Friday preview: Fuller Smith & Turner reports full year results

Pub operator Fuller Smith & Turner is expected to report on Friday an 8.5% increase in full year pre-tax profits on the back of a rise in like-for-like sales.

Numis has forecast pre-tax of £39.5m, down from £36.4m the previous year. Earnings per share is expected to rise 7.7% to 50.8p.

In a trading update for the 43 weeks to 23 January the company said it achieved a strong performance in its Managed Pubs and Hotels division with a like-for-like sales increase of 5.3%. At the Tenanted Inns division like-for-like profits were up 3% but beer and cider volumes were down 1%.

“These changes partly reflect the change in the sporting calendar with the soccer World Cup being in the first half of 2015 comp and no autumn rugby internationals in 2015 following the rugby World Cup,” said Numis analyst Wyn Ellis.

At the time of the January update chief executive Simon Emeny attributed the strong overall trading to “another successful Christmas”.

Numis said its full year forecast for Fuller assumes managed pub and hotel like-for-like sales of around 4.8%, based on continued industry outperformance and around 2.5% like-for-like growth in the last nine weeks of the year.

The broker, however, said the softer trading conditions experienced in the third quarter are expected to have continued in the fourth quarter.

Like-for-like sales slowed slightly in the third quarter, which Numis said was partly due to lower inbound tourism and the change in the rugby calendar.

The broker also expects three managed pubs and eight new Stable Pizza restaurants to have opened, or to be near opening, by the end of fiscal year 2016.

Friday 10 June

INTERIM DIVIDEND PAYMENT DATE
Keystone Inv Trust, Lok'n Store Group, Ranger Direct Lending Fund

QUARTERLY PAYMENT DATE
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INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Treasury Budget Statement (US) (19:00)
Wholesale Price Index (GER) (07:00)

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Fuller Smith & Turner

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