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Fri 6th Jun 2014 - Fuller’s reports 10% rise in full-year profits
Fuller’s reports 10% rise in full-year profits: London brewer and retailer Fuller, Smith and Turner has reported a 6% rise in sales to £288m in the 52 weeks ended 29 March, with managed like-for-likes up 8.3%. Food sales and accommodation sales were even stronger with 10.4% like-for-like growth. Adjusted profit before tax was up 10% to £34.1 million (2013: £31.1 million) and Ebitda was up 6% to £54.5 million (2013: £51.2 million). The final dividend rose 11% to 9.30p (2013: 8.35p) Tenanted Inns like-for-like profits increased by 2% and total beer and cider volumes rose by 1%. The company has increased capacity at its Cornish Orchards cider business by 60% and acquired three new sites and opened Cams Mill, Fareham. Commenting on the results, Simon Emeny, chief executive of Fuller’s, said: “Approaching the end of my first full year as chief executive, I am pleased to report that Fuller’s has had another very strong year. As a company, we know our strength is in operating at the premium end of the market and we have a clear vision of where we are going and how we will get there. Fuller’s Inns has had an excellent year with like-for- like sales in the managed business rising by 8.3% and Tenanted like-for-like profits rising by 2%. It’s been a year of change for the Fuller’s Beer Company, with foundation blocks being laid for the future. Several new initiatives have come into play during the period including the acquisition of Cornish Orchards, the launch of Frontier, the purchase of the UK distribution rights to Sierra Nevada and the launch of Westside Drinks. We are looking forward with anticipation and excitement to the forthcoming year. Investment is taking place in all areas of the company and we continue to be pleased with the impact that it is having on the business. The combination of a high quality estate, premium brands and a healthy balance sheet puts us in an excellent position going forward. Our vision is to create and operate the most stylish pubs and hotels whilst brewing Britain’s most coveted premium brands for discerning customers both at home and abroad. To deliver this vision, we will continue to focus on three key drivers for growth: providing a distinctive pub and hotel experience; identifying targeted acquisitions and developments; further developing our premium brand portfolio. One area that is of particular note during the last year is the commitment we have put behind specific training programmes right across the business. From wine training in Fuller’s Inns to sales training in the Beer Company, more of our people have benefited from greater investment in their personal development. We will never rest on our laurels and in order to build on the great results of this year, we remain committed to ensuring our people are equipped with the best skills to deliver outstanding beer and delicious food in wonderful pubs with great service. This is how we will stay ahead of our competitors. Our strong culture is at the heart of everything we do. Whether it’s the brewer, a drayman, a cellar services technician, an accountant or anyone at head office, or a manager, tenant or barmaid – everyone at Fuller’s is focused on delivering exemplary service to our customers. Our people are responsible for the success of this business and I’d like to personally thank them all for their enthusiasm and dedication.”
   
Fuller’s new London Pride pub will retail travel and food books: Fuller’s reported that its new London Heathrow Terminal Two pub, London Pride, opened this week, will retail books. The company stated: “We are looking forward to building on our transport hub expertise from The Parcel Yard at King’s Cross. London’s Pride includes a number of new features such as a section for Grab and Go food to be eaten on the plane and we will be retailing travel and food books within the pub. With an investment cost of £1.7 million, the pub has 200 covers and will be serving contemporary pub food, which has been designed with the modern traveller in mind. The design takes airport pubs to a whole new level and much is made within the pub of Fuller’s heritage and the site’s close proximity (8.3 miles) to the Brewery. Following on from the very successful conversion of The Red Lion on Whitehall to our Ale & Pie format, we will be carrying out a similar project on The Albannach in Trafalgar Square, which will be unveiled as The Admiralty in October. With more than a nod to its location and the presence of Admiral Nelson, the pub will benefit from the high footfall in this area, offering a winning combination of great beer and delicious pies to tourists and locals alike. Finally, three new riverside pubs will be opening on the Thames in the new financial year. One over the Ait by Kew Bridge will open in the autumn of 2014, closely followed by the site at Fulham Reach, overlooking the Harrods Depository and providing great views of life on the river. The Sail Loft at Greenwich – part of the new Capital Quay Development – will open in spring 2015. We also purchased The Windmill at Portishead in May 2014 – a popular dining pub with panoramic views across the Severn Estuary to Wales. We have invested a total of £38.1 million on capital expenditure during the year – which represents a rise of 29% against last year. We have taken the opportunity to bring forward investment on refurbishments while sales have been strong and this is particularly true in the second half of the year, which has seen 16 major schemes, making a total of 28 for the year.”

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