Announcement of Full Year Results - June 2015

Shepherd Neame, Britain’s oldest brewer, today announces results for the 52 weeks ended 27 June 2015.

Financial performance:

Successful year with record operating profit
Turnover down 0.3% to £138.3m (2014: £138.7m) as we concluded the phased exit from contract brewing
Operating profit before exceptionals up +5.1% at £14.1m (2014: £13.4m)
Profit before tax and exceptional items up +9.4% to £9.6m (2014: £8.8m)
Statutory profit before tax up +22.1% to £9.4m (2014: £7.7m)
Basic earnings per share up +17.2% to 49.1p (2014: 41.9p) and basic earnings per share before exceptional items up +3.7% to 50.3p (2014: 48.5p)
Proposed final dividend per share up +3.1% to 21.4p (2014: 20.75p) making total dividends for the year of 26.7p (2014: 25.9p)

Operational highlights:

Strong performance across our pub estate

* Like-for-like managed pub and hotel sales up +6.1%, with liquor up +4.3%, food up +7.0% and accommodation up +13.8%
* Average EBITDAR1 per managed pub up +7.1%
* Like-for-like tenanted EBITDAR up +2.4%
* Average EBITDAR per tenanted pub up +4.1%

Core own and licensed beer volumes (excluding contract brewing) up +0.1%: with strong growth from the Whitstable Bay range and Samuel Adams Boston Lager.

Current trading:

In the 10 weeks to 5 September like-for-like sales in Managed pubs and hotels are up +6.5% and like-for-like EBITDAR from Tenanted pubs to 29 August is up +1.8%
Core own and licensed beer volumes (excluding contract brewing) to 5 September up +8.6%

Jonathan Neame, Chief Executive, commented:

This has been a successful year for the Company with positive evolution of our strategy and a strong financial performance. We have built a high-quality asset base over a long period of time and this year have made a number of exciting new additions to our beer and pub portfolios. Whilst the industry remains very competitive we are confident that we have a robust strategic, geographic and financial base from which to continue to grow.

For further information, please contact:

Shepherd Neame Limited

Jonathan Neame, Chief Executive Tel: 01795 532206

Mark Rider, Finance and IT Director

Kreab

Marc Cohen / Christina Clark Tel: 020 7074 1800

Regional and Trade Media Contact:

John Humphreys Tel: 01795 542051

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

For full details click on the press release:

Preliminary Results Press Release 2015

If you would like hard copies of our latest Annual Report, please contact the company secretary.

Announcement of Full Year Results - June 2015

Investors' Presentations

Annual Report 2015