Companies: FSTA   

Pub, brewing and hotel concern Fuller, Smith & Turner has unveiled its first new permanent cask ale for over 20 years, branded 'Discovery'. Marketed as a blonde beer, the company is hoping to attract new customers rather than lose market share of its existing three permanent ales, Chiswick, London Pride and ESB, by producing a golden ale. It believes the ale, which will go on sale on 9 May, will act as a 'stepping stone' to entice lager drinkers, a market it has not yet tapped, to move to ales. Chief executive Michael Turner would not divulge either marketing or development costs for Discovery, but commented it had spent a number of years developing the beer and had 'cut no corners'. The beer will be available in most of Fullers 230-plus managed and tenanted pubs. Marketing to the free trade business has just begun although Turner claims wholesale interest is good and a couple of supermarkets will stock the line when the bottled version is launched later on in the year. House broker Panmure Gordon forecasts the company will produce pre-tax profits for the year to March, just finished, of £17.8m, rising to £18.7m in 2006. The prospective p/e of 15.9 is about average for the sector but continue to add, for the well-run business still has plenty of mileage to grow and management is promising more launches on the brewing side in the months to come.