Announcement of Full Year Results - June 2014

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 52 weeks ended 28 June 2014.

Financial performance:

• Turnover up 2.8% to £138.7m (2013: £134.9m)
• Operating profit before exceptionals up 5.5% at £13.4m (2013: £12.7m) and EBITDA (1) up 4.3% to a record level of £20.5m (2013: £19.6m)
• Statutory profit before tax is up 8.7% to £7.7m (2013: £7.1m)
• Basic earnings per 50p ordinary share (2) is up 12.9% to 41.9p (2013: 37.1p) and basic earnings per 50p ordinary share before exceptional items (2) is up 16.9% to 48.5p (2013: 41.5p)
• Proposed final dividend per share up 3.0% to 20.75p (2013: 20.15p per £1 share) making total dividends for the year of 25.90p (2013: 25.15p per £1 share)

Operational highlights:

• Very strong performance across our pub estate

           * Like-for-like managed pub and hotel sales up 8.9%, with liquor up 8.0%, food up 10.4% and accommodation up 9.7%
           * Average EBITDAR (3) per managed pub up 13.9%
           * Like-for-like tenanted EBITDAR up 4.4%
           * Average EBITDAR per tenanted pub up 5.9%

• Core own and licensed beer brand volumes (excluding contract brewing) up 6.1%: with strong growth from Bishops Finger, Whitstable Bay and Samuel Adams Boston Lager
• Business and board and share capital reorganisation successfully implemented during the year, including a phased exit from contract brewing and transfer of warehousing and distribution operations

Current trading:

• In the 10 weeks to 6 September like-for-like sales in Managed pubs are up by 4.1% and like-for-like EBITDAR from Tenanted pubs (to 30 August) is up by 2.6%, against a very strong comparable period in 2013.

Jonathan Neame, Chief Executive, commented:

I am pleased to report strong trading across all parts of the business, which has resulted in record EBITDA for the year. We have the right strategic framework and skills within the business, as well as a good pipeline of product innovation and pub developments, to continue this year’s progress and exploit the opportunities of this ever changing market.

 
 
(1) Earnings before exceptional items, interest, tax, depreciation, amortisation, loss on sale of fixed assets (excluding property) and free trade loan discounts
(2) Comparatives have been restated for the share capital reorganisation
(3) Earnings before interest, tax, depreciation, amortisation and rent payable

For further information, please contact:
 

Shepherd Neame Limited

Jonathan Neame, Chief Executive          Tel: 01795 532206

Mark Rider, Finance and IT Director

Kreab Gavin Anderson

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, please read our

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

Investors' Presentations

Annual Report 2014

The Annual Report is available in two versions: