Final Results

Fuller,Smith&Turner PLC 28 May 2002 STRICTLY EMBARGOED UNTIL 7AM TUESDAY 28 MAY 2002 PRESS RELEASE FULLER SMITH & TURNER P.L.C. Preliminary results for the year ended 30 March 2002 Financial Highlights • * Normalised profit before tax £14.9 million (2001: £15.6 million) • ** Normalised earnings per share 40.07p (2001: 42.69p) • EBITDA of £25.1 million (2001: £25.0m) • Final dividend increased 7% to 10.7p (2001: 10.00p) Corporate Progress • A satisfactory performance overall in an unusual year. • Exit from loss-making Broadwalk and Katabatic bars. • Beer Company profits up 22% with own beer volumes up 4% reflecting effective marketing and brand strength. • Tenanted growth continues with profits up 17%, LFL up 5%. • Managed pubs steady despite drop in City trading. • Three new hotels opened during the year - room numbers almost doubled. * Profits after interest before exceptional operating and non-operating costs/ profits ** Calculated on the £1 'A' Ordinary Share Comparative earnings figures have been restated for FRS 19 (Deferred Tax) Commenting on the results, Anthony Fuller, Chairman, said: "Strong performances from the Beer Company and our Tenanted Division have resulted in profits for the year slightly higher then we had expected although 4% down at the pre-exceptional post interest level. The prompt disposal of the loss-making Broadwalk and Katabatic bars had a beneficial effect on the Company's results in the second half with profits up 1% on the corresponding period last year. We have met this year's challenges head on and taken radical action where necessary to focus on sustainable retail brands. We are now beginning to see a return to steady growth across the estate, with positive like for likes in the current year to date. Further investment in both the marketing of our brands and the Brewery is much in evidence and our volumes so far this year are well up. We are confident that our strong brands and our continuing investment in all areas of the business will deliver sustained growth in the future. I believe that the current year will show good progress for the Group." Ends - For further information, please contact: Fuller Smith & Turner P.L.C. Press Office 020 8996 2175/2198/2048 Mobile 07958 989124 / 07748 657854 Website: www.fullers.co.uk Anthony Fuller - Press 020 8996 2048 Paul Clarke - Analysts 020 8996 2048 Merlin Financial 020 7606 1244 Paul Downes 07900 244 888 (mobile) Vanessa Maydon 07802 961 902 (mobile) Notes to Editors Photographs for the media are available at NewsCast Online - www.newscast.co.uk Tel. 020 7608 1000 Attached: Chairman's Statement Financial Highlights Group Profit and Loss Account Group Balance Sheet Group Cash Flow Statement Other Group Primary Statements Notes to the Financial Statements FULLER SMITH & TURNER P.L.C. PRELIMINARY RESULTS FOR THE YEAR ENDED 30 MARCH 2002 CHAIRMAN'S STATEMENT Whatever You Do, Take Pride Overall I am pleased to report a satisfactory performance in what has been an unusual year. Last September we issued a trading update reporting that profits for the year would be lower than expected. This was due to the poor performance of the Broadwalks and Katabatic, which we decided to dispose of accordingly, coupled with the delayed opening of two new hotels and difficult market conditions generally. The prompt disposals had a beneficial effect on the Company's results in the second half with normalised profits up 1% on the corresponding period last year. Furthermore, strong performances from the Beer Company and our Tenanted Division have resulted in profits for the year slightly higher than we had expected although 4% down at the pre-exceptional post interest level at £14.9 million (2001: £15.6 million). Turnover increased 3% to £132.4 million (2001: £128.1 million). Both Fuller's Inns and the Fuller's Beer Company reported a similar increase in turnover in the 52 weeks this year compared to 53 weeks last year, though in the case of Fuller's Inns this was despite the sale of a number of outlets. Normalised earnings per share were 40.07p (2001 restated: 42.69p). The post-exceptional profit before tax was £9.8 million (2001: £19.3 million) following an exceptional operating charge of £1.4 million for property impairments and net £3.8 million exceptional losses on the disposal of properties, both of which were primarily provided for at the Interims. This compares with exceptional profits on the disposal of properties of £3.7 million last year. As reported at the Interims, the Board is confident that the market value of the remaining estate is significantly greater than its carrying value. This view has been supported by an external professional valuation undertaken on a sample of the estate during the year. We have implemented FRS 19 Deferred Tax for the first time this year which has resulted in an increase to the current year tax charge on pre-exceptional profits of £0.8 million (2001 increase: £0.3 million) and an effective tax rate of 32.0% (2001 as previously reported: 28.8%, restated to 30.7%). Prior years' tax charges and net assets have been restated to show the post-FRS 19 position and as a result net assets at March 2001 have been reduced by £3.2 million. Although operating profits are down, our cash generation continues to be strong with EBITDA at £25.1 million, marginally up on last year. The Company's continuing capital investment programme has increased gearing from 6.9% to 12.7%. Total capital expenditure for the year was £26.2 million (2001: £30.2 million) reflecting the completion of the expansion programme in our hotels, continuing investment in our managed and tenanted pubs and increased levels of investment in our Beer Company. We shall be increasing the final dividend by 7% to 10.7p per 'A' and 'C' £1 Ordinary Share, and 1.07p per 'B' 10p Ordinary Share, which will be paid on Tuesday 23 July 2002 to shareholders on the Share Register at Friday 28 June 2002. Fuller's Inns Fuller's Inns' combined turnover increased by 2% to £94.4 million. However, trading profits were down by 6% to £15.2 million. This is after pre-opening costs (largely relating to the new hotels) of £0.4 million. Following a review of the carrying values of properties, the Board considered it appropriate to make a £1.4 million provision for impairments in the first half which is treated as an exceptional operating charge. Managed Pubs and Bars Managed Pubs and Bars' average weekly turnover per outlet increased 4% to £11,600. However, due to a net decrease in the number of outlets, turnover is down 2%. Like for like sales and profits have been maintained at 2001 levels in spite of continuing cost pressures and general economic uncertainties. During the year we opened three new pubs and a third One of 2 bar. The net reduction in the number of outlets from 122 to 114 is owing to the sale of five Broadwalks and our late night venue, Katabatic. We also transferred six pubs to the Tenanted Division at the start of the year. During the year, we opened three further 'Whistle & Flute' outlets, our latest being the Jackdaw & Rook in Balham. This concept appeals to customers looking for high quality food and drink in relaxing, "home from home" surroundings and we are very pleased with the performance of this new concept. Our strategy is focused on developing sustainable retail concepts and targeting the more discerning customer. An essential element of this is the development of our people and we continue to see the benefits of our Retail Staff Development Programme designed to induct and train retail staff from an early level through to management development. This has had a significant reduction in staff turnover and improved customer surveys for the second year running. In addition this year we completed the fit out and opening of our £100,000 catering development centre in Chiswick. This state of the art kitchen has already trained over 230 people and is becoming an invaluable tool as we continually raise the profile and quality of food in our retail estate. The revolutionary Fuller's cask ale dispense system has now been installed into 111 Fuller's Inns at a capital cost of over £400,000. By the end of the current year, it will have been installed into all Fuller's Inns managed and tenanted pubs, together with selected free houses. The new system has improved cask ale quality and consistency and increased yields. Fuller's Hotels Division The hotels are currently being re-branded as 'Fuller's Hotels', they were previously known as 'English Inns Hotels'. Extensive research demonstrates that our hotels would benefit from Fuller's positive brand associations which are recognised and valued by our consumers. This has been a year of enormous change with the opening of three new hotels: The White Hart in Kingston, The Brigstow in Bristol and The Chamberlain in the City, together with an extension to the Fox & Goose in Ealing which has almost doubled the number of bedrooms from 257 to 492. However, there have also been considerable challenges. Construction delays, the tragic events of September 11th and the strong pound have all had an inevitable impact on the results for the year leading to lower occupancy and a reduction in RevPar of 5%. Fuller's has invested £27 million in developing the hotel estate over the last three years. This investment has been in high quality, modern, well-located rooms and, as a result, 75% of our bedrooms are less than five years old. With Fuller's strong reputation and ability to capitalise on this niche market (between the larger four star and limited facility lodges), the growth prospects are excellent. Tenanted Pubs The tenanted estate has had another very good year and turnover has increased by 12% (2001: 21%). Over the last two years profits have grown by over a third with the number of outlets rising from 102 to 117. This year like for like turnover increased by 3% and like for like profits were up 5%. We continue to invest in this strongly cash-generative estate and, in addition, nine high quality tenanted pubs were acquired during the year and six of the lower volume pubs were sold. Six pubs were transferred from the managed estate. We spent over £1 million on the existing estate during the year, including ten major capital projects and further substantial work on the external decoration and signage is planned for this year. The Fuller's ten-year lease continues to prove popular and 25 tenants are now signed up with a further six under offer. We anticipate this will have increased to 50 by April 2003. The Fuller's Beer Company It has been another excellent year for the Beer Company with turnover up 3%. As a result of a combination of volume growth and operational savings and efficiencies, profits were up 22%. Own beer barrelage was up 4% to 181,000 barrels. As the cask ale market continues to decline, the increasing strength of Fuller's brands has meant our national market share has increased to 4.9%. This means one in every 20 pints of real ale drunk across the Country was brewed by Fuller's. Free on-trade volumes, the largest segment in the Beer Company, were up 7% to 112,000 barrels representing 62% of our own beer business. Similarly, our off-trade own beer volumes have grown by 9% in a market down 5%. Our key brand is undoubtedly London Pride. Representing over 80% of our total volume, London Pride enjoyed growth of 7% during the year. Organic Honey Dew has increased further in popularity with volumes up 22%. In addition we continue to support smaller niche brands as demonstrated by the successful re-launch of an old favourite Golden Pride this year. It is not sufficient just to brew excellent beer. It is necessary in the increasingly competitive marketplace to invest in advertising and promotional activities to support the brands. This year, we undertook a comprehensive multi-media advertising campaign with television and cinema, billboards, taxis and perimeter advertising at key international football, cricket and rugby matches. We also ran sampling promotions at 11 major railway stations. In striving to continue to improve the quality and consistency of our beers and ensure that they sustain their pre-eminent positions, as well as achieve further operational efficiencies, we launched a major capital investment programme in the Brewery eighteen months ago. This will also ensure we have the capacity to meet the ever-increasing demand for Fuller's beers. The investment programme included a new cask racking line which has now been in operation for over a year and has resulted in a significant and measurable improvement of cask beer quality and operational efficiency. Following that, September 2001 saw the opening of a new bottling line and finally, in March this year, we completed the first phase of a major expansion in the brewery's fermentation and maturation tank capacity. The Fuller's Wine Wholesale business sources and distributes a varied selection of wines and spirits to our own tied estate and a growing free trade customer base. Volumes increased in the year by 11% with profits up 45%. Share Buy-back Following the shareholders resolution at last year's A.G.M., we exercised our authority to repurchase shares and bought back 100,000 'A' ordinary shares in December 2001 at a total cost of £0.5 million. We believe buying our own shares back represents sound sense at times when we think the market may be undervaluing them. We will be seeking to renew the authority to repurchase shares at this year's A.G.M. Prospects The year has been difficult for many leisure retail businesses. Fuller's met its own challenges head on and took radical action where necessary to focus on sustainable retail brands. We acted promptly and decisively to dispose of the loss making Broadwalk and Katabatic bars, but did not allow this to deter us from continuing to invest in and grow the retail business. We are now beginning to see a return to steady growth across the estate with positive like for likes in the current year to date. However, at present the City remains a difficult trading area and consequently we are particularly exposed to the economic downturn in 24 of our managed outlets. Our hotel business is showing promising signs, with the weekday business trading particularly good, but the tourism-led weekend business is not yet back to the levels of last year. We believe that our City outlets and hotels will improve when better economic conditions return, as is widely expected. Following a number of good years, the Fuller's Beer Company is now stronger than ever and well-positioned to continue its success. Further investment in both the marketing of our brands and the Brewery is much in evidence and our volumes so far this year are well up. We are confident that our strong brands and our continuing investment in all areas of the business will deliver sustained growth in the future. I believe that the current year will show good progress for the Group. A.G.F. Fuller CBE Chairman FULLER SMITH & TURNER P.L.C. FINANCIAL HIGHLIGHTS FOR THE 52 WEEKS ENDED 30 MARCH 2002 52 weeks to 53 weeks to 30 March 31 March Change 2002 2001 2002/2001 £000 £000 ____________________________________________ ____________ ____________ ____________ Turnover 132,395 128,054 3.4% Operating profit before exceptional items 16,776 16,821 (0.3)% Normalised profits* 14,948 15,624 (4.3)% EBITDA** 25,141 24,961 0.7% Normalised earnings per share*** 40.07p 42.69p (6.1)% Dividend per share*** 15.17p 14.38p 5.5% Assets per share*** £6.04 £5.97 1.2% Gearing ratio 12.7% 6.9% N/A ____________________________________________ ____________ ____________ ____________ * Profits after interest before exceptional operating and non-operating costs/profits. ** Earnings before interest, tax, depreciation and amortisation. *** Calculated on the £1 'A' Ordinary Share. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP PROFIT AND LOSS ACCOUNT FOR THE 52 WEEKS ENDED 30 MARCH 2002 52 weeks to 53 weeks to 30 March 31 March 2002 2001 £000 £000 Restated TURNOVER - continuing operations 132,395 128,054 Operating costs (116,969) (111,202) -------------------- -------------------- OPERATING PROFIT - continuing operations Before operating exceptional (costs)/profits 16,776 16,821 Operating exceptional (costs)/profits (1,350) 31 -------------------- -------------------- TOTAL OPERATING PROFIT 15,426 16,852 Non-operating exceptional (losses)/profits (3,799) 3,676 Interest payable (net) (1,828) (1,197) -------------------- -------------------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 9,799 19,331 Taxation (3,935) (4,966) -------------------- -------------------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 5,864 14,365 Preference dividends (120) (120) -------------------- -------------------- ATTRIBUTABLE TO EQUITY SHAREHOLDERS 5,744 14,245 Ordinary dividends (3,814) (3,610) -------------------- -------------------- RETAINED PROFIT FOR THE FINANCIAL YEAR 1,930 10,635 ============ ============ EARNINGS PER SHARE* Basic 22.90p 56.82p Diluted 22.80p 56.72p Normalised basis 40.07p 42.69p *Calculated on the £1 'A' ordinary share. The tax charge for the 53 weeks to 31 March 2001 has been restated in accordance with FRS 19 Deferred Tax. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP BALANCE SHEET 30 MARCH 2002 At At 30 March 31 March 2002 2001 £000 £000 FIXED ASSETS Restated Freehold and leasehold properties 144,488 133,342 Plant, machinery and vehicles 7,577 6,136 Containers, fixtures and equipment 32,978 28,872 Capital work in progress 3,240 10,900 -------------------- -------------------- 188,283 179,250 FIXED ASSET INVESTMENTS 527 243 -------------------- -------------------- 188,810 179,493 CURRENT ASSETS Stocks 3,838 4,029 Debtors 11,419 10,633 Current asset investments 2,050 13,441 Cash, at bank and in hand 5,275 3,071 -------------------- -------------------- 22,582 31,174 CREDITORS: amounts falling due within one year 26,156 27,566 -------------------- -------------------- NET CURRENT (LIABILITIES)/ASSETS (3,574) 3,608 -------------------- -------------------- TOTAL ASSETS LESS CURRENT LIABILITIES 185,236 183,101 CREDITORS: amounts falling due after more than one year Debenture stock 26,974 26,963 PROVISION FOR LIABILITIES AND CHARGES 3,772 3,745 -------------------- -------------------- 154,517 152,366 ============ ============ CAPITAL AND RESERVES Called up share capital: Equity 25,323 25,239 Non equity 1,600 1,600 Share premium account 3,144 2,609 Capital redemption reserve 100 - Revaluation reserve 28,794 28,613 Profit and loss account 95,556 94,305 -------------------- -------------------- TOTAL SHAREHOLDERS' FUNDS 154,517 152,366 ============ ============ The balance sheet as at 31 March 2001 has been restated in accordance with FRS 19 Deferred Tax. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP CASH FLOW STATEMENT FOR THE 52 WEEKS ENDED 30 MARCH 2002 52 weeks to 53 weeks to 30 March 31 March 2002 2001 £000 £000 NET CASH INFLOW FROM OPERATING ACTIVITIES 24,642 25,988 ------------------- ------------------- RETURNS ON INVESTMENT AND SERVICING OF FINANCE Preference dividends paid (120) (120) Interest received 501 983 Interest paid (2,234) (2,181) ------------------- ------------------- (1,853) (1,318) TAXATION Corporation tax paid (4,942) (4,699) CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed assets (26,980) (28,773) Payments to acquire fixed asset investments (328) (344) Receipts from sales of tangible fixed assets 3,684 11,638 Receipts from sale of retail wine shops - 3,860 ------------------- ------------------- (23,624) (13,619) EQUITY DIVIDENDS PAID (3,631) (3,447) ------------------- ------------------- TOTAL NET CASH (OUTFLOW)/INFLOW BEFORE THE USE OF LIQUID RESOURCES AND FINANCING (9,408) 2,905 MANAGEMENT OF LIQUID RESOURCES* 11,391 (4,464) FINANCING Issue of equity shares 719 393 Repurchase of equity shares (498) - ------------------- ------------------- 221 393 ------------------- ------------------- MOVEMENT IN CASH IN THE YEAR 2,204 (1,166) =========== =========== * Management of liquid resources is the movement in current asset investments, namely cash on short term deposit at financial institutions and listed securities. FULLER SMITH & TURNER P.L.C. UNAUDITED GROUP CASH FLOW STATEMENT (CONTINUED) FOR THE 52 WEEKS ENDED 30 MARCH 2002 RECONCILIATION OF OPERATING PROFIT TO NET 52 weeks to 53 weeks to CASH INFLOW FROM OPERATING ACTIVITIES 30 March 31 March 2002 2001 £000 £000 Operating profit 15,426 16,852 Depreciation 8,287 8,121 Loss on disposal of tangible fixed assets 78 19 Impairment of fixed assets 1,350 877 Provision for onerous leases - (908) ------------------- ------------------- EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 25,141 24,961 (INCREASE)/DECREASE IN WORKING CAPITAL Stocks 191 300 Debtors (941) (1,518) Creditors 251 2,245 ------------------- ------------------- NET CASH INFLOW FROM OPERATING ACTIVITIES 24,642 25,988 =========== =========== FULLER SMITH & TURNER P.L.C. OTHER UNAUDITED GROUP PRIMARY STATEMENTS FOR THE 52 WEEKS ENDED 30 MARCH 2002 52 weeks to 53 weeks to 30 March 31 March 2002 2001 £000 £000 GROUP STATEMENT OF RECOGNISED GAINS Restated AND LOSSES Profit on ordinary activities after taxation 5,864 14,365 Prior year adjustment (3,176) - -------------------- --------------------- Total recognised gains since the last annual report 2,688 14,365 ============ ============ GROUP HISTORICAL COST PROFITS AND LOSSES Reported profit on ordinary activities before taxation 9,799 19,331 Realisation of property revaluation (losses)/gains of previous years (181) 3,312 -------------------- --------------------- Historical cost profit on ordinary activities before taxation 9,618 22,643 -------------------- --------------------- Historical cost profit for the year retained after taxation 1,749 13,947 ============ ============ RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Movement in cash in the year 2,204 (1,166) Cash (inflow)/outflow from movement in liquid resources (11,391) 4,464 Amortisation of issue costs (11) (11) -------------------- --------------------- Movement in net debt in the year (9,198) 3,287 Net debt at the beginning of the year (10,451) (13,738) -------------------- --------------------- Net debt at the end of the year (19,649) (10,451) ============ ============ RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Shareholders' funds at the beginning of the year (as previously 155,542 144,521 reported) Prior year adjustment (3,176) (3,183) -------------------- --------------------- Restated shareholders' funds brought forward 152,366 141,338 Profit on ordinary activities after taxation 5,864 14,365 Dividends - preference (120) (120) - ordinary (3,814) (3,610) New share capital subscribed 719 393 Shares repurchased and cancelled (498) - -------------------- --------------------- Net movement in shareholders' funds 2,151 11,028 -------------------- --------------------- Shareholders' funds at the end of the year 154,517 152,366 ============ ============ FULLER SMITH & TURNER P.L.C. OTHER UNAUDITED GROUP PRIMARY STATEMENTS (CONTINUED) FOR THE 52 WEEKS ENDED 30 MARCH 2002 52 weeks to 53 weeks to 30 March 31 March 2002 2001 £000 £000 Restated Shareholders' funds comprise: Equity interests 152,917 150,766 Non-equity interests 1,600 1,600 -------------------- --------------------- 154,517 152,366 ============ ============ Non-equity interests reflect the cost of non-redeemable cumulative preference shares. FULLER SMITH & TURNER P.L.C. NOTES TO THE FINANCIAL STATEMENTS FOR THE 52 WEEKS ENDED 30 MARCH 2002 1. PRELIMINARY STATEMENT This statement does not constitute full financial statements as defined by S.240 of the Companies Act 1985. Full financial statements for the year ended 31 March 2001, including an unqualified auditors' report, have been delivered to the Registrar of Companies. The statutory financial statements for the year ended 30 March 2002 will be mailed to shareholders on or before Friday 14 June 2002 and delivered to the Registrar of Companies. They will also be available from the Company's registered office: Griffin Brewery, Chiswick, London W4 2QB from Monday 17 June 2002. 2. SEGMENTAL ANALYSIS 52 weeks to 30 March 2002 Fuller's Inns Beer Company Total £000 £000 £000 TOTAL SALES 94,362 60,764 155,126 Inter-segment sales - (22,731) (22,731) ----------- ----------- ----------- Sales to third parties 94,362 38,033 132,395 ----------- ----------- ----------- Segmental profit before FRS 11/12 15,178 5,806 20,984 FRS11/12 (1,350) - (1,350) ----------- ----------- ----------- SEGMENTAL PROFIT 13,828 5,806 19,634 ----------- ----------- Net central costs (4,208) ----------- Operating profit 15,426 Interest payable (net) (1,828) ----------- Profit on ordinary activities before exceptional profits 13,598 Non-operating exceptional losses (3,799) ----------- Profit on ordinary activities before taxation 9,799 ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 162,263 16,993 179,256 ----------- ----------- Unallocated net liabilities (24,739) ----------- Total net assets 154,517 ----------- 53 weeks to 31 March 2001 Fuller's Inns Beer Company Total Restated £000 £000 £000 TOTAL SALES 92,552 59,113 151,665 Inter-segment sales - (23,611) (23,611) ----------- ----------- ----------- Sales to third parties 92,552 35,502 128,054 ----------- ----------- ----------- Segmental profit before FRS 11/12 16,143 4,758 20,901 FRS11/12 31 - 31 ----------- ----------- ----------- SEGMENTAL PROFIT 16,174 4,758 20,932 ----------- ----------- Net central costs (4,080) ----------- Operating profit 16,852 Interest payable (net) (1,197) ----------- Profit on ordinary activities before exceptional profits 15,655 Non-operating exceptional profits 3,676 ----------- Profit on ordinary activities before taxation 19,331 ----------- ----------- ----------- ----------- ASSETS EMPLOYED Segmental assets 152,491 16,044 168,535 ----------- ----------- Unallocated net liabilities (16,169) ----------- Total net assets 152,366 ----------- 3. TAXATION Corporation tax and deferred tax (arising from the adoption of FRS 19) has been provided as follows: 30 March 31 March 2002 2001 Tax on normalised profits £000 £000 Corporation tax (as previously reported) 3,962 4,495 Deferred tax charge arising from FRS 19 815 306 ------------------ ------------------ Total tax on normalised profits 4,777 4,801 Tax on exceptional items Corporation tax (as previously reported) - 478 Deferred tax credit arising from FRS 19 (842) (313) ------------------ ------------------ Total tax charge 3,935 4,966 ------------------ ------------------ Effective rate on normalised profits post-FRS 19 32.0% 30.7% Effective rate on normalised profits pre-FRS 19 26.5% 28.8% Normalised profits are profits after interest before exceptional operating and non-operating costs/profits. The effective rate post FRS19 has increased due to a slightly higher proportion of disallowables and a lower proportion of prior year tax credits. The adoption of FRS 19 has also resulted in an increase in the deferred tax liability. The deferred tax liability at the balance sheet date is £3.7 million. £3.2 million of this is an adjustment relating to earlier years and has been accounted for as a prior year adjustment through the reserves. The deferred tax provision has not been discounted to its present value. 4. ORDINARY DIVIDENDS 30 March 31 March 2002 2001 pence pence Interim 4.47 4.38 Final 10.70 10.00 ------------------- ------------------- 15.17 14.38 ------------------- ------------------- The pence figures above are for the £1 'A' ordinary shares and unquoted £1 'C' ordinary shares. The unquoted 10p 'B' shares carry dividend rights of 1/10 of those applicable to the £1 'A' ordinary shares. 5. EARNINGS PER SHARE 30 March 31 March 2002 2001 £000 £000 Restated Profit attributable to equity shareholders 5,744 14,245 Non-operating exceptional profits net of tax 2,957 (3,801) Impairment of fixed assets 1,350 877 Provision for onerous leases net of tax - (618) ------------------- ------------------- Normalised earnings attributable to equity shareholders 10,051 10,703 ------------------- ------------------- Weighted average share capital 25,081,000 25,069,000 Dilutive outstanding options 110,000 46,000 ------------------- ------------------- Adjusted weighted average share capital 25,191,000 25,115,000 ------------------- ------------------- Basic earnings per share* 22.90p 56.82p Diluted earnings per share* 22.80p 56.72p Normalised earnings per share * 40.07p 42.69p *Calculated on the listed £1 'A' ordinary share or unquoted £1 'C ' ordinary share. Earnings on the unquoted 'B' 10p ordinary shares are 1/10 of the figures for the £1 'A' ordinary shares. The calculation is based on earnings (after deducting preference dividends) and on the average weighted ordinary share capital. Normalised earnings exclude all exceptional operating and non-operating costs/profits. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Fuller Smith & Turner (FSTA)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today