By Marcus Leach

Fuller, Smith & Turner, the brewery firm and pub owners, have reported higher sales and exports despite the current downcast retail environment.

Financial Performance:

• Revenue up 6% to £128.2 million (2010: £121.5 million)
• Adjusted profit before tax1 up 5% to £16.5 million (2010: £15.7 million)
• Adjusted earnings per share2 up 8% to 21.48p (2010: 19.96p)
• EBITDA3 up 4% to £25.0 million (2010: £24.1 million)
• Interim dividend up 6% to 5.05p (2010: 4.75p)

“I am pleased to announce a good set of results for the first half of the financial year, driven by growth in all parts of the business," Michael Turner, Chairman of Fuller’s, said.

“Our revenues grew by 6% to £128.2 million (2010: £121.5 million) and adjusted profit before tax (excluding exceptional items) increased by 5% to £16.5 million (2010: £15.7 million). Our adjusted earnings per share rose by 8% to 21.48p (2010: 19.96p).

“These results highlight the successful execution of our long term strategy, which has remained unchanged despite the economic pressures on the UK consumer. The largest part of our business, Managed Pubs and Hotels, has again traded well with like for like sales up 3.9%.

“Our balance sheet remains very strong and having increased our bank facilities to £120 million during the period we have additional funds available to invest in new opportunities as they arise. Our strategy is to be highly selective and we have the patience to wait for the right assets to become available at the right price."

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