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Morning Briefing for pub, restaurant and food wervice operators

Fri 9th Jun 2017 - Fuller’s reports Ebitda up 8% as turnover nears £400m
Fuller’s reports Ebitda up 8% as turnover nears £400m: London brewer and retailer Fuller’s has reported turnover rose 12% to £392m in the year to 1 April 2017 compared with £350.5m the previous year. Ebitda rose 8% to £70.5m from £65m while adjusted profit before tax was up 5% to £42.9m compared with £40.9m the year before. Like-for-like sales in its managed pubs and hotels were up 3.7%, driven by good growth in food and accommodation. Tenanted inns like-for-like profits were down 1% while Ebitda per pub was up 2%. Total beer and cider volumes were down 2% but operating profits in The Fuller’s Beer Company rose 5%. The company invested £22m in its existing inns estate, acquired five new pubs and added 71 new bedrooms. It opened four new restaurants for The Stable and acquired a further 25% share, taking ownership to 76%. It has the option of acquiring the remaining 24% in 2018. In the first nine weeks of its current financial year, managed pubs and hotels like-for-like sales were up 6.6%, tenanted inns like-for-like profits were up 5% while total beer and cider volumes were up 7%. Chief executive Simon Emeny said: “It has been another good year for Fuller’s with a strong set of results for the company. Food and accommodation have driven like-for-like sales growth in our managed pubs and hotels and the targeted investments we have made in both new sites and redeveloping our existing estate have generated excellent returns. We have purchased five new sites and completed 25 major refurbishments in the past 53 weeks. We are only nine weeks in to the new financial year but we have had a very strong start, albeit against our softest quarter last year, with like-for-like sales in our managed pubs and hotels up 6.6%, like-for-like profits in our tenanted inns up 5% and volumes in The Fuller’s Beer Company rising 7%. There are a number of headwinds that will have a significant financial impact on both Fuller’s and the industry as a whole, but we face the future in a strong position. Our managed pubs and hotels are in good shape and although there is a lot of work and a long way to go, we have a clear vision and solid strategy for both our tenanted inns and The Fuller’s Beer Company. We will continue to build and develop our business and have plans to invest £25m, before allowing for any pubs we find to acquire. A further £5m, which we will expense, has been allocated to the implementation of the once in a generation replacement of our core systems, which will equip us for further success in the coming years. The projects that we have started today give us a solid digital foundation and a clear vision for the future. We will use integrated technology to get to know our customers and our teams better and form the best possible personal relationship with everyone who comes into contact with Fuller’s. In short, while we are cautious and realistic about the future, we are well-placed to continue to delight our customers, recruit and develop the best team members and reward our shareholders.”

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