Full Year Results to 26 June 2021
Shepherd Neame, Britain's Oldest Brewer and owner and operator of 310 high quality pubs in Kent and the South East, today announces results for the 52 weeks ended 26 June 2021.
|Announcement of Full Year Results|
|Full year results|
To put the year’s results in context, our pubs had been closed for 296 of the previous 421 days when they were allowed to reopen indoors on 17 May 2021.
Trade since re-opening to year end
Trading since the year end
Jonathan Neame, Chief Executive, commented:
“We are greatly encouraged by the customer response since re-opening and are confident that beer and pubs remain every bit as core to British life as pre-pandemic.
We have spent the last year productively: building a better business, strengthening our brand presence and maintaining our pubs to be in optimal shape for reopening. Our relationships with our licensees remain strong and we have few tenanted vacancies. We feel we are in the best shape we can be, in the circumstances, and this has resulted in a strong and sustainable recovery.
We face challenges ahead, particularly with supply chain and inflationary pressures. That said, we are confident that the long term fundamental drivers for the business remain strong, including the ongoing infrastructure investment in our heartland, anticipated local population growth, changes in consumer and workplace trends, and our position at the centre of the community.
We have a solid platform and a clear plan to build on our recovery, assisted by our strong balance sheet. For the rest of this year, we remain focused on meticulous cost control, tight cashflow management and further reducing net debt.
We look forward to 2022 with optimism and, with every day that passes, confidence grows that we can not only recover lost ground, but recover well, unlock growth opportunities and release the full potential of the business.
We intend to return to prior levels of investment and restore the dividend as soon as circumstances allow.”
1 Net debt comprises cash, bank overdrafts, lease liabilities and bank and other loans less unamortised loan fees.
2 All comparatives are for the 52 weeks to 27 June 2020 and have been restated on an IFRS basis.
3 Underlying operating loss before tax is operating loss excluding operating charges that are either material or infrequent in nature and do not relate to the underlying performance.
4 The periods referred to are the comparative month(s) during the financial year 52 weeks to 29 June 2019.
5 All figures quoted are inclusive of the benefit of the temporary VAT reduction.
6 The periods referred to are the comparative month(s) during the financial year 52 weeks to 27 June 2020.
7 The periods referred to are the comparative month(s) during the financial year 52 weeks to 26 June 2021.
|For further information, please contact:|
|Shepherd Neame Limited|
|Jonathan Neame, Chief Executive Tel: 01795 532206
Mark Rider, Finance and IT Director
|Matthew Smallwood Tel: 020 7457 2020
For full details:
If you would like hard copies of our latest Annual Report, please contact the company secretary.