Announcement of Full Year Results - June 2013

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 52 weeks ended 29 June 2013.

Financial performance:

Turnover up 1.4% to £134.9m (2012: £133.0m)
Operating profit before exceptionals level at £12.7m (2012: £12.7m)
Statutory profit before tax of £7.1m (2012: £9.1m) due to £1.2m business reorganisation exceptional item
Basic earnings per £1 share before exceptionals down 3.4% to 48.1p (2012: 49.8p)
Total dividend per £1 share up 2.7% to 25.15p (2012: 24.5p)
52 week year versus 53 weeks in 2012

Operational highlights:

Strong performance across managed pub and hotel estate
- Like-for-like managed sales on a comparable 52 week basis up 3.3%, with liquor up 2.0%, food up 5.0% and accommodation up 7.9%
- Average EBITDAR per managed pub +4.0%
Robust performance across tenanted estate
- Like-for-like EBITDAR declined by -1.0% or by -0.5% adjusted to exclude six pubs closed for disposal
- Average EBITDAR per tenanted pub +3.0%
Core brands performed strongly: Spitfire +2.7%; Bishops Finger +1%; Asahi Super Dry +9.4% on a comparable 52 week basis.
Business Reorganisation into two trading divisions Brewing and Brands and Retail and Tenanted Pubs (see July announcement).

Current trading:

Strong start to the new financial year in the 10 weeks to 7 September: like-for-like managed house sales are up by 10.2%, like-for-like EBITDAR in the tenanted estate (to 31 August 2013) is up 1.7%.
Total beer volume is up 9.3%, with own beer volume up 11.9%.

Jonathan Neame, Chief Executive, commented:

I am pleased to report a solid performance in difficult market conditions for the 52 weeks to 29 June 2013 and a strong start to our new financial year. We are encouraged by the investments we have made in our brands and our pub portfolio and the exposure our assets give us to growth areas in the market. We believe the business is well positioned should the early signs of economic recovery be sustained.

For further information, please contact:

Jonathan Neame, Chief Executive

Shepherd Neame Limited Tel: 01795 532206

Marc Cohen / Christina Clark

Kreab Gavin Anderson Tel: 020 7074 1800

Regional and Trade Media Contact:

Pip Clarkson Tel: 01622 604600

Edwards Harvey Associates

For full details

Click here to download the press release

If you would like hard copies of our latest Annual Report, please contact the company secretary.