Kent-based pub company and brewery Shepherd Neame has announced an 8% increase in annual underlying pre-tax profit to £11.2m.
The operator's financial results for the year to 24 June reported an 11.7% rise in turnover to £156.2m. Meanwhile, an 18% fall in statutory pre-tax profit to £11.8m was explained by high, one-off profits achieved on property disposals in 2016.
Total dividends for the year increased by 3.1% to 28.35p.
Investment of £10.7m across the business helped to drive up like-for-like sales in the managed pub portfolio by 8.1% and own beer growth by 3.9%.
Fourteen pubs were acquired during the year at a cost of £24.8m, including five from Village Green Restaurants and eight from EI Group, while £5.9m was raised from the sale of 15 pubs
Accommodation is a growing focus of the business with occupancy at 79% (2016:78%) and revpar of £66 (2016: £63).
Jonathan Neame, chief executive of Shepherd Neame, said that the financial year had been "a good year" for the company, with "strong underlying performance and some great acquisitions that add real value to the company".
However, he said he was "mindful of the political and economic backdrop", but believed the company's "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."
Believed to be Britain's oldest brewer, Shepherd Neame is the owner and operator of 327 pubs.
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