Announcement of Interim Results 2011

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 26 weeks ended 24 December 2011.

Highlights include:

Turnover up 9.2% to £67.4m (2010: £61.7m)
Operating profit up 4.2% to £6.7m (2010: £6.4m)
Earnings per £1 share up 5.6% to 28.2p (2010: 26.7p)
Interim dividend 4.90p per £1 "A" Ordinary Share (2010: 4.80p)
Strong performance in managed houses with like-for-like sales up 10.2%
Average EBITDA per tenanted pub up 2.3%
– Like-for-like EBITDA down 0.5% (2010: down 3.0%)
Total beer volume up 6.8% (2010: up 0.6%)
– Own beer volume up 5.6% (2010: down 0.7%) driven by premium bottled ales and Asahi

Miles Templeman, Chairman, commented:

This has been a strong trading performance, reflecting the success of increasing the investment in our pubs and brands and our drive for continuous improvements in service, offer, product quality and the experience for our customers.

Our business has demonstrated it is well positioned to succeed in this difficult economic environment which will continue to dominate consumer behaviour for a considerable time to come, and so we maintain a cautious outlook.
But when the conditions are right, consumers will still want to go out for a meal or a drink, celebrate a special occasion or take a weekend break. In 2012, there is much to celebrate with the Diamond Jubilee, the UEFA European Football Championships and, of course, the Olympics, which will present good opportunities for our business.

Interim Report 2011