Financial Results

Shepherd Neame, Britain’s Oldest Brewer, today announces results for the 52 weeks ended 25 June 2016.
 
Financial performance:

  • Record set of results and impressive progress against strategic objectives
  • Turnover increased by +1.2% to £139.9m (2015: £138.2m)
  • Underlying operating profit up +3.5% at £14.2m (2015: £13.8m)
  • Underlying profit before tax up +10.7% to £10.3m (2015: £9.3m)
  • Statutory profit before tax up +4.7% to £14.4m (2015: £13.7m)
  • Basic earnings per ordinary share up +13.1% to 84.0p (2015: 74.3p) and underlying basic earnings per share up +12.3% to 54.7p (2015: 48.7p)
  • Proposed final dividend per share up +3.0% to 22.05p (2015: 21.40p) making total dividends for the year of 27.50p (2015: 26.70p)
Operational highlights:
  • Strong performance across our pub estate
    • Like-for-like managed pub and hotel sales up +4.4%, with liquor up +3.1%, food up +4.2% and accommodation up +11.7%
    • Like-for-like tenanted EBITDAR up +2.7%
  • Core own and licensed beer volumes (excluding contract brewing) up +0.3%: with excellent growth from the Whitstable Bay Collection
  • Increased investment in our pubs to £7.3m (2015: £6.5m) and £2.2m (2015: £2.1m) in repairs and decorations
Current trading:
  • In the 10 weeks to 3 September 2016 like-for-like managed sales are up +8.2% and like-for-like EBITDAR from Tenanted pubs to 27 August is up +2.2%
  • Core own and licensed beer volumes (excluding contract brewing) to 3 September up +1.2%
  • Acquisition of eight pubs from Enterprise Inns plc since the year end

Jonathan Neame, Chief Executive, commented:

I am delighted to report a record set of results, with managed pubs our key driver of growth, and an impressive performance against our strategic objectives.
 
In recent years, we have worked hard to improve the quality of our pub estate and modernise our brand portfolio. We have created a much stronger business with sustainable cashflows and the skills and ambition for further growth.
 
We have made a good start to the new financial year, with a particularly strong performance from our coastal pubs.

For further information, please contact:
Shepherd Neame Limited
Jonathan Neame, Chief Executive        Tel: 01795 532206
Mark Rider, Finance and IT Director
Kreab
Christina Clark / Venetia Stanley            Tel: 020 7074 1800 / 07776 171 210
Regional and Trade Media Contact:
John Humphreys                                    Tel: 01795 542051 / 07793 294 469

Note: The Directors of Shepherd Neame Limited accept responsibility for this announcement.

For full details click here to download the press release.
If you would like hard copies of our latest Annual Report, please contact the company secretary.

Annual Report 2016

The Annual Report is available in two versions:

Full colour version
Black & White version