ANNOUNCEMENT OF PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2007
Shepherd Neame, the Kent-based brewer and pub operator, today
announces results for the 52 weeks ended 30 June 2007, its 32nd
consecutive year of profit growth.
Highlights include:
- Pre-tax profit before exceptionals up 9.9% to £10.5m
(2006: £9.6m)
- Operating profit before exceptionals up 6.9% to £13.9m
(2006: £13.0m)
- Earnings per £1 share up 14.3% to 73.4 p (2006: 64.2p)
- Dividends per £1 share up 7.5% to 21.5p (2006:
20.0p)
- Turnover up 4.9% to £100.0m (2006: £95.3m)
- Barrels brewed up 1.8% to 221,000 (2006: 217,000)
- Profit before tax up 3.3% to £11.6m
Strong performance in brewing and pub operations:
- Tenanted pub like-for-like contribution up 6.2%
- Managed house like-for-like sales up 4.3%
- Strong performance from brands, particularly Spitfire, Bishop's Finger and Asahi Super “Dry”
- Investment in high quality new pubs – 12 freehold pubs acquired for £16.4m
- Continuing investment in brewery
Miles Templeman, Chairman, commented:
“The company has achieved excellent growth this year against a background of challenging market conditions. This has been a good performance with strong results in all parts of the business. This has also been a year of record capital investment that will provide a strong platform for long term growth. We have acquired high quality new pubs and made significant improvements to our existing estate, have invested in the brewery and expanded our sales and marketing team. We have also refinanced the business to provide long term funding.
“Trading performance since the year end is satisfactory, despite poor summer weather, the smoking ban and pressure on the consumer from interest rate rises. Although we face continuing external regulatory pressure concerning alcohol, environmental and social responsibility, I have great confidence in our ability to grow in the future.”
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