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Interim Results

On 2 March 2016, Shepherd Neame, the Kent-based brewer and pub operator, announced results for the 26 weeks ended 26 December 2015.

Highlights include:

  • First set of results under new accounting standard FRS102
  • Turnover increased by 0.3% to £73.7m (2014*: £73.5m) with total own beer volumes excluding contract up 0.1%
  • Underlying operating profit** up 2.9% to £7.2m (2014*: £7.0m)
  • Sustained and strong trading in the pub business
    • Managed pub like-for-like sales up 6.5% (2014: +6.8%), with liquor up 5.2%, food up 7.4% and accommodation up 11.2%
    • Tenanted like-for-like EBITDAR*** grew by 2.7% (2014: +3.4%) and average EBITDAR per pub up 7.2% (2014: +4.0%)
  • Statutory profit before tax up to £8.7m (2014*: £4.9m) with the increase driven by one-off disposal of land
  • Underlying basic earnings per share**** up 8.5% to 26.7p (2014*: 24.6p)
  • Interim dividend increased to 5.45p (2014: 5.30p) per share

* Restated for FRS 102
** Profit before net finance costs, any profit or loss on the disposal of properties, investment property fair value movements and exceptional items
*** Pub earnings before interest, tax, depreciation, amortisation and rent payable
**** Underlying profit less attributable taxation divided by the weighted average number of ordinary shares in issue during the period. The number of shares in issue excludes those held by the Company and not allocated to the employees under the Share Incentive Plan, which are treated as cancelled.
Jonathan Neame, Chief Executive, commented:
“I am pleased to report that our half year results have been characterised by a sustained and strong trading in our pub business, positive operating cash flows and significant proceeds from property disposals. Our consistent investment in our brand and pub assets to align them to today’s consumer demand has resulted in the sustained quality and performance of the business in a highly competitive marketplace. We remain cautious about the outlook for consumer spending, however I am confident we have the right strategy to succeed and the skills to deliver it.”

For full details:

Interim Report 2015

The Interim Report is available in two versions:

Transition to FRS 102