Companies: FSTA   

Brewer and pub and hotel operator Fuller's full-year figures were close to expectations. Pre-exceptional, pre-tax profits fell from £15.6m to £14.9m, before a combination of exceptional losses last year (due to its withdrawal from an ill-fated venture into the youth market) and similar size gains the year before resulted in bottom-line pre-tax profits halving from £19.3m to £9.8m. This result, achieved on turnover up 3% to £132.4m, comes on the back of poor market conditions affecting the company's City of London pubs and hotels division. Construction delays exacerbated problems at the latter. Balancing this, Fuller's Beer Company is going from strength to strength. Profits rose 22% to £5.8m on sales up 3% to £60.8m. This strong performance was largely driven by efficiency, quality and capacity improvements at its Chiswick Brewery, plus advertising campaigns for London Pride (now the second best-selling UK ale). It was achieved in the face of falling real ale consumption in the UK. As for the firm's prospects, its management is wary about City trading, but more optimistic about its hotels and beer sales. NAV was £154.5m at year-end - a substantial discount to market value. The shares have a 'safe haven' look about them.

Fuller Smith and Turner	LSE	£119.98m	360.00p	10.00p
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