Announcement of Interim Results 2012

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 26 weeks ended 29 December 2012.

Highlights include:

Turnover up 2.6% to £69.2m (2011: £67.4m)
Operating profit level at £6.7m (2011: £6.7m)
Statutory profit before tax £4.5m (2011: £4.8m)
Basic earnings per £1 share 27.6p (2011: 28.2p)
Interim dividend increased to 5.00p per £1 Ordinary Share (2011: 4.90p)
Strong performance across pub and hotel estate in a challenging market
- Managed house like-for-like sales up 2.9%, with liquor up 2.4%, food up 3.5% and accommodation up 5.8%
- Tenanted like-for-like EBITDAR* up 0.4% and average EBITDAR per pub up 3.9%

* Pub earnings before interest, tax, depreciation, amortisation and rent payable

Jonathan Neame, Chief Executive, commented:

I am pleased to report a solid performance for the 26 weeks to 29 December 2012 with robust Christmas trading following the exceptional comparable period in 2011. Our performance reflects the underlying strength and resilience of our business as we have invested consistently in our brands and pubs over the long term.

Interim Report 2012