Financial Results

• Traded well up to the outbreak of COVID-19. The first 8 month period of the financial year to 29 February 2020 saw turnover up +4.6% and underlying profit before tax1 up +6.1%
• Turnover for the year decreased to £123.6m (2019: £145.8m) demonstrating the impact of 3 months’ closure
• Underlying operating profit2 was £0.9m (2019: £15.3m) and underlying loss before tax was £2.9m (2019: profit £11.4m). Statutory loss before tax was £12.1m (2019: profit £3.5m)
• Underlying basic loss per share3 was 17.8p (2019: earnings per share 60.9p)
• Basic loss per share was 79.8p (2019: earnings per share 17.6p)

Business resilient and well positioned for growth once normal trading conditions resume

• Core strategy is unchanged, namely to focus on our strengths as a brewer and pub retailer within our heartland of Kent, London and the South East
• Balance of business between managed, tenanted and brewing divisions, between wet, dry and accommodation sales, and between city, suburban, community and destination outlets has proved to be extremely resilient
• Demand for food and accommodation outlets has been strong since reopening
• Long term infrastructure developments in our Kent heartland presents significant growth opportunities over the medium term

Current Trading: 18 weeks to 31 October 2020

• Pubs continued to outperform the market to 31 October with managed like-for-like sales4 at 66% of last year’s levels and managed like-for-like sales for open sites -13.4%. Tenanted like-for-like pub income5 at 75% of prior year
• Own brand beer and cider volumes6 at 98% of the prior year level. Total own beer volumes7 at 92% of the prior year level
• Net debt continues to hold steady: £83.9m at 28 December 2019, £84.4m at 27 June 2020 with £11m of tax liabilities that had been deferred in agreement with HMRC, £84.8m at 31 October 2020 with the tax liabilities that had been deferred reduced to £4.7m with a further £1.1m of general deferrals
• New lockdown from 5 November will be again extremely disruptive and adversely impact performance. Remains unclear when trading may resume bringing uncertainty over the important Christmas period

Annual General Meeting

• Annual General Meeting date previously announced is changed to 12 Noon Friday December 4th and will be held as a virtual meeting. Details in the Notice of Meeting.