Pubs, hotels and brewing outfit 'Fuller's' served up steady growth in the half to 27 September. Profit before tax edged up from £7.7m to £8.1m, including a £104,000 exceptional profit on property sales but after higher interest, as sales brewed up to £71.3m (£68.8m). Even normalised profits, after interest but before exceptionals, came in 4% higher at £8m. Excellent results from the Beer Company, tenanted pubs and its food-led managed pubs 'more than offset' tricky trading conditions in the City and in its hotel operations, which have been hit by waning tourist and business travellers. Within hotels, sales slowed 9%, but all Fuller's hotels are making profits. Bulls lauded another spirited half from the beer company operations with its flagship London Pride brand, where profits put on 18% to £3.3m in a shrinking ales market. This business is investing for the future - capital expenditure in half one was £9.2m (5.2m) - and it also has a solid balance sheet - net assets rose £152.3m to £154.1m, equating to 671p per share. Prior to these figures the market was expecting profits of £17.3m profit and 50.4p of earnings for the full year, meaning the shares trade on 11.8 times earnings for 2004. Undemanding, buy.