Turnover and profit up at Shepherd Neame pubs

20/09/2017 - 10:59
Shepherd Neame, Britain’s oldest brewer and operator of over 300 pubs, has announced an increase in company turnover and pre-tax profit over the last year.

The yearly results, which covers the 52 weeks ended 24 June 2017, showed turnover up 11.7% to £152.2 million and underlying profit before tax up 8% at £11.2m.

Underlying operating profit was up 7.2% on last year at £15.3 million and basic earnings per ordinary share were up 8% to 59.1p.

Managed pub like-for-like sales grew by 8.1% and own beer volume grew by 3.9%, both figures ahead of the market rate according to chief executive, Jonathan Neame.

He said: “This has been a good year for the company with strong underlying performance and some great acquisitions that add real value to the company.

“We are pleased with the strategic and operational progress made in all areas of our business.

“We are mindful of the political and economic backdrop, but our strategic focus on investing for the long term, innovating and consistently delivering great pub environments and outstanding service for our customers will stand us in good stead.

“We remain confident that the actions that have been taken and our relentless pursuit of excellence will continue to deliver good long-term returns for our shareholders.”

Shepherd Neame acquired 14 pubs in the last year at a cost of £24.8 million and sold 15 for £5.9 million.

Over the last years, the company has acquired 22 pubs and sold 49, which Neame says has driven average EBITDAR per managed pub up by +30.5% and per tenanted pub up by +25.4%.

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