnings before interest, tax, depreciation and amortisation.
(3) Calculated on a £1 ordinary share.
FULLER SMITH & TURNER P.L.C.
UNAUDITED GROUP PROFIT AND LOSS ACCOUNT
FOR THE 26 WEEKS ENDED 27 SEPTEMBER 2003
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2003 2002 2003
£000 £000 £000
TURNOVER 71,302 68,803 137,643
Operating costs (62,258) (60,128) (119,264)
------------------ ------------------ ------------------
OPERATING PROFIT 9,044 8,675 18,379
Non-operating exceptional profits 104 - 584
Interest payable (net) (1,025) (970) (1,959)
------------------ ------------------ ------------------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 8,123 7,705 17,004
Taxation (2,667) (2,506) (5,326)
------------------ ------------------ ------------------
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 5,456 5,199 11,678
Preference dividends (60) (60) (120)
------------------ ------------------ ------------------
ATTRIBUTABLE TO EQUITY SHAREHOLDERS 5,396 5,139 11,558
Ordinary dividends (1,149) (1,134) (3,694)
------------------ ------------------ ------------------
RETAINED PROFIT FOR THE FINANCIAL PERIOD 4,247 4,005 7,864
------------------ ------------------ ------------------
EARNINGS PER SHARE*
Basic 23.82p 20.83p 48.04p
Diluted 23.73p 20.74p 47.92p
Normalised basis 23.63p 20.83p 45.59p
*Calculated on a £1 ordinary share.
The results above are all in respect of continuing operations of the Company.
There were no other recognised gains or losses in the current or prior periods.
FULLER SMITH & TURNER P.L.C.
UNAUDITED GROUP BALANCE SHEET
27 SEPTEMBER 2003
At At At
27 September 28 September 29 March
2003 2002 2003
£000 £000 £000
FIXED ASSETS 192,838 189,572 191,118
CURRENT ASSETS
Stocks 4,012 3,894 3,840
Debtors 11,010 12,471 10,528
Investments - 1,527 635
Cash, at bank and in hand 5,427 3,298 4,403
------------------ ------------------ ------------------
20,449 21,190 19,406
CREDITORS: amounts falling due within one year 27,557 27,337 27,962
------------------ ------------------ ------------------
NET CURRENT LIABILITIES (7,108) (6,147) (8,556)
------------------ ------------------ ------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 185,730 183,425 182,562
CREDITORS: amounts falling due after more than one year
Debenture stock 26,990 26,979 26,985
PROVISIONS FOR LIABILITIES AND CHARGES 4,619 4,137 4,422
------------------ ------------------ ------------------
NET ASSETS 154,121 152,309 151,155
========= ========= =========
CAPITAL AND RESERVES
Called up share capital:
Equity 22,725 24,060 22,921
Non-equity 1,600 1,600 1,600
Share premium account 3,741 3,282 3,350
Revaluation reserve 28,993 28,794 28,303
Capital redemption reserve 2,902 1,412 2,574
Profit and loss account 94,160 93,161 92,407
------------------ ------------------ ------------------
TOTAL SHAREHOLDERS' FUNDS 154,121 152,309 151,155
========= ========= =========
FULLER SMITH & TURNER P.L.C.
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE 26 WEEKS ENDED 27 SEPTEMBER 2003
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2003 2002 2003
£000 £000 £000
NET CASH INFLOW FROM OPERATING ACTIVITIES 14,716 14,331 28,597
----------------- ----------------- -----------------
RETURNS ON INVESTMENT AND SERVICING OF FINANCE
Preference dividends paid (60) (60) (120)
Interest received 68 100 216
Interest paid (1,087) (1,009) (2,091)
----------------- ----------------- -----------------
(1,079) (969) (1,995)
TAXATION
Corporation tax paid (2,441) (1,806) (4,354)
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets (9,247) (5,210) (11,973)
Payments to acquire fixed asset investments (137) - -
Receipts from sales of tangible fixed assets 3,169 64 1,595
----------------- ----------------- -----------------
(6,215) (5,146) (10,378)
EQUITY DIVIDENDS PAID (2,588) (2,690) (3,801)
----------------- ----------------- -----------------
TOTAL NET CASH INFLOW BEFORE THE USE OF LIQUID RESOURCES 2,393 3,720 8,069
AND FINANCING
MANAGEMENT OF LIQUID RESOURCES* 635 523 1,415
FINANCING
Issue of equity shares 523 180 278
Repurchase of equity shares (2,527) (6,400) (10,634)
----------------- ----------------- -----------------
(2,004) (6,220) (10,356)
----------------- ----------------- -----------------
MOVEMENT IN CASH IN THE PERIOD 1,024 (1,977) (872)
======== ======== ========
* Management of liquid resources is the movement in current asset investments,
namely cash on short-term deposit at financial institutions.
FULLER SMITH & TURNER P.L.C.
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE 26 WEEKS ENDED 27 SEPTEMBER 2003
RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW
FROM OPERATING ACTIVITIES
Operating profit 9,044 8,675 18,379
Depreciation 4,386 4,209 8,521
Loss on disposal of tangible fixed assets 7 58 50
----------------- ----------------- -----------------
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND 13,437 12,942 26,950
AMORTISATION
(INCREASE)/DECREASE IN WORKING CAPITAL
Stocks (172) (56) (2)
Debtors (454) (1,029) 890
Creditors 1,905 2,474 759
----------------- ----------------- -----------------
NET CASH INFLOW FROM OPERATING ACTIVITIES 14,716 14,331 28,597
======== ======== ========
FULLER SMITH & TURNER P.L.C.
OTHER UNAUDITED GROUP PRIMARY STATEMENTS
FOR THE 26 WEEKS ENDED 27 SEPTEMBER 2003
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2003 2002 2003
£000 £000 £000
GROUP HISTORICAL COST PROFITS AND LOSSES
Reported profit on ordinary activities before taxation 8,123 7,705 17,004
Realisation of property revaluation movements of previous (690) - 491
years
----------------- ----------------- -----------------
Historical cost profit on ordinary activities before 7,433 7,705 17,495
taxation
----------------- ----------------- -----------------
Historical cost profit for the period retained after 3,557 4,005 8,355
taxation
----------------- ----------------- -----------------
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Movement in cash in the period 1,024 (1,977) (872)
Cash inflow from movement in liquid resources (635) (523) (1,415)
Amortisation of issue costs (5) (5) (11)
----------------- ----------------- -----------------
Movement in net debt in the period 384 (2,505) (2,298)
Net debt at the beginning of the period (21,947) (19,649) (19,649)
----------------- ----------------- -----------------
Net debt at the end of the period (21,563) (22,154) (21,947)
----------------- ----------------- -----------------
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
Shareholders' funds at the beginning of the period 151,155 154,517 154,517
Profit on ordinary activities after taxation 5,456 5,199 11,678
Dividends - preference (60) (60) (120)
- ordinary (1,149) (1,134) (3,694)
New share capital subscribed 523 187 278
Shares repurchased and cancelled (1,804) (6,400) (11,504)
----------------- ----------------- -----------------
Net movement in shareholders' funds 2,966 (2,208) (3,362)
----------------- ----------------- -----------------
Shareholders' funds at the end of the period 154,121 152,309 151,155
----------------- ----------------- -----------------
Shareholders' funds comprise:
Equity interests 152,521 150,709 149,555
Non-equity interests* 1,600 1,600 1,600
----------------- ----------------- -----------------
154,121 152,309 151,155
----------------- ----------------- -----------------
* Non-equity interests reflect the cost of the non-redeemable cumulative
preference shares.
FULLER SMITH & TURNER P.L.C.
NOTES TO THE ACCOUNTS
FOR THE 26 WEEKS ENDED 27 SEPTEMBER 2003
1. INTERIM STATEMENT
The interim statement does not constitute full accounts as defined by S.240 of
the Companies Act 1985. Full accounts for the year ended 29 March 2003,
including an unqualified auditors' report, have been delivered to the Registrar
of Companies. The interim accounts, which are unaudited, have been prepared on
the basis of accounting policies consistent with those set out in the Company's
March 2003 Annual Report and Accounts.
2. SEGMENTAL ANALYSIS
26 weeks to 27 September 2003 Fuller's Inns Beer Company Total
£000 £000 £000
TOTAL SALES 49,695 32,851 82,546
Inter-segment sales - (11,244) (11,244)
----------- ----------- -----------
Sales to third parties 49,695 21,607 71,302
----------- ----------- -----------
SEGMENTAL PROFIT 8,063 3,288 11,351
----------- -----------
Net central costs (2,307)
-----------
Operating profit 9,044
Non-operating exceptional profits 104
Interest payable (net) (1,025)
-----------
Profit on ordinary activities before taxation 8,123
-----------
ASSETS EMPLOYED ----------- ----------- -----------
Segmental assets 163,594 18,483 182,077
----------- -----------
Unallocated net liabilities* (27,956)
-----------
Total net assets 154,121
-----------
* Unallocated net liabilities represent the net of dividends, debentures,
corporation tax, cash at bank and assets held under central management.
Fuller's Inns Beer Company Total
26 weeks to 28 September 2002
£000 £000 £000
TOTAL SALES 48,860 30,948 79,808
Inter-segment sales - (11,005) (11,005)
----------- ----------- -----------
Sales to third parties 48,860 19,943 68,803
----------- ----------- -----------
SEGMENTAL PROFIT 8,178 2,780 10,958
----------- -----------
Net central costs (2,283)
-----------
Operating profit 8,675
Interest payable (net) (970)
-----------
Profit on ordinary activities before taxation 7,705
-----------
ASSETS EMPLOYED ----------- ----------- -----------
Segmental assets 163,304 18,743 182,047
----------- -----------
Unallocated net liabilities* (29,738)
-----------
Total net assets 152,309
-----------
52 weeks to 29 March 2003 Fuller's Inns Beer Company Total
£000 £000 £000
TOTAL SALES 96,972 62,695 159,667
Inter-segment sales - (22,024) (22,024)
----------- ----------- -----------
Sales to third parties 96,972 40,671 137,643
----------- ----------- -----------
SEGMENTAL PROFIT 16,010 6,840 22,850
----------- -----------
Net central costs (4,471)
-----------
Operating profit 18,379
Non-operating exceptional profits 584
Interest payable (net) (1,959)
-----------
Profit on ordinary activities before taxation 17,004
-----------
ASSETS EMPLOYED ----------- ----------- -----------
Segmental assets 164,197 18,585 182,782
----------- -----------
Unallocated net liabilities* (31,627)
-----------
Total net assets 151,155
-----------
* Unallocated net liabilities represent the net of dividends, debentures,
corporation tax, cash at bank and assets held under central management.
3. TAXATION
Corporation tax and deferred tax has been provided as follows:
26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2003 2002 2003
Tax on normalised profits £000 £000 £000
Current tax 2,381 2,114 4,649
Deferred tax 225 392 684
----------------- ----------------- -----------------
Total tax on normalised profits 2,606 2,506 5,333
----------------- ----------------- -----------------
Tax on exceptional items
Current tax 89 - -
Deferred tax credit (28) - (7)
----------------- ----------------- -----------------
Total tax on exceptional items 61 - (7)
----------------- ----------------- -----------------
Total tax charge 2,667 2,506 5,326
----------------- ----------------- -----------------
Effective rate on normalised profits 32.5% 32.5% 32.5%
Normalised profits are profits after interest before exceptional items.
4. ORDINARY DIVIDENDS 26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2003 2002 2003
pence pence pence
Interim 5.10 4.75 4.75
Final - - 11.37
----------------- ----------------- -----------------
5.10 4.75 16.12
----------------- ----------------- -----------------
The figures above are for the listed £1 'A' ordinary shares and unquoted £1 'C'
ordinary shares. The unquoted 10p 'B' shares carry dividend rights of 1/10 of
those applicable to the £1 'A' ordinary shares.
5. EARNINGS PER SHARE 26 weeks to 26 weeks to 52 weeks to
27 September 28 September 29 March
2003 2002 2003
£000 £000 £000
Profit attributable to equity shareholders 5,396 5,139 11,558
Non-operating exceptional items net of tax (43) - (591)
----------------- ----------------- -----------------
Normalised earnings attributable to equity shareholders 5,353 5,139 10,967
----------------- ----------------- -----------------
Weighted average share capital 22,653,000 24,677,000 24,057,000
Dilutive outstanding options 82,000 100,000 64,000
----------------- ----------------- -----------------
Adjusted weighted average share capital 22,735,000 24,777,000 24,121,000
----------------- ----------------- -----------------
Basic earnings per share* 23.82p 20.83p 48.04p
Diluted earnings per share* 23.73p 20.74p 47.92p
Normalised earnings per share* 23.63p 20.83p 45.59p
*Calculated on the listed £1 'A' ordinary share or unquoted £1 'C ' ordinary
share. Earnings on the unquoted 10p 'B' ordinary shares are 1/10 of the figures
for the £1 'A' ordinary shares.
The calculation is based on earnings (after deducting preference dividends) and
on the average weighted ordinary share capital. Normalised earnings exclude all
exceptional items.
6. SHAREHOLDERS' INFORMATION
Shareholders who converted their £1 'A' ordinary shares to £1 'C' ordinary
shares are reminded that they have 30 days from 21 November 2003 should they
wish to reconvert those 'C' shares back to 'A' shares. The next available
opportunity after that will be May 2004. Appropriate forms are available from
the Company Secretary.
7. INTERIM REPORT
Copies of the interim report are being sent to shareholders and will be
available from the Company's registered office: Griffin Brewery, Chiswick,
London W4 2QB and the Company's website www.fullers.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 10th January 2025
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