Fuller, Smith & Turner PLC (FSTA) 
Fuller, Smith & Turner PLC: Half-Year Results 
 
26-Nov-2020 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information according 
to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
STRICTLY EMBARGOED 
 
UNTIL 7AM THURSDAY 26 NOVEMBER 2020 
 
FULLER, SMITH & TURNER P.L.C. 
 
("Fuller's", the "Company", or the "Group") 
 
Financial results for the 26 weeks to 26 September 2020 
 
Financial and Operational Indicators 
 
  · Mandated closure of the estate for 14 weeks of the 26 week trading period. Phased 
  reopening from 4 July 2020 but 66% trading weeks lost in Managed business due to 
  ongoing restrictions on consumer behaviour 
 
  · During the final two months, with the majority of the estate open, the Group made 
  an operating profit of GBP2.0 million despite severe restrictions in place 
 
  · Managed like for like sales outside of London were 92% of prior year. Overall like 
  for like sales were 75% including transport hubs and Central London pubs 
 
  · Tight management of cash burn and recovery of working capital contributed to net 
  debt only increasing by GBP9 million to GBP187 million 
 
  · Accessed GBP100 million of commercial paper through the Covid Corporate Financing 
  Facility 
 
  · Financing and liquidity position underpinned by strength of freehold portfolio 
 
  · Interim dividend suspended due to current economic situation. 
 
                                      H1 2021 H1 2020 FY 2020 
                                           GBPm      GBPm      GBPm 
Revenue and other income                 45.6   167.1   319.7 
Adjusted (loss)/profit before tax1     (22.2)    17.9    19.4 
Net debt excluding lease liabilities2   187.4    23.0   178.9 
 
All figures above are from continuing operations 
 
1) Adjusted (loss)/profit before tax is the (loss)/profit before tax excluding 
separately disclosed items. 
 
2 Net debt comprises cash and short-term deposits, bank overdraft, bank loans, CCFF, 
debenture stock and preference shares. 
 
Strategy Update 
 
· Successful trading from staycations in our hotels and pubs with rooms - 
particularly in popular tourist destinations - with occupancy levels of 79%, 
demonstrating the benefits of our balanced estate 
 
· Utilised closure period to continue capex programme - ensuring our pubs and hotels 
are always in prime condition 
 
· Completed the integration of Cotswold Inns & Hotels, which has delivered immediate 
benefits 
 
· Concluded the Transitional Services Agreement with Asahi 
 
· Opened The White Horse, Wembley - giving us a foothold in an iconic area that is 
currently being redeveloped, and where we were underrepresented 
 
· Accelerated planned implementation of new digital initiatives driven by early 
identification of changes in consumer behaviour 
 
· Streamlined central support and Managed Pubs and Hotels teams across the business 
 
· Long term strategy remains focused on providing outstanding food, drink and 
hospitality in well-invested, iconic locations. 
 
Current Trading & Outlook 
 
· All pubs temporarily closed due to second national lockdown from 5 November 2020 - 
with swift management action taken to achieve minimal stock losses 
 
· 98% of team members on furlough or flexi-furlough 
 
· Like for likes sales in our Managed Pubs and Hotels for the 34 weeks to 21 November 
2020 at 69% of prior year 
 
· Strong engagement with, and retention of, Tenants with commercial rent for our 
Tenanted Inns again suspended while pubs are under enforced temporary closure 
 
· Well-motivated and prepared teams throughout the business primed to deliver 
exceptional customer service on reopening in COVID-secure pubs and hotels 
 
· Structured reopening planned from 2 December 2020 
 
· High consumer confidence in our premium pubs and hotels expected to lead to strong 
demand as we reopen the estate in a safe and steady manner. 
 
Commenting on the results, Chief Executive Simon Emeny said: "The imminent roll out of 
a vaccine is excellent news for the future. The tightening of the tier system will 
present further challenges over the winter months, but we welcome the Prime Minister's 
comments that we will see the need for restrictions fall away in the spring. Without 
doubt, a return to normality is in sight. 
 
"When the current lockdown was announced, we acted swiftly to implement the lessons 
learned last time round and this latest closure has been made with minimal stock 
losses. We also immediately placed 98% of our team members - across our pubs, hotels 
and in our support functions - on furlough or flexi-furlough, thereby minimising our 
cash burn. The extension of the Coronavirus Job Retention Scheme until March 2021 
provides a degree of breathing space and will allow us to apply a sensible and measured 
approach to costs as we reopen our estate, particularly at the most affected sites in 
our city centres. 
 
"We entered this crisis in a position of strength, buoyed by the sale of the Fuller's 
Beer Business. We have used the time and space created by the pandemic wisely - 
completing targeted investments in our estate, rightsizing our teams and utilising the 
support available to manage our cash reserves where possible. It has not been easy, but 
prudent financial management, an estate that is 92% freehold, and a strong Balance 
Sheet mean that we will be in the best possible position to get back on a growth 
trajectory. 
 
"We know our customers want to come back, we know they trust us to look after them and 
provide a safe and sensible environment to enjoy a great Fuller's experience and, over 
and above this, we have a dedicated and passionate team of people with the ability and 
desire to delight, surprise and welcome back those customers. 
 
"We are optimistic about the future in the medium term and beyond, but there is no 
doubt that this will be a tough winter and a very different looking Christmas. We will 
start to reopen our estate in a measured way, navigating the tier system and the 
restrictions that come with it. However, it is important that we see beyond these 
obstacles and look at the bigger picture. The excellent news of successful vaccines 
gives us confidence where previously there was uncertainty, and with the sensible 
decisions we have taken during the pandemic, Fuller's is well-placed for future 
success. 
 
"This business is armed with a well-invested and well-balanced, freehold estate, 
excellent people, robust financial foundations, a clear and consistent strategy, and 
the drive and desire to lead the way out of this crisis. The long-term future for 
Fuller's looks positive." 
 
-Ends- 
 
For further information, please contact: 
 
Fuller, Smith & Turner P.L.C. 
 
Simon Emeny, Chief Executive 020 8996 2000 
 
Adam Councell, Finance Director 020 8996 2000 
 
Georgina Wald, Corporate Comms Manager 020 8996 2198 
 
Instinctif Partners 
 
Justine Warren 020 7457 2010 
 
Notes to Editors: 
 
Fuller, Smith & Turner PLC is the premium pubs and hotels business that is famous for 
beautiful and inviting pubs with delicious fresh food, a vibrant and interesting range 
of drinks, and engaging service from passionate people. Fuller's has 212 managed pubs, 
with 1,028 boutique bedrooms, and 176 Tenanted Inns. The estate is predominately 
located in the South of England (44% of sites are within the M25) and stretches from 
our City of London heartland to the Jurassic Coast via the New Forest. Our Managed Pubs 
and Hotels include 15 iconic Ale & Pie pubs, seven stunning hotels in the Cotswolds, 
and Bel & The Dragon - six exquisite country inns located in the Home Counties. In 
summary, Fuller's is the home of great pubs, outstanding hospitality and passionate 
people, where everyone is welcome and leaves that little bit happier than they arrived. 
 
Photography is available from the Fuller's Press Office on 020 8996 2198 or by email at 
pr@fullers.co.uk. 
 
This statement will be available on the Company's website, www.fullers.co.uk [1]. An 
accompanying presentation will also be available from 11.00 on 26 November 2020. 
 
FULLER, SMITH & TURNER P.L.C. 
 
FINANCIAL RESULTS FOR THE 26 WEEKSED 26 SEPTEMBER 2020 
 
CHAIRMAN'S STATEMENT 
 
It has been an incredibly challenging six months for the country, for the hospitality 
industry and for Fuller's. The impact of coronavirus has touched every part of the 
physical and economic landscape and once again we find ourselves in a state of national 
lockdown. 
 
The rollercoaster of emotions from closure, to reopening, through the well-designed and 
inspired Eat Out to Help Out scheme and then back down into a quagmire of increasingly 
onerous restrictions, tier alert levels and finally back to temporary closure, has been 
tough on our business and even tougher on our people. 
 
The Government has been supportive and destructive in almost equal measure - but we are 
grateful for the recent extension of the furlough scheme. We urge the Chancellor to 
follow this with extensions to the business rates holiday and the VAT reduction. We 
know that our sector can lead the economic recovery - however we will need this 
longer-term support to rebuild our businesses and return to growth. 
 
In the short term, we need clarity of message and a clear roadmap out of the 
coronavirus crisis. We know we can play a major role and we relish the challenge of 
doing so. Should the Chancellor need any further encouragement, the net tax deficit 
from Fuller's alone for the first six months of the year is over GBP70 million. The 
country needs pubs, restaurants and hotels fully open - and soon - for the financial 
contribution they make, the jobs they create, and the significant role they play in the 
emotional wellbeing of our customers and our teams. 
 
Unfortunately, we again find ourselves in a position where we have had to take the 
decision not to propose a dividend in light of the current economic situation. I would 
like to thank our shareholders for their patience and understanding in these difficult 
times and it's fair to say that the sale of the Fuller's Beer Business in April 2019, 
and the subsequent return of capital - which exceeded the total of the previous seven 
years' dividends - has proved to be excellent timing. 
 
I have one Board change to announce - the appointment of Rachel Spencer, who joins us 
on 7 December 2020 to take over the role of Company Secretary from 1 January 2021. 
Rachel is an experienced Company Secretary having held positions at a number of other 
listed companies including Invensys, Aldermore Group and, most recently, Clarkson PLC - 
the world's leading provider of integrated shipping services. Rachel takes over from 
Séverine Béquin who has held the role for the past six years. Séverine leaves us to 
move to Madrid with her husband and, on behalf of the Board, I would like to thank her 
for all her hard work - particularly through the immense complications caused by the 
sale of the Fuller's Beer Business. She has made a very valuable contribution to 
Fuller's and we wish her every happiness in the Spanish sun. 
 
Finally, I would like to pay tribute to the amazing team of people at Fuller's. Simon 
and his Executive Board have risen to the challenge and navigated a course through the 
most turbulent of times. But it is the teams in our pubs who are the real heroes. Armed 
with masks, social distancing and sanitiser by the lorryload, they have delivered an 
amazing Fuller's experience in extremely unusual conditions and I am in awe of the 
upbeat and positive manner that they maintain. 
 
We should have been commemorating 175 years of this wonderful company during November 
with a major consumer promotion and in a loud and celebratory manner. That may not have 
happened, but with our predominately freehold estate, strong Balance Sheet, and single 
minded focus to exit this crisis in the best possible position, I know that we will 
have many milestones to celebrate in the future. 
 
As lockdown comes to its scheduled end, it is important to note that there have been 
incredibly low levels of infection recorded across pubs, restaurants and hotels. It is 
vital now for the mental wellbeing of the nation that people are allowed to meet and 
socialise in a responsible manner, in the safe environment that pubs, restaurants and 
hotels have proved they can provide. 
 
We need our industry to reopen without onerous restrictions that deter our customers 
and hamper our ability to trade profitably, and in a way that reflects the commitment 
we have made to ensuring our venues are safe and coronavirus secure. The notion that 
closing the hospitality industry reduces infection rates is a fallacy, as doing so 
forces people to socialise in the home in a completely unregulated environment where 
recorded infection rates are infinitely higher. 
 
With a vaccine on the visible horizon, we look forward to welcoming our customers back 
to our wonderful pubs and hotels, returning to profitability and getting on with 
business as usual. 
 
Michael Turner 
 
Chairman 
 
25 November 2020 
 
CHIEF EXECUTIVE'S REVIEW 
 
At the time of drafting this review of the last six months, all 388 of our pubs and 
hotels are closed, 98% of our people are on furlough or flexi-furlough, and we are a 
week away from hopefully reopening the estate. It feels like Groundhog Day, and we are 
awaiting the details regarding which areas will be in which tier, but we look forward 
to welcoming back our customers to our wonderful pubs and hotels, that are the epitome 
of great British hospitality. 
 
Our reported figures for the first six months of the year reflect the total, temporary 
closure of the business for more than half of the reporting period - resulting in total 
sales of GBP45.6 million (H1 2020: GBP167.1 million). Our like for like sales for the 26 
weeks stand at 75% of the previous year (H1 2020: +2.7%). However, we were encouraged 
by the like for like run rate, which illustrated how quickly consumer confidence built 
as we reopened the estate from 4 July 2020. By the end of July, sales were at 68% of 
prior year levels on a like for like basis, and at the end of August - following the 
success of the Government's inspired Eat Out to Help Out scheme - 79% of our pubs were 
open and we were trading at 78% of prior year levels. 
 
Sales momentum had been steadily building but the introduction of ever-tightening 
restrictions, despite hospitality accounting for a tiny percentage of infections, 
knocked consumer confidence and impacted trading. The rule of six came into force in 
mid-September, causing like for like sales for that week to fall to 68% of prior year. 
This was followed on 24 September 2020 by the introduction of the 10pm curfew and the 
news that all customers must be seated to order food or drink in a pub. This further 
impacted consumer confidence and sales dropped to 58% of prior year levels on a like 
for like basis for the following week. 
 
The introduction of the tier system had the largest impact of all. On 17 October 2020, 
when London was moved into Tier 2 and people were once again encouraged to work from 
home, leaving the City like a ghost town, like for like sales in 37 of our largest 
Central London sites fell to less than 30% of the previous year. This has led to our 
like for like sales, across the estate, finishing at 57% for the final week of October. 
 
Despite the obstacles that we have had to overcome, we have used the time well to 
innovate, particularly on the digital front, invest in our estate, and complete the 
process of ensuring we have the right people in place to hit the ground running when we 
reopen again to welcome our customers. 
 
Rightsizing for the future 
 
At the start of the financial year, we completed the delivery of the Transitional 
Services Agreement ("TSA") with Asahi and the integration of the support functions for 
both Bel & The Dragon and Cotswold Inns & Hotels. The sale of The Stable Pizza and 
Cider Limited ("The Stable"), a leasehold business, to Three Joes was also completed 
during the period. 
 
Following the sale of the Fuller's Beer Business, we had identified a number of changes 
that could be made in our central functions, leading to a leaner, more efficient, 
support centre team. This exercise has been completed during the period, and the 
business is perfectly poised, with the right team in place, to deliver sustainable, 
profitable growth in the future both organically and through acquisitions and 
developments. 
 
It is clear trading will take time to return to pre-coronavirus levels and we have 
streamlined the teams across our pubs and hotels accordingly. The result of this 
exercise, combined with the fact that 300 team members moved under TUPE with sale of 
The Stable, means our total employee numbers are already 20% below where they were at 
the beginning of the financial year. I am pleased to report that, due to a structured 
redeployment programme, we have reassigned as many team members as we have made 
redundant. 
 
Accelerating and investing in innovation 
 
Crisis often accelerates change in businesses - and Fuller's has been no exception. The 
current situation has altered consumer behaviour and made us think differently about 
the way we operate, resulting in a number of planned initiatives being rolled out 
earlier than intended. 
 
We launched Order & Pay - a web-based solution that asks customers to scan a QR code 
displayed on the table, allowing them to browse the menu, choose items, and order and 
pay their bill without the need for interaction with a team member. We started in a 
handful of sites when we reopened in July, where it proved popular and successful. It 
is now operational in around 75% of our Managed Pubs and Hotels, with the rest of our 
Managed sites due to come online over the coming months. 
 
It has led to some interesting insights into consumer behaviour, with customers 
choosing dishes and drinks they have not tried before, now they have the luxury of 
carefree browsing time, and our team members have more quality time to spend with 
customers as they serve the customers' tables. 
 
The work that has been carried out in recent years on our single customer view database 
has also paid dividends - as communication has become key due to the ever-changing 
regulations. We have used clear targeting with offers for those sites that are 
struggling the most and been able to tactically drive bookings by communicating to 
specific sectors of the database according to geography and demographics. 
 
A perfectly balanced and well-invested estate 
 
Strategically, Fuller's has always understood the importance for a long-term business 
to invest in and operate a balanced estate in terms of both style and geography - and 
the difference in trading across the estate has been more marked than ever during the 
coronavirus pandemic. Throughout the summer, alfresco dining and staycations were the 
order of the day - while those sites in city centres that depend on office workers and 
international tourists, were naturally harder hit. 
 
Typically, our top performing pubs by revenue and EBITDA, are those in Central London 
and transport hub sites. For the first six months of this financial year, those are the 
sites that have suffered most, particularly due to the stay at home message - so the 
natural balance of our estate has come into play. The purchase of the Cotswold Inns & 
Hotels business could not have been more timely and during August and September, five 
of our highest turnover sites (and three of our most profitable) came from this part of 
the business. 
 
When we acquired the Cotswold business just over a year ago, we believed that we could 
add value to an already successful business by building more local trade and increasing 
the revenue from food and beverage sales to those who lived locally or within driving 
distance. The venues were famous for their wedding trade and this was one of the key 
sources of revenue. 
 
The possible outcome of so many weddings being cancelled could have been a problem - 
but a successful, targeted, digital staycation campaign and the widespread growth in 
domestic tourism have resulted in the Cotswold business outperforming its sales from 
the prior year. We will, in future, use the data we have captured and creative and 
innovative marketing to build on this staycation trend. In addition, the restaurants 
have outperformed our expectations and provided a welcome reminder that this delightful 
business is a perfect fit for Fuller's and our customers. 
 
During the period, we continued with committed capex projects and this included opening 
a new pub, The White Horse in Wembley. The pub is located in the shadow of the iconic 
Wembley Arch and in an area that is benefiting from a large mixed-use redevelopment and 
the addition of over 6,000 new homes. The pub looks amazing and opened strongly, with 
local residents giving it the seal of approval. We look forward to the return of the 
large events close by that will generate high earning days for the pub, but even now 
The White Horse has become a firm favourite in Wembley. 
 
Early on in the coronavirus pandemic, we took the decision to use the short-term 
opportunity created by the enforced closure at the start of the financial year to 
complete a number of schemes that were already started or scheduled - in line with our 
long-term strategy. Highlights have included The Trinity at Borough, which we acquired 
in August 2019, The Windmill at Waterloo and The Coach & Horses - the iconic Soho pub 
that is the backdrop for Keith Waterhouse's cult play, Jeffrey Bernard is Unwell. 
Outside of the Capital, we have invested in major schemes at The Grove Lock near 
Leighton Buzzard and The Fox & Pelican in Grayshott, near Hindhead. 
 
We have been investing heavily in our external spaces and pub gardens for some years 
now - and this has reaped rewards over recent months. Much of the work had also 
involved adding gazebos, awnings and covered areas and we have continued to build on 
this activity to ensure the outside area of our pubs and hotels provides desirable and 
comfortable additional trading space throughout the colder months too. The success and 
scale of our outside areas was particularly visible during September when we hosted our 
ever-popular Shakespeare in the Garden, with The Tempest being profitably delivered to 
a socially distanced audience in 15 venues across our Managed and Tenanted estate. 
 
The property team also used the first part of the financial year to good effect by 
undertaking a number of smaller, decorative schemes across the Bel & The Dragon and 
Cotswold Inns & Hotels sites, again using the period of temporary closure well. This 
helped to ensure we realised the benefit of the rise in staycations. One of these 
schemes has seen a complete reimagining of the restaurant at The Bear of Rodborough in 
Stroud - creating a stunning and imposing dining space with breathtaking views, which 
is already proving popular with hotel residents and local diners alike. 
 
Tenanted Inns 
 
During lockdown, our Tenants have consistently shown innovation and commitment to their 
local communities, providing meals for the homeless and opening as local stores. I am 
consistently delighted by their entrepreneurial nature and creativity, and it was great 
to see them reopening so quickly and strongly. 
 
Our like for like profits in this part of the business are down 19% for the period. 
Fuller's led the way in the industry with the suspension of all commercial rent during 
both the initial lockdown and the current closure. This has been widely welcomed by our 
Tenants and given them the breathing space they need to ensure their businesses 
survive, flourish and were in a position to reopen strongly when the time came. 
 
Suspending all commercial rent was a bold move - but there have been knock-on benefits 
for the Company too. Combined with the grants available to small businesses, our 
Tenants exited the first lockdown in a position of strength and without the shadow of 
debt to hold them back. We reintroduced rent on a tapered basis in August and this had 
been slowly increasing until the start of the current lockdown, when we once again took 
the decision to suspend it. 
 
FINANCIAL POSITION 
 
Group revenue and other income fell by 72.7% to GBP45.6 million (H1 2020: GBP167.1 
million). Adjusted loss[1] was GBP22.2 million (H1 2020: profit GBP17.9 million) showing 
the severe impact the coronavirus pandemic and the resulting government regulations 
have had on the Group. The results for the period reflect 14 weeks of zero trade where 
the Group incurred an operating loss of GBP16.3 million[2], a period of transition which 
saw a phased reopening of the estate from 4 July 2020 (loss of GBP3.6 million2) and the 
final two months where the majority of the estate was open albeit trading with severe 
restrictions (profit of GBP2.0 million2). The final two months show that the Group was 
able to rapidly return to profitability once the estate had reopened despite the 
ongoing restrictions and reduced capacity in the pubs. 
 
The sales performance across the Group during the two months of trading reflected the 
balanced nature of our estate with rural pubs outperforming the prior year with like 
for like sales of 103% while pubs located in the City naturally saw like for like sales 
fall to just 45% in comparison with the prior year as people continued to work from 
home. Cotswold Inns & Hotels, which was acquired in October 2019, outperformed prior 
year for the two months and included five of our highest turnover sites despite the 
restrictions on weddings. 
 
On 7 June 2020, the Group sold The Stable to Three Joes for an enterprise value of GBP0.5 
million, which resulted in a loss on disposal of GBP0.5 million. As The Stable was sold 
during the period the results have been reported within discontinued operations. The 
amounts shown as discontinued operations within the financial statements are an 
operating loss of GBP0.5 million as well as the loss on disposal. As part of the 
transaction, Fuller's retained ownership of the five freehold properties associated 
with The Stable business. 
 
The Group generated cash from continuing operating activities of GBP5.7 million in the 
period (H1 2020: GBP20.5 million). The significant decrease is a direct result of being 
closed for three months within the period and trading under restrictions for the 
remaining months due to the government regulations in place. As expected, the working 
capital outflow the Group experienced during lockdown started to recover on reopening. 
 
During the period, GBP33 million of our bank facilities expired. At 26 September 2020, 
the Group had GBP192 million of facilities until August 2021. In May 2020, the Group 
issued GBP100 million of commercial paper through the Bank of England Covid Corporate 
Financing Facility ("CCFF") taking our total facilities to GBP292 million. The CCFF 
provides short-term unsecured debt and is repayable in May 2021. Our undrawn facilities 
at 26 September 2020 were GBP113.0 million, with a further GBP18.0 million of cash held on 
the Balance Sheet. 
 
Separately disclosed items before tax from continuing operations was a charge of GBP0.8 
million (H1 2020: GBP3.7 million), which principally consists of GBP0.8 million 
reorganisation costs of which GBP0.6 million related to the corporate restructure of the 
business where the trade and assets of Bel & The Dragon and Cotswold Inns & Hotels were 
hived up into the Company. Restructuring costs also included GBP0.2 million of redundancy 
costs. Other costs included in separately disclosed items are acquisition costs of GBP0.1 
million and GBP0.1 million of payroll costs for the initial scoping of the new finance 
system. 
 
Tax has been provided for at an effective rate before separately disclosed items of 
17.1% (H1 2020: 19.6%). Deferred tax liabilities have decreased from GBP17.1 million at 
28 March 2020 to GBP13.7 million due to the recognition of a deferred tax asset for 
losses incurred in the period. A full analysis of the tax charge is set out in note 5. 
 
The net impact of these items results in basic earnings per share on continuing 
operations decreasing by 261% to -34.60p (H1 2020: 21.45p), with adjusted earnings per 
share[3] on continuing operations down 227% at -33.33p (H1 2020: 26.17p). 
 
The deficit on the defined benefit pension scheme has increased by GBP6.1 million from 
the year end to GBP10.8 million (28 March 2020: GBP4.7 million, 28 September 2019: GBP34.4 
million). The increase was due to the fall in discount rate and is only marginally 
offset by the improvement in asset returns. 
 
CURRENT TRADING AND PROSPECTS 
 
While our pubs are temporarily closed again, the imminent roll out of a vaccine is 
excellent news for the future. The tightening of the tier system will present further 
challenges over the winter months, but we welcome the Prime Minister's comments that we 
will see the need for restrictions fall away in the spring. Without doubt, a return to 
normality is in sight. 
 
When the current lockdown was announced, we acted swiftly to implement the lessons 
learned last time round and this latest closure has been made with minimal stock 
losses. We also immediately placed 98% of our team members - across our pubs, hotels 
and in our support functions - on furlough or flexi-furlough, thereby minimising our 
cash burn. The extension of the Coronavirus Job Retention Scheme until March 2021 
provides a degree of breathing space and will allow us to apply a sensible and measured 
approach to costs as we reopen our estate, particularly at the most affected sites in 
our city centres. 
 
We entered this crisis in a position of strength, buoyed by the sale of the Fuller's 
Beer Business. We have used the time and space created by the pandemic wisely - 
completing targeted investments in our estate, rightsizing our teams and utilising the 
support available to manage our cash reserves where possible. It has not been easy, but 
prudent financial management, an estate that is 92% freehold, and a strong Balance 
Sheet mean that we will be in the best possible position to get back on a growth 
trajectory. 
 
We know our customers want to come back, we know they trust us to look after them and 
provide a safe and sensible environment to enjoy a great Fuller's experience and, over 
and above this, we have a dedicated and passionate team of people with the ability and 
desire to delight, surprise and welcome back those customers. 
 
We are optimistic about the future in the medium term and beyond, but there is no doubt 
that this will be a tough winter and a very different looking Christmas. We will start 
to reopen our estate in a measured way, navigating the tier system and the restrictions 
that come with it. However, it is important that we see beyond these obstacles and look 
at the bigger picture. The excellent news of successful vaccines gives us confidence 
where previously there was uncertainty, and with the sensible decisions we have taken 
during the pandemic, Fuller's is well-placed for future success. 
 
This business is armed with a well-invested and well-balanced, freehold estate, 
excellent people, robust financial foundations, a clear and consistent strategy, and 
the drive and desire to lead the way out of this crisis. The long-term future for 
Fuller's looks positive. 
 
Simon Emeny 
 
Chief Executive 
 
25 November 2020 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Financial Highlights 
******************** 
 
For the 26 weeks ended 26 September 2020 
 
                             Unaudited         Unaudited Audited 
                        26 weeks ended    26 weeks ended      52 
                          26 September      28 September   weeks 
                                                           ended 
                                                              28 
                                                           March 
                                  2020              2019    2020 
                                    GBPm                GBPm      GBPm 
Revenue and other                 45.6             167.1   319.7 
income 
EBITDA1                          (3.7)              34.9    53.9 
Adjusted                        (22.2)              17.9    19.4 
(loss)/profit before 
tax2 
Statutory                       (23.0)              14.2     8.4 
(loss)/profit before 
tax 
                                (24.0)             176.2   166.2 
 
Group statutory 
(loss)/profit before 
tax 
Basic earnings per            (34.60p)            21.45p   7.62p 
share3 
Dividend per share3                  -             7.80p 132.80p 
Net debt excluding               187.4              23.0   178.9 
lease liabilities4 
 
All figures above are from continuing operations except where stated. 
 
1) Pre-separately disclosed earnings before interest, tax, depreciation, loss on 
disposal of plant and equipment and amortisation. 
 
2) Adjusted (loss)/profit before tax is the (loss)/profit before tax excluding 
separately disclosed items. 
 
3) Calculated on a 40p ordinary share for continuing operations. 
 
4) Net debt comprises cash and short term deposits, bank overdraft, bank loans, CCFF, 
debenture stock and preference shares. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Income Statement 
******************************** 
 
For the 26 weeks ended 26 September 2020 
 
Continuing         Note     Unaudited     Unaudited      Audited 
operations 
 
                             26 weeks      26 weeks     52 weeks 
                             ended 26      ended 28     ended 28 
                            September     September   March 2020 
                                 2020          2019 
 
                                                              GBPm 
                                   GBPm            GBPm 
Revenue               2          45.4         165.1        316.0 
Operating costs                (63.5)       (145.7)      (292.7) 
before separately 
disclosed items 
Other income          2           0.2           2.0          3.7 
Adjusted operating    2        (17.9)          21.4         27.0 
(loss)/profit 
Operating             3         (1.0)         (3.0)       (20.1) 
separately 
disclosed items 
Operating                      (18.9)          18.4          6.9 
(loss)/profit 
Finance costs         4         (4.3)         (3.5)        (7.6) 
before separately 
disclosed items 
Financing           3,4           0.2         (0.3)        (0.5) 
separately 
disclosed items 
(Loss)/profit on      3             -         (0.4)          9.6 
disposal of 
properties 
(Loss)/profit                  (23.0)          14.2          8.4 
before tax 
Adjusted                       (22.2)          17.9         19.4 
(loss)/profit 
before tax 
Total separately      3         (0.8)         (3.7)       (11.0) 
disclosed items 
(Loss)/profit                  (23.0)          14.2          8.4 
before tax 
Income tax expense    5           3.9         (2.4)        (4.2) 
Analysed as: 
Underlying trading                3.8         (3.5)        (6.2) 
Separately            3           0.1           1.1          2.0 
disclosed items 
(Loss)/profit for              (19.1)          11.8          4.2 
the year from 
continuing 
operations 
Net (loss)/profit    11         (1.2)         161.9        157.7 
after tax from 
discontinued 
operations 
(Loss)/profit for              (20.3)         173.7        161.9 
the year 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Income Statement (continued) 
******************************************** 
 
For the 26 weeks ended 26 September 2020 
 
Group                Note    Unaudited     Unaudited    Audited 
 
                              26 weeks      26 weeks   52 weeks 
                              ended 26      ended 28   ended 28 
                             September     September      March 
                                  2020          2019 
 
                                                           2020 
                                 Pence         Pence 
 
                                                          Pence 
(Loss)/earnings per 
share per 40p 'A' 
and 'C' ordinary 
share 
Basic                6,11      (36.77)        315.73     293.70 
Diluted              6,11      (36.58)        311.87     293.02 
(Loss)/earnings per 
share per 4p 'B' 
ordinary share 
Basic                6,11       (3.68)         31.57      29.37 
Diluted              6,11       (3.66)         31.19      29.30 
 
Continuing 
operations 
(Loss)/earnings per 
share per 40p 'A' 
and 'C' ordinary 
share 
Basic                   6      (34.60)         21.45       7.62 
Diluted                 6      (34.42)         21.19       7.60 
(Loss)/earnings per 
share per 4p 'B' 
ordinary share 
Basic                   6       (3.46)          2.14       0.76 
Diluted                 6       (3.44)          2.12       0.76 
 
Fuller, Smith & Turner P.L.C. 
****************************** 
 
Condensed Group Statement of Comprehensive Income 
************************************************* 
 
For the 26 weeks ended 26 September 2020 
 
                            Unaudited     Unaudited 
 
                             26 weeks      26 weeks 
                             ended 26      ended 28 
                            September     September 
                                 2020          2019 
                                                         Audited 
 
                                   GBPm            GBPm 
                                                        52 weeks 
                                                        ended 28 
                                                           March 
 
                                                            2020 
 
                                                              GBPm 
                   Note 
(Loss)/profit for              (20.3)         173.7        161.9 
the period 
Items that may be 
reclassified to 
profit or loss 
Net gains/(losses)                                           0.2 
on valuation of 
financial assets 
and liabilities 
                                  0.2         (0.1) 
Tax related to        5 
items that may be 
reclassified to 
profit or loss 
                                    -             -        (0.1) 
Items that will 
not be 
reclassified to 
profit or loss 
Net actuarial        10 
(losses)/gains on 
pension schemes 
 
                                (7.1)           1.3          5.9 
Tax related to        5 
items that will 
not be 
reclassified to 
profit or loss                    1.3         (0.2)        (1.1) 
Other 
comprehensive 
(loss)/income for 
the period, net of 
tax                             (5.6)           1.0          4.9 
Total 
comprehensive 
(loss)/income for 
the period, net of 
tax                            (25.9)         174.7        166.8 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Balance Sheet 
***************************** 
 
26 September 2020 
 
                  Note      Unaudited      Unaudited 
 
                                At 26          At 28 
                       September 2020 September 2019 
 
                                                         Audited 
                                   GBPm             GBPm 
 
                                                     At 28 March 
 
                                                            2020 
 
                                                              GBPm 
Non-current 
assets 
Intangible assets                28.1           37.9        28.3 
Property, plant      8          607.5          559.7       617.7 
and equipment 
Investment                        3.9            4.6         4.8 
properties 
Other non-current                 0.1            0.1         0.1 
assets 
Right-of-use                     88.9           86.7       107.0 
assets 
Total non-current               728.5          689.0       757.9 
assets 
Current assets 
Inventories                       3.1            5.2         4.0 
Trade and other                  11.5           14.0        12.6 
receivables 
Cash and cash        9           18.0           44.2        20.3 
equivalents 
Assets classified                 8.3              -         2.6 
as held for sale 
Current tax                       3.8            2.4         6.2 
receivable 
Total current                    44.7           65.8        45.7 
assets 
Current 
liabilities 
Trade and other                (43.2)         (37.4)      (37.7) 
payables 
Borrowings           9        (177.9)              -     (171.7) 
Financial            9          (8.0)          (8.4)       (8.9) 
liabilities - 
lease liabilities 
Provisions                      (4.1)          (0.2)       (4.1) 
Total current                 (233.2)         (46.0)     (222.4) 
liabilities 
Non-current 
liabilities 
Borrowings           9         (27.5)         (67.2)      (27.5) 
Financial            9         (86.1)         (87.4)     (104.0) 
liabilities - 
lease liabilities 
Other financial                 (0.8)          (1.4)       (1.1) 
liabilities 
Retirement          10         (10.8)         (34.4)       (4.7) 
benefit 
obligations 
Deferred tax                   (13.7)         (10.0)      (17.1) 
liabilities 
Total non-current             (138.9)        (200.4)     (154.4) 
liabilities 
Net assets                      401.1          508.4       426.8 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Balance Sheet (continued) 
***************************************** 
 
26 September 2020 
 
                Note       Unaudited       Unaudited 
 
                     At 26 September At 28 September 
                                2020            2019 
 
                                                         Audited 
                                  GBPm              GBPm 
 
                                                     At 28 March 
 
                                                            2020 
 
                                                              GBPm 
Capital and 
reserves 
Share capital                   22.8            22.8        22.8 
Share premium                    4.2             4.8         4.2 
account 
Capital                          3.7             3.1         3.7 
redemption 
reserve 
Own shares                    (17.0)          (17.2)      (17.1) 
Hedging reserve                (0.7)           (1.1)       (0.9) 
Retained                       388.1           496.0       414.1 
earnings 
Total equity                   401.1           508.4       426.8 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Statement of Changes in Equity 
********************************************** 
 
For the 26 weeks ended 26 September 2020 
 
Unaudited -   Share   Share             Capital    Own Hedging Retained  Total 
26 weeks    capital premium          redemption shares reserve earnings     GBPm 
ended 26         GBPm account             reserve     GBPm      GBPm       GBPm 
September                GBPm                  GBPm 
2020 
 
                            Deferred 
                              shares 
                                  GBPm 
At 28 March    22.8     4.2        -        3.7 (17.1)   (0.9)    414.1  426.8 
2020 
Loss for          -       -        -          -      -       -   (20.3) (20.3) 
the period 
Other             -       -        -          -      -     0.2    (5.8)  (5.6) 
comprehensi 
ve 
income/(los 
s)for the 
period 
Total             -       -        -          -      -     0.2   (26.1) (25.9) 
comprehensi 
ve 
income/(los 
s) for the 
period 
Shares            -       -        -          -      -       -        -      - 
purchased 
to be held 
in ESOT or 
as treasury 
Shares            -       -        -          -    0.1       -    (0.1)      - 
released 
from ESOT 
and 
treasury 
Dividends         -       -        -          -      -       -        -      - 
(note 7) 
Share-based       -       -        -          -      -       -      0.1    0.1 
payment 
charges 
Tax charged       -       -        -          -      -       -      0.1    0.1 
directly to 
equity 
(note 5) 
At 26          22.8     4.2        -        3.7 (17.0)   (0.7)    388.1  401.1 
September 
2020 
Unaudited - 
26 weeks 
ended 28 
September 
2019 
At 30 March    22.8     4.8        -        3.1 (19.8)   (0.8)    328.4  338.5 
2019 
Profit for        -       -        -          -      -       -    173.7  173.7 
the period 
Other             -       -        -          -      -   (0.1)      1.1    1.0 
comprehensi 
ve 
(loss)/inco 
me for the 
period 
Total             -       -        -          -      -   (0.1)    174.8  174.7 
comprehensi 
ve 
(loss)/inco 
me for the 
period 
Shares            -       -        -          -  (0.1)       -        -  (0.1) 
purchased 
to be held 
in ESOT or 
as treasury 
Shares            -       -        -          -    2.7       -    (0.9)    1.8 
released 
from ESOT 
and 
treasury 
Dividends         -       -        -          -      -       -    (6.8)  (6.8) 
(note 7) 
Share-based       -       -        -          -      -       -      0.4    0.4 
payment 
charges 
Transfer to       -       -        -          -      -   (0.2)      0.2      - 
retained 
earnings 
Tax               -       -        -          -      -       -    (0.1)  (0.1) 
credited 
directly to 
equity 
(note 5) 
At 28          22.8     4.8        -        3.1 (17.2)   (1.1)    496.0  508.4 
September 
2019 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Statement of Changes in Equity (continued) 
********************************************************** 
 
For the 26 weeks ended 26 September 2020 
 
                   Share   Share             Capital    Own Hedging Retained  Total 
                 capital premium          redemption shares reserve earnings     GBPm 
                      GBPm account             reserve     GBPm      GBPm       GBPm 
                              GBPm                  GBPm 
 
                                 Deferred 
                                    Share 
                                       GBPm 
 
Audited - 52 
weeks ended 28 
March 2020 
At 30 March 2019    22.8     4.8        -        3.1 (19.8)   (0.8)    328.4  338.5 
Profit for the         -       -        -          -      -       -    161.9  161.9 
year 
Other                  -       -        -          -      -     0.1      4.8    4.9 
comprehensive 
income for the 
year 
Total                  -       -        -          -      -     0.1    166.7  166.8 
comprehensive 
income for the 
year 
Issue of share       0.6   (0.6)        -          -      -       -        -      - 
capital 
Reclassification   (0.6)       -      0.6          -      -       -        -      - 
of deferred 
shares 
Cancellation of        -       -    (0.6)        0.6      -       -        -      - 
deferred shares 
Shares purchased       -       -        -          -  (0.5)       -        -  (0.5) 
to be held in 
ESOT or as 
treasury 
Shares released        -       -        -          -    3.2       -    (1.1)    2.1 
from ESOT and 
treasury 
Dividends (note        -       -        -          -      -       -   (80.5) (80.5) 
7) 
Share-based            -       -        -          -      -       -      0.5    0.5 
payment charges 
Transfer to            -       -        -          -      -   (0.2)      0.2      - 
retained 
earnings 
Tax debited            -       -        -          -      -       -    (0.1)  (0.1) 
directly to 
equity 
Total                  -       -        -          -    2.7   (0.2)   (81.0) (78.5) 
transactions 
with owners 
At 28 March 2020    22.8     4.2        -        3.7 (17.1)   (0.9)    414.1  426.8 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Cash Flow Statement 
*********************************** 
 
For the 26 weeks ended 26 September 20120 
 
                   Note     Unaudited     Unaudited 
 
                             26 weeks      26 weeks 
                             ended 26      ended 28 
                            September     September 
                                 2020          2019 
                                                         Audited 
 
                                   GBPm            GBPm 
                                                        52 weeks 
                                                        ended 28 
                                                           March 
 
                                                            2020 
 
                                                              GBPm 
(Loss)/profit                  (23.0)          14.2          8.4 
before tax for 
continuing 
operations 
Net finance costs     4           4.3           3.5          7.6 
before separately 
disclosed items 
Separately            3           0.8           3.7         11.0 
disclosed items 
Depreciation and      2          14.2          13.5         26.9 
amortisation 
                                (3.7)          34.9         53.9 
Difference between              (1.1)         (0.7)        (2.3) 
pension charge and 
cash paid 
Share-based                       0.1           0.5          0.5 
payment charges 
Contribution to                     -             -       (24.0) 
pension fund 
Change in trade                   0.7         (2.1)        (1.1) 
and other 
receivables 
Change in                         0.6         (0.3)          1.1 
inventories 
Change in trade                   6.3         (2.3)        (1.5) 
and other payables 
Cash impact of        3         (0.8)         (2.2)        (5.0) 
operating 
separately 
disclosed items 
Cash generated                    2.1          27.8         21.6 
from operations 
Tax                               3.6         (7.3)       (10.1) 
received/(paid) 
Cash generated                    5.7          20.5         11.5 
from operating 
activities - 
continuing 
operations 
Cash                 11         (0.5)           1.5          1.5 
(absorbed)/generat 
ed from operating 
activities - 
discontinued 
operations 
Cash generated                    5.2          22.0         13.0 
from operating 
activities 
Cash flow from 
investing 
activities 
Business                            -         (3.7)       (32.8) 
combinations 
Purchase of                     (7.3)        (13.4)       (46.7) 
property, plant 
and equipment and 
intangible assets 
Sale of property,                   -             -         11.4 
plant and 
equipment 
Cash absorbed by                (7.3)        (17.1)       (68.1) 
investing 
activities - 
continuing 
operations 
Cash generated       11           0.3         230.6        224.5 
investing 
activities - 
discontinued 
operations 
Net cash                        (7.0)         213.5        156.4 
(outflow)/inflow 
from investing 
activities 
Cash flow from 
financing 
activities 
Purchase of own                     -         (0.1)        (0.5) 
shares 
Receipts on                         -           1.8          2.3 
release of own 
shares to option 
schemes 
Interest paid                   (2.4)         (2.7)        (4.7) 
Preference                      (0.1)         (0.1)        (0.1) 
dividends paid 
Equity dividends      7             -         (6.8)       (80.5) 
paid 
Issue of                         99.4             -            - 
commercial paper 
Repayment of bank              (93.0)       (188.9)       (65.4) 
loans 
Principal elements              (4.3)         (5.1)       (10.3) 
of lease payments 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Condensed Group Cash Flow Statement (continued) 
*********************************************** 
 
For the 26 weeks ended 26 September 2020 
**************************************** 
 
            Note       Unaudited        Unaudited 
 
                  26 weeks ended   26 weeks ended 
                    26 September     28 September 
                            2020             2019 
 
                                                        Audited 
 
                              GBPm               GBPm 
 
                                                       52 weeks 
                                                       ended 28 
                                                     March 2020 
 
                                                             GBPm 
Cash                       (0.4)          (201.9)       (159.2) 
absorbed by 
financing 
activities 
continued 
Cash                       (0.1)            (0.4)         (0.9) 
absorbed by 
financing 
activities 
discontinue 
d 
Net cash                   (0.5)          (202.3)       (160.1) 
(outflow) 
from 
financing 
activities 
Net            9           (2.3)             33.2           9.3 
movement in 
cash and 
cash 
equivalents 
Cash and                    20.3             11.0          11.0 
cash 
equivalents 
at the 
start of 
the period 
Cash and       9            18.0             44.2          20.3 
cash 
equivalents 
at the end 
of the 
period 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
1. Half Year Report 
 
Basis of Preparation 
 
The half year financial statements for the 26 weeks ended 26 September 2020 have been 
prepared in accordance with the Disclosure and Transparency Rules ("DTRs") of the 
Financial Conduct Authority and with International Accounting Standard ("IAS") 34, 
Interim Financial Reporting, as adopted by the European Union and should be read in 
conjunction with the Annual Report and Financial Statements for the 52 weeks ended 28 
March 2020, which have been prepared in accordance with International Financial 
Reporting Standards ("IFRS") as adopted by the European Union. 
 
The half year financial statements do not constitute full accounts as defined by 
Section 434 of the Companies Act 2006. The figures for the 52 weeks ended 28 March 2020 
are derived from the published statutory accounts. Full accounts for the 52 weeks ended 
28 March 2020, including an unqualified auditor's report which did not make any 
statement under Section 498 of the Companies Act 2006, have been delivered to the 
Registrar of Companies. 
 
The Board has adopted the going concern basis in preparing these accounts after 
assessing the Group's principal risks including the risks arising from the coronavirus 
pandemic. The Board is confident that the Group has sufficient liquidity and the 
ability to access resources when the Group needs to refinance to withstand another 
prolonged period of closure as a result of the coronavirus pandemic. 
 
The outbreak of coronavirus, and its continuing impact on the economy, casts 
uncertainty as to the future financial performance and cash flows of the Group. When 
assessing the ability of the Group to continue as a going concern, the Board has 
considered the Group's financing arrangements, the pattern of trading since reopening 
on 4 July 2020, the second lockdown on 5 November and future trading risks, including a 
protracted lockdown or the possibility that when the pubs reopen there will be tight 
restrictions akin to those of Tier 3. 
 
 At 26 September 2020, the Group had existing facilities of GBP192 million, all of which 
expiring in August 2021. The Group has also accessed the Bank of England Covid 
 Corporate Financing Facility ("CCFF") programme which have already issued GBP100 million 
of commercial paper. The CCFF provides short-term unsecured debt and is repayable in 
May 2021. 
 
The bank facilities are subject to two main covenants, which are tested quarterly: net 
debt to EBITDA (leverage) and EBITDA to net finance charges. In recognition of the 
current macroeconomic uncertainty, the Group's banks have revised the covenant tests to 
a liquidity test for the quarters ending March, June, September and December 2020. 
 
In undertaking a going concern review, the Board has considered two main scenarios 
prepared by management: 
 
· Management have prepared the Group's base case forecast, which is based on current 
trading trends and takes into account the Government's recent decision to have 
another national lockdown and to extend the furlough scheme until end of March 2021. 
It also assumes steady improvement in trading, with pre-coronavirus sales level not 
returning until FY23. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
1. Half Year Report (continued) 
 
In the base case forecast, the Group would need to refinance all its facilities when 
they expire in August 2021 to the same level of facilities the Group currently has 
(excluding the CCFF). Under this scenario the Group would also need to seek waivers 
from its lending banks until the end of the period of assessment for going concern. 
 
· Management have also prepared a stress case, which reflects a severe but plausible 
scenario and assumes the national lockdown lasts for three months, with no additional 
government support over that already announced and with the extension of the furlough 
scheme until the end of March 2021. Again, it assumes steady improvement in trading, 
with pre-coronavirus sales level not returning until FY23. 
 
In this scenario, again it shows that in August 2021 the Group would need to refinance 
its loans to a similar level of debt the Group currently has (excluding the CCFF). 
Under this scenario the Group would also need to seek waivers from its lending banks 
until the end of the period of assessment for going concern. 
 
The Board has concluded that in both scenarios, the Group has sufficient debt 
facilities to finance operations for at least the next 12 months, subject to the 
ability to refinance in August 2021 to a similar level of the facilities it currently 
has and the revision of the covenants attached to those facilities beyond December 
2020. 
 
The Board is confident in securing both the revision of the covenant beyond December 
2020 and obtaining facilities beyond August 2021 but given that these are not in place 
at the date of approving these financial statements a material uncertainty exists that 
may cast significant doubt on the Group's ability to continue as a going concern. 
Accepting the two material uncertainties that may cast significant doubt about the 
Group's ability to continue as a going concern, the Board has a reasonable expectation 
that the Company has adequate resources to continue in operational existence for the 
foreseeable future. For these reasons, it continues to adopt the going concern basis in 
preparing the half year financial statements. 
 
The half year financial statements were approved by the Directors on 25 November 2020. 
 
New accounting standards 
 
The accounting policies adopted in the preparation of the half year financial 
statements are consistent with those followed in the preparation of the Group's annual 
consolidated financial statements for the year ended 28 March 2020. The Group has not 
early adopted any standard, interpretation or amendment that has been issued but is not 
yet effective. 
 
Other amendments to accounting standards applied from 28 March 2020 were as follows: 
 
* Definition of Material - amendments to IAS 1 and IAS 8 
 
* Definition of a Business - amendments to IFRS 3 
 
* Revised Conceptual Framework for Financial Reporting 
 
* Interest Rate Benchmark Reform - amendments to IFRS 9, IAS 39 and IFRS 7 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
1. Half Year Report (continued) 
 
The application of these did not have a material impact on the Group's accounting 
treatment and has therefore not resulted in any material changes. 
 
Taxation 
 
Taxes on income in the interim periods are accrued using the tax rate that is expected 
to be applicable to total annual earnings for the full year in each tax jurisdiction 
based on substantively enacted or enacted tax rates at the interim date. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
2. Segmental Analysis 
 
Unaudited -  Managed Tenanted Unallocated1         Total 
26 weeks        Pubs                          continuing 
ended                                         operations 
26 September 
2020                     Inns           GBPm 
                 and 
              Hotels                                  GBPm 
 
                           GBPm 
 
                  GBPm 
Revenue and     39.4      6.0          0.2          45.6 
other income 
Segment       (10.6)      1.3        (8.6)        (17.9) 
result 
Operating                                          (1.0) 
separately 
disclosed 
items 
Operating                                         (18.9) 
loss 
Profit on                                              - 
disposal of 
properties 
Net finance                                        (4.1) 
costs 
Loss before                                       (23.0) 
tax 
Other 
segment 
information 
Additions:       6.5      0.3          0.5           7.3 
property, 
plant and 
equipment 
Business           -        -            -             - 
combinations 
Depreciation    12.6      0.9          0.7          14.2 
and 
amortisation 
Impairment         -        -            -             - 
of property 
and 
right-of-use 
assets 
 
Unaudited -  Managed Tenanted        Unallocated1         Total 
26 weeks        Pubs                                 continuing 
ended                                                operations 
28 September 
2019                     Inns                  GBPm 
                 and 
              Hotels                                         GBPm 
 
                           GBPm 
 
                  GBPm 
Revenue and    149.1     16.0                 2.0         167.1 
other income 
Segment         23.2      6.6               (8.4)          21.4 
result 
Operating                                                 (3.0) 
separately 
disclosed 
items 
Operating                                                  18.4 
profit 
Loss on                                                   (0.4) 
disposal of 
properties 
Net finance                                               (3.8) 
costs 
Profit                                                     14.2 
before tax 
Other 
segment 
information 
Additions:      11.8      0.7                 0.2          12.7 
property, 
plant and 
equipment 
Business           -      3.7                   -           3.7 
combinations 
Depreciation    12.3      1.0                 0.2          13.5 
and 
amortisation 
Impairment       0.9        -                   -           0.9 
of property 
and 
right-of-use 
assets 
 
1 Unallocated expenses represent primarily the salary and costs of central management. 
Unallocated revenue represents Transitional Services Agreement income. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
2. Segmental Analysis (continued) 
 
Audited - 52      Managed Pubs Tenanted Unallocated1       Total 
weeks ended                                           continuing 
28 March 2020                                         operations 
 
                    and Hotels     Inns           GBPm 
 
                                                              GBPm 
 
                            GBPm       GBPm 
Revenue and other        286.3     29.7          3.7       319.7 
income 
Segment result            30.6     11.8       (15.4)        27.0 
Operating                                                 (20.1) 
separately 
disclosed items 
Operating profit                                             6.9 
Profit on                                                    9.6 
disposal of 
properties 
Net finance costs                                          (8.1) 
Profit before tax                                            8.4 
Other segment 
information 
Additions:                23.6      3.6         23.6        50.8 
property, plant 
and equipment 
Business                  32.8        -            -        32.8 
combinations 
Depreciation and          24.8      2.0          0.1        26.9 
amortisation 
Impairment of             14.4      0.7            -        15.1 
property, 
right-of-use 
assets and 
goodwill 
 
1 Unallocated expenses represent primarily the salary and costs of central management. 
Unallocated revenue represents Transitional Services Agreement income. 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
3. Separately Disclosed Items 
 
Continuing                Unaudited      Unaudited 
operations 
 
                     26 weeks ended 26 weeks ended       Audited 
                       26 September   28 September 
                               2020           2019 
 
                                                        52 weeks 
                                                        ended 28 
                                 GBPm             GBPm         March 
 
                                                            2020 
 
                                                              GBPm 
Amounts included in 
operating 
(loss)/profit: 
Acquisition costs             (0.1)          (0.2)         (1.4) 
Reorganisation costs          (0.8)          (0.5)         (2.1) 
Impairment of                     -          (0.9)        (15.1) 
properties, 
right-of-use assets 
and intangible 
assets 
IT maintenance,                   -          (1.4)         (1.5) 
support and 
rectification costs 
Replacement of                (0.1)              -             - 
central finance 
system 
Total separately              (1.0)          (3.0)        (20.1) 
disclosed items 
included in 
operating 
(loss)/profit 
(Loss)/profit on                  -          (0.4)           9.6 
disposal of 
properties 
Separately disclosed 
finance costs: 
Finance charge on                 -          (0.4)         (0.6) 
net pension 
liabilities (note 
10) 
Finance credit on               0.2            0.1           0.1 
the 
expiry/cancellation 
of interest rate 
swaps 
Total separately                0.2          (0.3)         (0.5) 
disclosed finance 
costs 
Total separately              (0.8)          (3.7)        (11.0) 
disclosed items 
before tax 
Separately disclosed 
tax: 
Profit on disposal                -              -         (1.9) 
of properties 
Other items                     0.1            1.1           3.9 
Total separately                0.1            1.1      2.0 
disclosed tax 
Total separately              (0.7)          (2.6)         (9.0) 
disclosed items 
 
 Acquisition costs of GBP0.1 million during the 26 weeks ended 26 September 2020 (28 
September 2019: GBP0.2 million, 28 March 2020: GBP1.4 million) relates to transaction costs 
on property acquisitions. 
 
 The reorganisation costs of GBP0.8 million during the 26 weeks ended 26 September 2020 
were incurred as a result of the corporate restructure, where the trade and assets of 
the Bel & The Dragon and Cotswolds Inns & Hotels were hived up into the Company, Also, 
this includes redundancy costs as a result of the restructuring because of coronavirus 
  pandemic (28 September 2019: GBP0.5million, 28 March 2020: GBP2.1 million). 
 
Replacement of central finance system costs of GBP0.1 million were incurred in the period 
for project costs for the initial scoping to implement a new finance system. 
 
The cash impact of operating separately disclosed items before tax for the 26 weeks 
 ended 26 September 2020 was GBP0.8 million cash outflow (28 September 2019: GBP2.2 million 
 cash outflow, 28 March 2020: GBP5.0 million cash outflow). 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
4. Finance Costs 
 
                       Unaudited        Unaudited 
 
                  26 weeks ended   26 weeks ended 
                    26 September     28 September 
                            2020             2019 
 
                                                        Audited 
 
                              GBPm               GBPm 
 
                                                       52 weeks 
                                                       ended 28 
                                                          March 
 
                                                           2020 
 
                                                             GBPm 
Finance income 
Interest income                -                -           0.2 
from financial 
assets 
Finance costs 
Interest expense 
arising on: 
Financial                  (2.7)            (2.3)         (5.3) 
liabilities at 
amortised cost - 
loans and 
debentures 
Financial                  (0.1)            (0.1)         (0.1) 
liabilities at 
amortised cost - 
preference 
shares 
Financial                  (1.5)            (1.1)         (2.4) 
liabilities at 
amortised cost - 
lease 
liabilities 
Total interest             (4.3)            (3.5)         (7.8) 
expense for 
financial 
liabilities 
Total finance              (4.3)            (3.5)         (7.6) 
costs before 
separately 
disclosed items 
Finance charge                 -            (0.4)         (0.6) 
on net pension 
liabilities 
(note 10) 
Finance credit               0.2              0.1           0.1 
on the 
expiry/cancellat 
ion of interest 
rate swaps 
Total finance              (4.1)            (3.8)         (8.1) 
costs 
 
During the period, the Group accessed Covid Corporate Financing Facility ('CCFF') 
whereby commercial paper was issued to the Bank of England at a favourable rate and 
therefore deemed to constitute a government grant. The debt has been recognised within 
current borrowings on the Balance Sheet date at fair value, with the grant element, 
reflecting the favourable rate, recognised as deferred income within trade and other 
payables. Finance costs are net of grant income recognised on the amortisation of the 
deferred income. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 28 September 2019 
 
5. Taxation 
 
Continuing           Unaudited      Unaudited 
operations 
 
                26 weeks ended       26 weeks 
                  26 September       ended 28 
                          2020      September 
                                         2019 
                                                   Audited 
 
                            GBPm 
                                           GBPm 
                                                  52 weeks 
                                                  ended 28 
                                                     March 
 
                                                      2020 
 
                                                        GBPm 
Tax on 
(loss)/profi 
t on 
ordinary 
activities 
Current 
income tax: 
Corporation                  -            2.3          0.8 
tax 
Amounts over                 -              -          0.1 
provided in 
previous 
years 
Total                        -            2.3          0.9 
current 
income tax 
Deferred 
tax: 
Origination              (3.9)            0.1          1.4 
and reversal 
of temporary 
differences 
Change in                    -              -          1.6 
corporation 
tax rate 
Amounts over                 -              -          0.3 
provided in 
previous 
years 
Total                    (3.9)            0.1          3.3 
deferred tax 
Total tax                (3.9)            2.4          4.2 
(credited)/c 
harged in 
the Income 
Statement 
 
Tax relating to items 
charged to the 
Statement of 
Comprehensive Income 
Deferred tax: 
Tax charge on                       -             -         0.1 
valuation gains on 
financial assets and 
liabilities 
Tax (credit)/charge             (1.3)                       1.1 
on actuarial gains on 
pension scheme 
 
                                                0.2 
Tax (credit)/charge             (1.3)           0.2         1.2 
included in the 
Statement of 
Comprehensive Income 
Tax relating to items 
(credited)/charged 
directly to equity 
Deferred tax: 
Increase in deferred                -             -           - 
tax liability due to 
indexation 
Share-based payments            (0.1)           0.1         0.1 
Tax (credit)/charge             (0.1)           0.1         0.1 
included in the 
Statement of Changes 
in Equity 
 
The taxation charge is calculated by applying the Directors' best estimate of the 
annual effective tax rate to the profit for the period. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
6. (Loss)/Earnings Per Share 
 
Continuing               Unaudited       Unaudited 
operations 
 
                    26 weeks ended  26 weeks ended 
                      26 September    28 September 
                              2020            2019 
 
                                                        Audited 
 
                                GBPm              GBPm 
 
                                                       52 weeks 
                                                       ended 28 
                                                          March 
 
                                                           2020 
 
                                                             GBPm 
(Loss)/profit               (19.1)            11.8          4.2 
attributable to 
equity shareholders 
Separately                     0.7             2.6          9.0 
disclosed items net 
of tax 
Adjusted                    (18.4)            14.4         13.2 
(loss)/earnings 
attributable to 
equity shareholders 
 
                                    Number     Number     Number 
Weighted average share capital  55,205,000 55,015,000 55,124,000 
Dilutive outstanding options       287,000    681,000    128,000 
and share awards 
Diluted weighted average share  55,492,000 55,696,000 55,252,000 
capital 
 
40p 'A' and 'C' ordinary share               Pence Pence Pence 
Basic (loss)/earnings per share            (34.60) 21.45  7.62 
Diluted (loss)/earnings per share          (34.42) 21.19  7.60 
Adjusted (loss)/earnings per share         (33.33) 26.17 23.95 
Diluted adjusted (loss)/earnings per share (33.16) 25.85 23.89 
 
4p 'B' ordinary share                       Pence Pence Pence 
Basic (loss)/earnings per share            (3.46)  2.14  0.76 
Diluted (loss)/earnings per share          (3.44)  2.12  0.76 
Adjusted (loss)/earnings per share         (3.33)  2.62  2.39 
Diluted adjusted (loss)/earnings per share (3.32)  2.59  2.39 
 
For the purposes of calculating the number of shares to be used above, 'B' shares have 
been treated as one tenth of an 'A' or 'C' share. The earnings per share calculation is 
based on earnings from continuing operations and on the weighted average ordinary share 
capital which excludes shares held by trusts relating to employee share options and 
shares held in treasury of 1,779,745 
(28 September 2019: 1,969,717, 28 March 2020: 1,860,777). 
 
Diluted earnings per share is calculated using the same earnings figure as for basic 
earnings per share, divided by the weighted average number of ordinary shares 
outstanding during the period plus the weighted average number of ordinary shares that 
would be issued on the conversion of all the dilutive potential ordinary shares into 
ordinary shares. 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
6. (Loss)/Earnings Per Share (continued) 
 
Adjusted earnings per share is calculated on profit before tax excluding separately 
disclosed items and on the same weighted average ordinary share capital as for the 
basic and diluted earnings per share. An adjusted earnings per share measure has been 
included as the Directors consider that this measure better reflects the underlying 
earnings of the Group. 
 
7. Dividends 
 
                   Unaudited         Unaudited           Audited 
 
                    26 weeks          26 weeks          52 weeks 
 
                       ended             ended             ended 
 
                26 September      28 September          28 March 
 
                        2020              2019              2020 
 
                          GBPm                GBPm                GBPm 
Declared 
and paid 
during the 
period 
Second                     -               4.4               4.4 
interim in 
the period 
for 2019 
First                      -               2.4               2.4 
dividend 
paid in 
period for 
2019 
First                      -                 -               4.3 
interim 
paid in 
period for 
2020 
'D' Share                  -                 -              69.4 
single 
dividend 
for 2020 
Equity                     -               6.8              80.5 
dividends 
paid 
Dividends                0.1               0.1               0.1 
on 
cumulative 
preference 
shares 
(note 4) 
 
              Pence             Pence             Pence 
Dividends 
per 40p 
'A' and 
'C' 
ordinary 
share 
declared 
in respect 
of the 
period 
Interim           -              7.80              7.80 
                  -              7.80              7.80 
 
The pence figures above are for the 40p 'A' and 'C' ordinary shares. The 4p 'B' 
ordinary shares carry dividend rights of one tenth of those applicable to the 40p 'A' 
ordinary shares. Own shares held in the employee share ownership trusts do not qualify 
for dividends as the Trustees have waived their rights. Dividends are also not paid on 
own shares held as treasury shares. 
 
As indicated in the circular published on 28 March 2019 relating to the disposal of the 
 Fuller's Beer Business, the Board made an additional cash return of GBP1.25 per 'A' and 
'C' ordinary share and 12.5p per 'B' ordinary share through a 'D' share scheme. Each 
ordinary shareholder as at the record date was issued with ten 'D' shares for every 
existing 'A' and 'C' ordinary share and one 'D' share for every one 'B' ordinary share 
held at the time. Numis (acting as principal, and not as agent, nominee or trustee for 
the Company) made an offer to purchase the 'D' shares for an amount of 12.5p per 'D' 
share (free of all expenses and commissions). The Company accepted the offer on behalf 
of shareholders and paid a single dividend to Numis as holder of all the 'D' shares of 
 GBP69.4 million representing the sum of 12.5p per 'D' share plus the stamp duty payable 
by Numis in connection with the purchase of all the 'D' shares in issue. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
7. Dividends (continued) 
 
Following the approval of all the resolutions presented to the Company's Extraordinary 
General Meeting on 1 October 2019, 552,030,154 'D' shares of 0.1p each were allotted 
and issued to shareholders on 2 October 2019 on the basis of ten 'D' shares for every 
existing 'A' and 'C' ordinary share of 40p each and one 'D' share for every existing 
'B' ordinary share of 4p each held at the record date. Following the purchase by Numis 
of all of the 'D' shares, and payment by the Company of a single dividend to Numis of 
GBP69.4 million as holder of all of the 'D' shares on 7 October 2019, the 'D' shares were 
reclassified as deferred shares of 0.1p and were immediately repurchased and cancelled 
by the Company on 8 October 2019. 
 
No interim dividend has been declared (2019: 7.80p) for the 40p 'A' ordinary shares and 
40p 'C' ordinary shares, and nil (2019: 0.780p) for the 4p 'B' ordinary shares due to 
the impact of the coronavirus pandemic on the business. 
 
8. Property, Plant and Equipment 
 
                                 Unaudited    Unaudited  Audited 
 
                                  26 weeks     26 weeks 52 weeks 
 
                                     ended        ended    ended 
 
                              26 September 28 September 28 March 
 
                                      2020         2019     2020 
 
                                        GBPm           GBPm       GBPm 
Net book value at start of           617.7        552.7    552.7 
period 
Reclassification of prior              0.4            -        - 
year impairment to 
right-of-use asset 
Additions                              7.3         13.0     51.7 
Acquisitions                             -          3.7     44.3 
Disposals                            (3.7)            -    (2.1) 
Impairment loss net of                   -        (0.4)    (8.6) 
reversals 
Transfers to assets                  (4.9)            -    (2.2) 
classified as held for sale 
Transfers to investment                  -            -    (0.2) 
properties 
Depreciation provided during         (9.2)        (8.8)   (16.9) 
the period - continuing 
operations 
Depreciation provided during         (0.1)        (0.5)    (1.0) 
the period - discontinued 
operations 
Net book value at end of             607.5        559.7    617.7 
period 
 
During the 26 weeks ended 26 September 2020, the Group recognised a charge of GBPnil (28 
September 2019: GBP0.4 million, 28 March 2020: GBP8.6 million) in respect of the write down 
of sites to their recoverable value. 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
9. Analysis of Net Debt 
 
      Unaudited - 26            At       Cash        Non     At 
      weeks ended 26      28 March      flows      cash1     26 
      September 2020          2020         GBPm         GBPm Septem 
                                GBPm                          ber 
                                                           2020 
                                                             GBPm 
      Cash and cash 
      equivalents: 
      Cash and                20.3      (2.3)          -   18.0 
      short-term 
      deposits 
                              20.3      (2.3)          -   18.0 
      Financial 
      liabilities 
      Lease                (112.9)        4.4       14.4 (94.1) 
      liabilities 
                           (112.9)        4.4       14.4 (94.1) 
      Debt: 
Bank loans2           (171.7)      93.0      (0.1)       (78.8) 
CCFF                        -    (99.4)        0.3       (99.1) 
Debenture              (25.9)         -          -       (25.9) 
stock 
Preference              (1.6)         -          -        (1.6) 
shares 
Total                 (199.2)     (6.4)        0.2      (205.4) 
borrowings 
Net debt              (291.8)     (4.3)       14.6      (281.5) 
 
Unaudited - 26       At  Transition to  Cash    Non           At 
weeks ended 28 30 March        IFRS 16 flows  cash1 28 September 
September 2019     2019             GBPm    GBPm     GBPm         2019 
                     GBPm                                       GBPm 
Cash and cash 
equivalents: 
Cash and           11.0              -  33.2      -         44.2 
short-term 
deposits 
                   11.0              -  33.2      -         44.2 
Financial 
liabilities 
Lease                 -        (100.4)   5.5  (0.9)       (95.8) 
liabilities 
                      -        (100.4)   5.5  (0.9)       (95.8) 
Debt: 
Bank loans2     (228.5)              - 188.9  (0.1)       (39.7) 
Other loans       (0.2)              -     -    0.2            - 
Debenture        (25.9)              -     -      -       (25.9) 
stock 
Preference        (1.6)              -     -      -        (1.6) 
shares 
Total           (256.2)              - 188.9    0.1       (67.2) 
borrowings 
Net debt        (245.2)        (100.4) 227.6  (0.8)      (118.8) 
 
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees 
accrued, movements in lease liabilities and corporate acquisitions. 
 
2 Bank loans net of arrangement fees. 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
9. Analysis of Net Debt (continued) 
 
Unaudited - 52         At   Transition to  Cash     Non      At 
weeks ended 28   30 March         IFRS 16 flows   cash1      28 
March 2020           2019              GBPm    GBPm      GBPm   March 
                       GBPm                                  2020 
                                                             GBPm 
Cash and cash 
equivalents: 
Cash and             11.0               -   9.3       -    20.3 
short-term 
deposits 
                     11.0               -   9.3       -    20.3 
Financial 
liabilities 
Lease                   -         (100.4)  11.2  (23.7) (112.9) 
liabilities 
                        -         (100.4)  11.2  (23.7) (112.9) 
Debt: 
Bank loans2       (228.5)               -  57.0   (0.2) (171.7) 
Other loans         (0.2)               -     -     0.2       - 
Debenture stock    (25.9)               -     -       -  (25.9) 
Preference          (1.6)               -     -       -   (1.6) 
shares 
Total borrowings  (256.2)               -  57.0       - (199.2) 
Net debt          (245.2)         (100.4)  77.5  (23.7) (291.8) 
 
1 Non-cash movements relate to the amortisation of arrangement fees, arrangement fees 
accrued, movement in lease liabilities and corporate acquisitions. 
 
2 Bank loans net of arrangement fees. 
 
10. Retirement Benefit Obligations 
 
The amount included in the       Unaudited    Unaudited  Audited 
Balance Sheet arising from 
the Group's obligations in 
respect of its defined 
benefit retirement plan           26 weeks     26 weeks 52 weeks 
 
                                     ended        ended    ended 
 
                              26 September 28 September 28 March 
 
                                      2020         2019     2020 
 
                                        GBPm           GBPm       GBPm 
Fair value of Scheme assets          142.8        118.4    123.8 
Present value of Scheme            (153.6)      (152.8)  (128.5) 
liabilities 
Deficit in the Scheme               (10.8)       (34.4)    (4.7) 
 
Key financial assumptions used in the 
valuation 
of the Scheme 
Rate of increase in pensions in payment        3.05% 3.25% 2.85% 
Discount rate                                  1.50% 1.80% 2.40% 
Inflation assumption - RPI                     3.05% 3.25% 2.85% 
Inflation assumption - CPI                     2.15% 2.25% 1.95% 
 
Fuller, Smith & Turner P.L.C. 
***************************** 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
10. Retirement Benefit Obligations (continued) 
 
Mortality Assumptions 
 
The mortality assumptions used in the valuation of the Scheme as at 26 September 2020 
are as set out in the financial statements for the 52 weeks ended 28 March 2020. 
 
Assets in the Scheme                    At           At      At 
 
                              26 September 28 September      28 
                                                          March 
 
                                      2020         2019 
                                                           2020 
 
                                        GBPm           GBPm 
                                                             GBPm 
Corporate bonds                       31.2         29.8    26.9 
Gilts                                    -            -    24.0 
Index linked debt instruments         24.2            -       - 
UK equities                              -         22.7    17.0 
Overseas equities                     27.7         24.4    20.9 
Alternatives                          53.5         36.4    30.5 
Cash                                   2.0          1.1     0.9 
Annuities                              4.2          4.0     3.6 
Total market value of assets         142.8        118.4   123.8 
 
Movement in deficit during       Unaudited    Unaudited  Audited 
period 
 
                                  26 weeks     26 weeks 52 weeks 
 
                                     ended        ended    ended 
 
                              26 September 28 September 28 March 
 
                                      2020         2019     2020 
 
                                        GBPm           GBPm       GBPm 
Deficit in Scheme at                 (4.7)       (36.4)   (36.4) 
beginning of the period 
Movement in period: 
Net interest cost                        -        (0.4)    (0.6) 
Net actuarial (losses)/gains         (7.1)          1.3      5.9 
Contributions                          1.0          1.1     26.4 
Guaranteed Minimum Pension               -            -        - 
equalisation 
Deficit in Scheme at end of         (10.8)       (34.4)    (4.7) 
the period 
 
On 1 January 2015 the plan was closed to future accruals. 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
11. Discontinued Operations 
 
On 7 June 2020, the Group sold its subsidiary Stable Pizza & Cider Limited ("The 
 Stable") to Sourdough South Limited ("Three Joes"), for an enterprise value of GBP0.5 
million on a debt free basis including any cash left in the business. Accordingly, this 
business has been reported as discontinued operations in the half year report for the 
26 weeks ended 26 September 2020. 
 
On the 27 April, the Group sold its entire beer business to Asahi Europe Ltd ('AEL'), a 
wholly owned subsidiary of Asahi Group Holdings, Ltd ("Asahi"), for an enterprise value 
 of GBP250.0 million on a debt free basis including any cash left in the business. 
 
The business sold comprised the entirety of Fuller's beer, cider and soft drinks 
brewing and production, wine wholesaling, as well as the distribution thereof, and also 
includes the Griffin Brewery, Cornish Orchards, Dark Star Brewing and Nectar Imports 
(referred to as the "Fuller's Beer Business"). Accordingly they have been reported as 
discontinued operations in the Annual Report for the 52 weeks ended 28 March 2020. 
 
a) Financial performance and cash flow 
 
The financial performance and cash flow information presented reflects the operations 
for the period ended 7 June 2020. 
 
                    Unaudited      Unaudited       Audited 
 
               26 weeks ended       26 weeks      52 weeks 
                 26 September       ended 28      ended 28 
                         2020      September         March 
                                        2019 
 
                           GBPm                         2020 
                                          GBPm 
 
                                                        GBPm 
Revenue                     -           16.7          22.3 
Segment                 (0.5)            0.3         (0.5) 
result 
Operating                   -          (2.6)         (3.8) 
separately 
disclosed 
items 
Operating               (0.5)          (2.3)         (4.3) 
loss 
Net finance                 -          (0.2)         (0.3) 
costs 
Loss from               (0.5)          (2.5)         (4.6) 
operating 
activities 
- 
discontinue 
d 
operations 
(Loss)/profit on                (0.5)         164.5        162.4 
sale of discontinued 
operations 
(Loss)/profit before            (1.0)         162.0        157.8 
tax - discontinued 
operations 
Taxation                        (0.2)         (0.1)        (0.1) 
Analysed as: 
Underlying trading              (0.2)         (0.1)        (0.1) 
Separately disclosed                -             -            - 
items 
(Loss)/profit for               (1.2)         161.9        157.7 
the period - 
discontinued 
operations 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
11. Discontinued Operations (continued) 
 
                         Unaudited       Unaudited       Audited 
 
                    26 weeks ended  26 weeks ended      52 weeks 
                      26 September    28 September      ended 28 
                              2020            2019         March 
 
                                GBPm              GBPm          2020 
 
                                                              GBPm 
 
Net cash inflow              (0.5)             1.5           1.5 
from ordinary 
activities 
Net cash inflow                0.3           230.6         224.5 
from investing 
activities 
Net increase in              (0.2)           232.1         226.0 
cash 
(absorbed)/generat 
ed by discontinued 
operations 
Other segment 
information 
Additions:                       -             0.3           0.9 
property, plant 
and equipment 
Impairment of                    -             2.6           3.8 
property and 
right-of-use 
assets 
Depreciation and               0.1             0.9           1.6 
amortisation 
 
(Loss)/earnings per share - discontinued operations 
 
40p 'A' and              Pence            Pence            Pence 
'C' 
ordinary 
share 
Basic                   (2.17)           294.28           286.08 
(loss)/earn 
ings per 
share 
Diluted                 (2.16)           290.68           285.42 
(loss)/earn 
ings per 
share 
Adjusted                (1.27)                -           (1.63) 
(loss)/earn 
ings per 
share 
Diluted                 (1.26)                -           (1.63) 
adjusted 
(loss)/earn 
ings per 
share 
4p 'B' ordinary share             Pence           Pence    Pence 
Basic (loss)/earnings            (0.22)           24.43    28.61 
per share 
Diluted                          (0.22)           29.07    28.54 
(loss)/earnings per 
share 
Adjusted                         (0.13)               -   (0.16) 
(loss)/earnings per 
share 
Diluted adjusted                 (0.13)               -   (0.16) 
(loss)/earnings per 
share 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
11. Discontinued operations (continued) 
 
(b) Details of the sale of the subsidiary 
 
                                                      Unaudited 
 
                                    26 weeks ended 26 September 
                                                           2020 
 
                                                             GBPm 
Consideration received 
Cash                                                        0.4 
Carrying amount of net assets                             (0.8) 
sold 
Loss on sale before income tax                            (0.4) 
Transaction costs                                         (0.1) 
Loss net of transaction costs                             (0.5) 
Income tax expense on loss                                    - 
Loss on sale after income tax                             (0.5) 
 
As The Stable was sold prior to 26 September 2020, the assets and liabilities 
classified as held for sale are no longer included in the Statement of Financial 
Position. 
 
Fuller, Smith & Turner P.L.C. 
 
Notes to the Condensed Financial Statements 
******************************************* 
 
For the 26 weeks ended 26 September 2020 
 
12. Principal Risks and Uncertainties 
 
In the course of normal business, the Group continually assesses and takes action to 
mitigate the various risks encountered that could impact the achievement of its 
objectives. Systems and processes are in place to enable the Board to monitor and 
control the Group's management of risk, which are detailed in the Corporate Governance 
Report of the Annual Report and Financial Statements 2020. The principal risks and 
uncertainties and their associated mitigating and monitoring controls which may affect 
the Group's performance in the next six months are consistent with those detailed on 
pages 32 to 34 of the Annual Report and Financial Statements 2020, and are available on 
the Fuller's website: www.fullers.co.uk [1]. 
 
The most significant risk remains the impact of the coronavirus pandemic. The Group 
continues to take the appropriate actions to respond to the ever-changing situation. We 
have successfully closed our estate twice, taken actions to reduce our costs base, both 
in the short term and on a sustainable basis, and taken advantage of the appropriate 
government support through the coronavirus job retention scheme, business rates 
holidays and Bank of England Covid Corporate Financing Facility. We safely reopened 
nearly all of our estate looking after the health and safety of our team members and 
our customers. We are well placed to reopen again, react quickly to changes in 
restrictions and ultimately withstand long periods of uncertainty through the strength 
of our Balance Sheet. 
 
In addition, the Group faces political and economic uncertainty with regard to the 
outcome of Brexit negotiations but has plans in place in order to limit any negative 
impacts on the Group's operations and financial performance. 
 
13. Shareholders' Information 
 
Shareholders holding 40p 'C' ordinary shares are reminded that they have 30 days from 
26 November 2020 should they wish to convert those 'C' shares to 'A' shares. The next 
available 
opportunity after that will be June 2021. For further details, please contact the 
Company's registrars, Computershare, on 0370 889 4096. 
 
14. Statement of Directors' Responsibilities 
 
The Directors confirm, to the best of their knowledge, that this condensed set of 
financial statements gives a true and fair view of the assets, liabilities, financial 
position and profit or loss of the issuer or the undertakings included in the 
consolidation as a whole and has been prepared in accordance with IAS 34, Interim 
Financial Reporting, as adopted by the European Union. The interim management report 
herein includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, 
namely: 
 
· an indication of important events that have occurred during the first six months 
and their impact on the financial statements and a description of the principal risks 
and uncertainties for the remaining six months of the financial year 
 
· disclosure of material related party transactions in the first six months and any 
material changes to related party transactions. 
 
By order of the Board 
 
Michael Turner Adam Councell 
 
Chairman Finance Director 
 
25 November 2020 
 
=-------------------------------------------------------------------------------------- 
 
[1] Excluding separately disclosed items 
 
[2] Excluding the impact of IFRS 16 Accounting for Leases 
 
[3] Excluding separately disclosed items 
 
ISIN:           GB00B1YPC344 
Category Code:  IR 
TIDM:           FSTA 
LEI Code:       213800C7ACOFMRCQQW76 
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited 
                reviews 
Sequence No.:   88547 
EQS News ID:    1150669 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=946a305f4361340eed87bc83cae9e15e&application_id=1150669&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

November 26, 2020 02:00 ET (07:00 GMT)

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