Shepherd Neame, Britain’s oldest brewer, has posted record results, boosted by strong performance from its hotels and seaside pubs.
For the 52 weeks ended 25 June 2016, turnover increased by 1.2% to £139.9m with underlying pre-tax profit up 10.7% to £10.3m. Statutory pre-tax profit rose 4.7% to £14.4m.
Like-for-like managed pub and hotel sales were up 4.4%, with liquor up 3.1%, food up 4.2% and accommodation up 11.7%. Like-for-like tenanted EBITDAR grew 2.7%
Its core own and licensed beer volumes (excluding contract brewing) rose 0.3% with “excellent growth” from its Whitstable Bay Collection.
In the 10 weeks of its new financial year, like-for-like managed sales increased 8.2% and like-for-like EBITDAR from Tenanted pubs to 27 August grew 2.2%. Core own and licensed beer volumes were up 1.2%.
The company has recently acquired eight pubs from Enterprise Inns, taking its total number of outlets to 328, of which 61 are managed by the company itself and 267 are rented out to tenants.
Jonathan Neame, Chief Executive, commented: “I am delighted to report a record set of results, with managed pubs our key driver of growth, and an impressive performance against our strategic objectives.
“In recent years, we have worked hard to improve the quality of our pub estate and modernise our brand portfolio. We have created a much stronger business with sustainable cashflows and the skills and ambition for further growth.
“We have made a good start to the new financial year, with a particularly strong performance from our coastal pubs.”