Local brewery continues its successful expansion
Fuller's, the popular local brewery has reported a 10% pre-tax increase in profits of over £34million for last year.
The chief executive, Simon Emeny, said the figures put the company in an excellent position for going forward.
Fuller's has invested successfullly in a number of new ventures 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.
The figures posted by the company were:
•Adjusted earnings per share up 11% to 46.94p (2013: 42.18p)
•Adjusted profit before tax up 10% to £34.1 million (2013: £31.1 million)
•Revenue up 6% to £288.0 million (2013: £271.5 million)
•EBITDA[3] up 6% to £54.5 million (2013:June 13, 2014up 11% to 9.30p (2013: 8.35p)
•Net debt to EBITDA[4] 2.5 times (2013: 2.6 times)
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.”
June 13, 2014