Fuller Smith & Turner (FSTA)

Fuller Smith & Turner FSTA Logo

An independent traditional family brewer founded in 1845, the Company runs 180 Tenanted Inns and 198 Managed Pubs and Hotels.

24-Nov-2017 – 965p – £521.6m – PER 14.5

Interim Results For The 26 Weeks To End September 2017 – Revenue up 6% to £209.3m (£197.6m last time), Adjusted PBT up 4% to £23.8m (£22.8m last time), Adjusted EPS up 5% to 34.22p and the Interim Dividend is up 4% to 7.55p.

The outlook for the sector is not exactly great and this update it not exactly inspiring. For now I will remain Neutral here and in the sector in general.

23-Nov-2018 – 934p – £517.7m – PER 14.1

Results For The 26 Weeks To 29th September 2018 – Revenue up 6% to £222.1m (£209.3m last time), Adjusted PBT down 1% to £23.6m (£23.8m last time), Adjusted EPS down 1% to 33.83p (34.22p last time) and the Interim Dividend is up 3% to 7.80p (7.55p last time). “Front loaded investment” blamed for drop in Profit and the outlook is not exactly the most optimistic.

I remain cautious and Neutral here – And in the sector in general for now.

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