Announcement of Full Year Results - June 2012

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the 53 weeks ended 30 June 2012.

Financial performance:

Turnover up 9.6% to £133.0m (2011: £121.3m)
Operating profit before exceptionals up 3.7% to £12.7m (2011: £12.3m)
Profit before tax up 39.7% to £9.1m (2011: £6.5m)
Basic earnings per £1 share up 58.7% to 54.6p (2011: 34.4p)
Basic earnings per £1 share before exceptionals up 7.8% to 49.8p (2011: 46.2p)
Final dividend per £1 share of 19.6p (2011: 19.0p). Total dividend per £1 share of 24.5p (2011: 23.8p)

Operational highlights:

Record turnover, record beer sales and record EBITDA
- Total beer volume up 5.6% against UK market decline of 1.2%
- Own beer volume up 5.2%
- Excellent performances from Spitfire and Asahi Super Dry
Strong performance across pub and hotel estate
- Like-for-like managed sales on a 52 week basis up 7.6%, with liquor up 6.2%, food up 10.9% and accommodation up 7.0%
- Tenanted estate returned to growth, with same outlet like-for-like EBITDAR on a 52 week basis up 0.3% and average EBITDAR per pub up 2.7%
Acquisition of seven individually selected high quality pubs and hotels. Since the year end we have completed the acquisition of the Royal Wells Hotel, Tunbridge Wells, which adds a further 23 letting rooms to the estate and brings the total number to 499
Promising start to the new financial year. In the 12 weeks to 22 September like-for-like managed house sales are up by 5.1%, beer volume is level with the prior year and for the nine weeks to 1 September tenanted same outlet like-for-like EBITDAR grew by 2.5%

Jonathan Neame, Chief Executive, commented:

This has been another successful year for the company. Our beer, food and accommodation sales have all enjoyed strong growth for the second year in a row and the tenanted estate performance has been encouraging.

Our strategy to invest in our pubs and brands during the economic downturn has strengthened the company, improved its competitive position and enhanced our reputation with consumers. Recent pub acquisitions have been successful and this has enabled us to take another step forward this year with some further excellent purchases, which provides a good platform for the future.

For further information, please contact:

Jonathan Neame, Chief Executive

Shepherd Neame Limited Tel: 017 9553 2206

Deborah Walter / Clotilde Gros

Kreab Gavin Anderson Tel: 020 7074 1820

Regional and Trade Media Contact:

Pip Clarkson
Edwards Harvey Associates Tel: 01622 604600

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.