Interim Results - Pre-tax Profit Up 8%

Fuller,Smith&Turner PLC
3 December 1999
                                  
                     FULLER, SMITH & TURNER P.L.C.
                                   

                  INTERIM RESULTS FOR THE SIX MONTHS
                           TO SEPTEMBER 1999

                      Whatever You Do, Take Pride
                                   
                                                                  
                                   
    Profits before tax up 8%

    EPS up 10%

    EBITDA up 15%

    Interim dividend up 6%

    London Pride barrels up 4%

    Capital Expenditure at £9.7M

    Net Gearing at 6%


FULLER, SMITH & TURNER P.L.C.

CHAIRMAN'S STATEMENT - INTERIM RESULTS

I am pleased to announce another good start to the year against a
backdrop of mergers and take-overs within our industry.   We have
continued to invest in our retail outlets, our brewery, our brands and
our people so that we may continue to drive the business forward.
Total profits before tax are up 8% at £7.07m (1998: £6.53m) with good
performances from all three operating divisions.  This year, the
Company has adopted FRS15 'Accounting for Tangible Fixed Assets' which
has reduced our first half profits by £0.15m through additional
depreciation charges.  There was a small exceptional gain of £0.17m on
the sale of under-performing assets. Basic earnings per share increased
by 10% to 19.77p (1998:17.89p) and we are increasing our dividend by 6%.

EBITDA (earnings before interest, tax, depreciation and amortisation)
was up 15% at £11.48m (1998: £10.02m).  Net assets per share have risen
to  £5.63 (1998: £5.22).

The Company has ample resources to finance its expansion plans with
gearing at just 6% (1998: 6%) and we have continued to invest
substantially during the first half.  The majority of the £9.7m capital
expenditure (1998: £12.6m) has been invested in new Pubs and Bars.

An interim dividend of 4.05p per £1 A and C Ordinary Share and
0.405p per 10p B Ordinary Share will be paid on 14 January 2000 to
those shareholders on the Register at 17 December 1999.


FULLER'S INNS

Fuller's Inns comprises our Managed Inns, Hotels and Tenanted Pubs.  It
continues to make progress with turnover up 21% to £41.8m.  Profits are
up 4% to £7.43m (1998: £7.11m) but it is worth noting that the increase
was 7% before the FRS15 charge.

Managed Inns

Total wet turnover is up 27% increasing on a like for like basis by
2%, while total food turnover is up 48% with like for like up by
5%.  This has produced a healthy total profit increase of 15%, but with
like for like 3% down, due to the impact of the new EU Working Time
Regulations and the National Minimum Wage.  The latter has also caused
some wage drift in the higher grades.

The Managed Inns have opened six new sites in the first half (1998:6),
including two Fine Line bars in Monument and Clapham and two new
style bars: One of Two in the City and Vesbar in Shepherds Bush.
Two new Broadwalk outlets have also been launched in Port Solent and
Slough.

The Fine Line concept continues to gain the consumer's vote.  The Fine
Line in Battersea recently won the highly acclaimed Time Out Bar of
the Year award.  Currently we have nine Fine Line bars, including the
new Fine Line in Kingsway which opened last week.

Since the end of September we have also opened Bar Interlude, a
style bar in Balham and The Butcher's Hook & Cleaver, an Ale &
Pie house in West Smithfield.  Next week we will open The Mad Bishop
& Bear in Paddington Station.  This will be our first operation within
a railway station.  Plans for early next year include opening a new
English Inns restaurant in the New Forest at a recently purchased
pub, and a Broadwalk in Watford.  These new openings are not expected
to make a significant contribution until next year.

The Turk's Head, a well known rugby pub in Twickenham, was the only pub
to move from Tenancy to Managed Inns during the period.  There were
three major pub refurbishments (1998 :10).

Hotels

The Company carried out one major refurbishment.  The Pilgrim's Rest
in Ashford (formerly known as The Master Spearpoint Hotel) was
transformed into an English Inn Restaurant and Hotel and re-opened
in September.

There were no new openings in the first half, but in October we
announced the purchase of a waterfront freehold site in Bristol's
commercial centre for £2.4m.  We intend to develop this into a 94+
bedroom hotel for an additional £5.6m.  It is scheduled to open in
Spring 2001 and will contribute to the critical mass we are looking for
within our English Inns Hotels.

For the first six months room rates across the division were up 10%
whilst occupancy fell by 6%, primarily due to competition within the 
Heathrow area.  However the overall yield (room rate times occupancy) 
was up 3%.


Tenanted

There was one transfer of a large pub to the managed estate.  The
Company plans to open five new tenancies by March 2000, four of which
have already been bought.  Like for like barrelage was down 3% within
our tenanted estate but comparable profits were up.


THE FULLER'S BEER COMPANY

Despite the tough environment (nationally total beer volumes have
declined by 1.6% in the first half), I am very pleased to report that
sales of our three leading cask ale brands have increased.  Profits for
the Beer Company are up 65% to £1.37m (1998: £0.83m) through both
volume growth and improved margins.  Our own cask beers rose by 2% for
the first six months, against a market decline of around 9%, with our
flagship brand London Pride up an impressive 3% in cask and 4%
overall.

Fuller's three core brands in the supermarket premium packaged ale
sector London Pride, ESB and 1845, are in the top twelve brands in
the category with sales of London Pride up 13%.  Overall our
supermarket sales were down by 4% but we expect to improve on this in
the second half.

Managed estate volumes were up 11% in the first half and Free On Trade
volumes were up 5%.

During the first half we have increased our national advertising spend
by 19%.  Television advertising took the major share of this spend.

THE FULLER'S WINE COMPANY

For the fourth year running Fuller's won the Regional Wine Merchant of
the Year award sponsored by Wine Magazine.  The profits of this
division increased by 16% to £0.51m (1998: £0.44m).  Like for like
retail turnover was up 7% and wholesale wine and spirit volumes, other
than to shops, were up 27%.  A new wine shop opened in Raynes Park in
November.   The Wine Company is benefiting from a growth in trade
following the abolition of duty free for travel within the European
Communities.

PROSPECTS

The first half results reflect the extra costs of the EU Working Time
Regulations and the National Minimum Wage, as we had predicted.  These
additional costs will continue in the second half along with the need
to spend more and more central resource and expense on satisfying the
ever increasing burden of legislation on employers.

The key development in this period has been the concentration of retail
and brewing ownership into fewer and fewer hands.  This will
undoubtedly continue and the net effect will be the survival of fewer,
stronger retail and beer brands.  Fuller's is well placed with its
strong retail estate and nationally advertised beer brands to benefit
from this consolidation.


A.G.F. Fuller CBE
Chairman

For further information please contact:
Anthony Fuller - Chairman
Michael Turner - Managing Director
Paul Clarke - Finance Director

Tel: [phone] after 2pm on 3rd December 1999



FULLER, SMITH & TURNER P.L.C.
FINANCIAL HIGHLIGHTS
FOR THE 26 WEEKS ENDED 25 SEPTEMBER 1999

                         26 weeks to   26 weeks to             52 weeks to
                        25 September  26 September   Increase     27 March
                                1999          1998  1999/1998         1999
                                £000          £000                    £000
                                                                          
TURNOVER                      71,448        61,442      16.3%      127,835
                                                                          
OPERATING PROFIT BEFORE        7,450         6,840       8.9%       15,150
EXCEPTIONAL ITEMS
                                                                          
EBITDA**                      11,476        10,018      14.6%       22,013
                                                                          
PROFIT BEFORE TAX              7,067         6,530       8.2%       14,379
                                                                          
BASIC EARNINGS PER            19.77P        17.89P      10.5%       39.17P
SHARE*
                                                                          
DIVIDEND PER SHARE*            4.05P         3.82P       6.0%       12.42P
                                                                          
ASSETS PER SHARE*              £5.63         £5.22       7.8%        £5.48
                                                                          
GEARING RATIO                     6%            6%        N/A           7%
                                                                          

*CALCULATED ON A £1 A ORDINARY SHARE
**EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION


FULLER, SMITH & TURNER P.L.C.
UNAUDITED GROUP PROFIT & LOSS ACCOUNT
FOR THE 26 WEEKS ENDED 25 SEPTEMBER 1999

                            26 weeks to   26 weeks to   52 weeks to
                           25 September  26 September      27 March
                                   1999          1998          1999
                             Continuing    Continuing    Continuing
                             operations    operations    operations
                                                                   
                                   £000          £000          £000
                                                                   
TURNOVER                         71,448        61,442       127,835
                                                                   
Operating costs                (63,998)      (54,602)     (112,685)
                                                                   
OPERATING PROFIT                  7,450         6,840        15,150
                                                                   
Exceptional profit on               165             -           167
properties
                                                                   
Interest payable (net)            (548)         (310)         (938)
                                                                   
PROFIT ON ORDINARY                7,067         6,530        14,379
ACTIVITIES BEFORE
TAXATION
                                                                   
Taxation                        (2,070)       (2,024)       (4,496)
                                                                   
PROFIT ON ORDINARY                4,997         4,506         9,883
ACTIVITIES AFTER
TAXATION
                                                                   
Preference dividends               (60)          (56)         (113)
                                                                   
ATTRIBUTABLE TO EQUITY            4,937         4,450         9,770
SHAREHOLDERS
                                                                   
Ordinary dividends              (1,016)         (955)       (3,107)
                                                                   
RETAINED PROFIT FOR THE           3,921         3,495         6,663
FINANCIAL PERIOD
                                                                   
EARNINGS PER SHARE*                                                
Basic                            19.77p        17.89p        39.17p
Fully diluted                    19.57p        17.73p        38.87p
Pre-exceptional                  19.11p        17.89p        38.50p

* Calculated on a £1 A Ordinary Share


FULLER, SMITH & TURNER P.L.C.
UNAUDITED GROUP BALANCE SHEET
25 SEPTEMBER 1999

                                     At            At            At
                           25 September  26 September      27 March
                                   1999          1998          1999
                                   £000          £000          £000
                                                                   
TANGIBLE FIXED ASSETS           161,721       149,777       156,715
INVESTMENTS                          90             -            10
                                161,811       149,777       156,725
CURRENT ASSETS                                                     
Stocks                            8,829         7,786         7,543
Debtors                           9,525         8,822         9,130
Deposits at financial            15,796        16,502        15,497
institutions
Cash, at bank and in              1,885         2,107         1,979
hand
                                 36,035        35,217        34,149
                                                                   
CREDITORS: Amounts               27,434        25,540        24,685
falling due within one
year
                                                                   
NET CURRENT ASSETS                8,601         9,677         9,464
                                                                   
TOTAL ASSETS LESS               170,412       159,454       166,189
CURRENT LIABILITIES
                                                                   
CREDITORS: AMOUNTS                                                 
FALLING DUE AFTER MORE
THAN ONE YEAR
Debenture stock                  26,946        26,935        26,941
                                                                   
PROVISION FOR                                                      
LIABILITIES AND CHARGES
Deferred taxation                   596           357           596
                                142,870       132,162       138,652
                                                                   
CAPITAL AND RESERVES                                               
Called up Share Capital                                            
     Equity                      25,105        25,006        25,019
     Non Equity                   1,600         1,600         1,600
Share Premium Account             2,298         2,059         2,087
Revaluation Reserve              32,841        29,804        33,011
Profit and Loss Account          81,026        73,693        76,935
                                142,870       132,162       138,652


FULLER, SMITH & TURNER P.L.C.
UNAUDITED GROUP CASH FLOW STATEMENT
FOR THE 26 WEEKS ENDED 25 SEPTEMBER 1999

                            26 weeks to   26 weeks to   52 weeks to
                           25 September  26 September      27 March
                                   1999          1998          1999
                                   £000          £000          £000
NET CASH INFLOW FROM             11,568         9,659        21,760
OPERATING ACTIVITIES
                                                                   
RETURNS ON INVESTMENTS                                             
AND SERVICING OF FINANCE
Preference dividends               (60)          (56)         (113)
paid
Interest received                   849           517           743
Interest paid                   (1,073)         (361)       (1,777)
                                  (284)           100       (1,147)
                                                                   
TAXATION                                                           
Corporation tax paid              (315)         (223)       (4,105)
(Including Advance
Corporation Tax)
                                                                   
CAPITAL EXPENDITURE AND                                            
FINANCIAL INVESTMENT
Payments to acquire             (9,650)      (12,624)      (20,049)
tangible fixed assets
Receipts from sales of              811           309           553
tangible fixed assets
Payments to acquire                (70)             -          (10)
fixed asset investments
                                (8,909)      (12,315)      (19,506)
                                                                   
EQUITY DIVIDENDS PAID           (2,152)       (1,924)       (2,879)
                                                                   
TOTAL NET CASH OUTFLOW             (92)       (4,703)       (5,877)
BEFORE THE USE OF LIQUID
RESOURCES AND FINANCING
                                                                   
MANAGEMENT OF LIQUID              (299)         3,260         4,265
RESOURCES
                                                                   
FINANCING                                                          
Issue of equity shares              297           653           694
Repayment of debenture                -         (750)         (750)
stock
                                    297          (97)          (56)
                                                                   
MOVEMENT IN CASH IN                (94)       (1,540)       (1,668)
PERIOD
                                                                   
RECONCILIATION OF                                                  
OPERATING PROFIT TO NET
CASH INFLOW FROM
OPERATING ACTIVITIES
                                                                   
Operating Profit                  7,450         6,840        15,150
Depreciation                      4,026         3,178         6,863
Adjustment in respect of           (28)           (9)           (3)
disposals of tangible
fixed assets
                                                                   
(INCREASE)/DECREASE IN                                             
WORKING CAPITAL
Stocks                          (1,286)         (264)          (21)
Debtors                           (704)         (453)         (190)
Creditors                         2,110           367          (39)
                                                                   
NET CASH INFLOW FROM             11,568         9,659        21,760
OPERATING ACTIVITIES


FULLER, SMITH & TURNER P.L.C.
OTHER UNAUDITED GROUP PRIMARY STATEMENTS
FOR THE 26 WEEKS ENDED 25 SEPTEMBER 1999

                            26 weeks to   26 weeks to   52 weeks to
                           25 September  26 September      27 March
                                   1999          1998          1999
                                   £000          £000          £000
GROUP STATEMENT OF TOTAL                                           
RECOGNISED GAINS &
LOSSES
                                                                   
Profit on ordinary                4,997         4,506         9,883
activities after
taxation
                                                                   
Unrealised surplus on                 -             -         3,281
revaluation of property
                                                                   
TOTAL RECOGNISED GAINS            4,997         4,506        13,164
FOR THE PERIOD
                                                                   
GROUP HISTORICAL COST                                              
PROFITS AND LOSSES
                                                                   
Reported profit on                7,067         6,530        14,379
ordinary activities
before taxation
Realisation of property             170             -            74
revaluation gains of
previous years
Historical cost profit            7,237         6,530        14,453
on ordinary activities
before taxation
Historical cost profit            4,091         3,495         6,737
for the period retained
after taxation
                                                                   
RECONCILIATION OF NET                                              
CASHFLOW TO MOVEMENT IN
NET DEBT
Movement in cash in                (94)       (1,540)       (1,668)
period
Cash outflow from the                 -           750           750
decrease in debt
Cash outflow /(inflow)              299       (3,260)       (4,265)
from movement in liquid
resources
Amortisation of issue               (5)           (5)          (11)
costs
Movement in net debt in             200       (4,055)       (5,194)
period
Net debt at beginning of        (9,465)       (4,271)       (4,271)
period
Net debt at end of              (9,265)       (8,326)       (9,465)
period


                                   At               Other            At
                             27 March     Cash   non-cash  25 September
                                 1999     Flow  movements          1999
ANALYSIS OF NET DEBT             £000     £000       £000          £000
Cash at bank and in             1,979     (94)          -         1,885
hand
Debenture stock              (26,941)        -        (5)      (26,946)
Deposits at financial          15,497      299          -        15,796
institutions
Total                         (9,465)      205        (5)       (9,265)


                            26 weeks to   26 weeks to   52 weeks to
                           25 September  26 September      27 March
                                   1999          1998          1999
                                   £000          £000          £000
RECONCILIATION OF                                                  
MOVEMENTS IN
SHAREHOLDERS' FUNDS
                                                                   
Profit attributable to            4,937         4,450         9,770
equity shareholders of the
Company
Ordinary dividends              (1,016)         (955)       (3,107)
Other recognised gains                                             
and losses for period
Revaluation of fixed                  -             -         3,281
assets
New share capital                   297           653           694
subscribed
Net addition to                   4,218         4,148        10,638
shareholders' funds
Opening shareholders'           138,652       128,014       128,014
funds
Closing shareholders'           142,870       132,162       138,652
funds

FULLER, SMITH & TURNER P.L.C.
NOTES TO THE ACCOUNTS

(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 27
March 1999, 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 1999 Annual Report and
Accounts, except as detailed in Note 6.


(2)  SEGMENT ANALYSIS

26 Weeks to September         Fuller's Inns         Beer Company
                                1999      1998       1999       1998
                                                           Restated*
                                £000      £000       £000       £000
Total Sales                   41,813    34,519     23,662     21,443
Inter segment sales                -         -    (9,289)    (8,066)
Sales to third parties        41,813    34,519     14,373     13,377
Profits                        7,426     7,114      1,370        828
Central Costs                                                       
Operating Profit                                                    
Interest payable net                                                
Profit on ordinary                                                  
activities before
exceptional items
Exceptional profit on                                               
properties
Profit on ordinary                                                  
activities before
taxation
Assets employed              132,581   123,526     13,660     14,155
Unallocated net                                                     
liabilities
Total net assets                                                    

26 Weeks to September         Wine Company             TOTAL
                                1999      1998       1999       1998
                                     Restated*             Restated*
                                £000      £000       £000       £000
Total Sales                   17,025    14,879     82,500     70,841
Inter segment sales          (1,763)   (1,333)   (11,052)    (9,399)
Sales to third parties        15,262    13,546     71,448     61,442
Profits                          514       444      9,310      8,386
Central Costs                                     (1,860)    (1,546)
Operating Profit                                    7,450      6,840
Interest payable net                                (548)      (310)
Profit on ordinary                                  6,902      6,530
activities before
exceptional items
Exceptional profit on                                 165          -
properties
Profit on ordinary                                  7,067      6,530
activities before
taxation
Assets employed                7,837     8,234    154,078    145,915
Unallocated net                                  (11,208)   (13,753)
liabilities
Total net assets                                  142,870    132,162


52 Weeks to March          Fuller's     Beer      Wine       Total
                             Inns     Company    Company
                                1999      1999       1999       1999
                                     Restated*  Restated*  Restated*
                                £000      £000       £000       £000
Total Sales                   72,424    44,728     30,717    147,869
Inter segment sales                -  (16,993)    (3,041)   (20,034)
Sales to third parties        72,424    27,735     27,676    127,835
Profits                       14,564     2,688      1,029     18,281
Central Costs                                                (3,131)
Operating Profit                                              15,150
Interest payable net                                           (938)
Profit on ordinary                                            14,212
activities before
exceptional items
Exceptional profit on                                            167
properties
Profit on ordinary                                            14,379
activities before
taxation
Assets employed              129,755    13,842      8,874    152,471
Unallocated net                                             (13,819)
liabilities
Total net assets                                             138,652

*The presentation of certain inter-segment transactions in the half
year to 26 September 1998 and the full year to 27 March 1999 has been
restated to reflect the current relationship between the business
segments.


(3)  TAXATION

Corporation tax has been provided at an effective rate of 30.0% (1998:
31.0%, for the full year to 27 March 1999: 31.6%) on the pre-
exceptional profits for the half year to 25 September 1999.  Because of
rollover relief no tax is provided on the disposal of the Group's fixed
assets.


(4)  ORDINARY DIVIDENDS     25 September  26 September    27 March
                                1999          1998          1999
                                                        
                               Pence         Pence         Pence
                                                                    
Interim                             4.05          3.82          3.82
Final                                  -             -          8.60
                                    4.05          3.82         12.42

The pence figures above are for the A ordinary shares.  The unquoted
B ordinary shares carry dividend rights of 1/10 of those applicable
to the A ordinary shares.  Dividends on the unquoted C shares are
the same as the listed A shares.


(5)  EARNINGS PER SHARE    25 September  26 September      27 March
                                   1999          1998          1999
                                   £000          £000          £000
                                                                   
Profit attributable to            4,937         4,450         9,770
equity shareholders
                                                                   
Adjustment in respect of          (165)             -         (167)
profit on properties
                                                                   
Pre-exceptional earnings          4,772         4,450         9,603
attributable to equity
shareholders
                                                                   
Weighted average share       24,971,000    24,874,000    24,943,000
capital
Dilutive outstanding            250,000       220,000       189,000
options
Adjusted weighted            25,221,000    25,094,000    25,132,000
average share capital
                                                                   
Basic*                           19.77p        17.89p        39.17p
Fully diluted*                   19.57p        17.73p        38.87p
Pre-exceptional*                 19.11p        17.89p        38.50p

* Calculated on a £1 A Ordinary Share.  Earnings on the unquoted B
10p Ordinary Shares are 1/10 of the figures for the A Shares,
earnings on the unquoted C Ordinary Shares are the same as the listed
A Shares.

The calculation is based on earnings (after deducting preference
dividends) and on the average weighted ordinary share capital.  Pre-
exceptional earnings per share exclude all exceptional items.


(6)  TANGIBLE FIXED ASSETS

Financial Reporting Standard 15, Tangible Fixed Assets, has been
adopted by the Company for the year ended 25 March 2000.  As a result,
the Company's accounting policy for freehold and long-leasehold
buildings is now as follows:

a.  Freehold properties have not been revalued since 27 March 1999.
The gross value of all previously revalued assets still held at 25
September 1999 have been carried forward from earlier periods without
further amendment (apart from additions at cost).
b.  Freehold and long-leasehold buildings are now depreciated down to
their estimated residual value over their estimated useful economic
lives.

(7)  SHAREHOLDERS' INFORMATION

Shareholders who converted their £1 A ordinary shares to £1 C
ordinary shares are reminded that they have 30 days from 3 December
1999 should they wish to reconvert those C shares back to A shares.
Appropriate forms are available from the Company Secretary.  The next
available opportunity after that will be June 2000.


(8)  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.