Announcement of Interim Results 2014

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 26 weeks ended 27 December 2014.

Highlights include:

Strong performance across pub and hotel estate
- Managed house like-for-like sales up 6.8% (2013: +7.5%), with liquor up 4.9%, food up 7.8% and accommodation up 14.5%
- Tenanted like-for-like EBITDAR* up 3.4% (2013: +1.5%) and average EBITDAR per pub up 4.0% (2013: +4.4%)
Turnover up 1.5% to £73.5m (2013: £72.5m)
Operating profit before exceptionals up 4.2% to £7.1m (2013: £6.8m)
Statutory profit before tax up 22.7% to £5.0m (2013: £4.1m)
Basic earnings per share up 15.6% to 26.7p (2013: 23.1p**)
Interim dividend increased to 5.30p per share (2013: 5.15p per £1 share)

* Earnings before interest, tax, depreciation, amortisation and rent payable
** Prior year comparative has been restated for the share capital reorganisation

Jonathan Neame, Chief Executive, commented:

I am pleased to report strong trading across the business, particularly in our inns and hotels, and good like-for-like performance in the tenanted estate. There has been a higher quality mix of pub revenues and greater share of own beer volume and it is pleasing to note that operating margin before exceptional items increased by 0.3% in the period. We are pursuing a consistent long-term strategy to build the quality of our pub portfolio and brand assets.

Interim Report 2014