Announcement of Interim Results 2013

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 26 weeks ended 28 December 2013.

Highlights include:

Turnover up 4.7% to £72.5m (2012: £69.2m)
Strong performance across pub and hotel estate
- Managed house like-for-like sales up 7.5%, with liquor up 6.8%, food up 8.4% and accommodation up 8.8%
- Tenanted like-for-like EBITDAR* up 1.5% and average EBITDAR per pub up 4.4%
Increased investment in marketing and pub decorations
Operating profit before exceptionals up 2.1% to £6.8m (2012: £6.7m)
Statutory profit before tax £4.1m (2012: £4.5m) following £0.5m business reorganisation exceptional item
Basic earnings per share before exceptionals are up 10.3% to 28.9p (2012: 26.2p)
Interim dividend increased to 5.15p per £1 Ordinary Share (2012: 5.00p)

* Earnings before interest, tax, depreciation, amortisation and rent payable

Jonathan Neame, Chief Executive, commented:

I am pleased to report a strong trading performance in all areas of the business, which shows the benefit of investing consistently in our pubs and brands over many years. Our tenanted, managed pubs and hotels and core brands have all accelerated their rate of growth during this period. We believe our business is in a strong position to continue to benefit from any further improvement in the economy.

Interim Report 2013