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At the end of March, Fuller had a reported NAV of £154.5 million. But its board reiterated that the true value of its assets - mostly freehold and leasehold pubs - is 'significantly' higher. An independent report valued the assets at 30 per cent above this figure. This is because they are in the accounts at cost, rather than market value. On the trading front, Fuller's full-year figures showed pre-exceptional, pre-tax profits down from £15.6m to £14.9m. However, bottom-line pre-tax profits nearly halved from £19.3m to £9.8m. This was the result of exceptional losses on the company's withdrawal from an ill-fated venture into the youth market and the previous year's exceptional gains. The results, achieved on turnover up 3 per cent to £132.4m, come on the back of poor market conditions for both its City of London pubs and hotels. By contrast, Fuller's beer is proving popular, with sales and profits rising following capital expenditure at its Chiswick Brewery. Brokers do not expect the company's position to improve this year. But its balance sheet is strong, with gearing of 13% at the last year-end in March. A solid, if uninspiring, stock.

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