Fullers's interim figures were strong, showing a 20% increase in pre-exceptional pre-tax profits to £7.7m, with no exceptional charges (against a £5m hit in last year's first half). The group is focused down on the operation of conventional tenanted and managed pubs, a chain of hotels and a highly-successful brewing operation, making beers like London Pride and Organic Honeydew. The latter division increased profits by 23% to £2.8m in the six month period to September, on turnover raised 5% to £30.9m. Meanwhile the Inns division increased profits by 14% to £8.2m, on turnover raised three per cent to £48.9m. Hotels saw profits raised 150% (to an undisclosed level), mostly because hotels opened last year were up-and-running for the whole of the period. Analysts reckon that the main attraction of Fuller's shares is the company's asset backing - because most of its pub estate is owned outright, rather than rented. NAV per share of 646p means that the shares trade on an attractive 31% discount to its assets. Share buybacks are also to continue. Because of this Paul Hickman of KBC Peel Hunt rates the shares a 'Buy', predicting an 11% increase in pre-tax profits to £16.6m for the year. Sound advice.