Shepherd Neame enjoys record turnover on strong beer sales
Kent-based brewer and pub company Shepherd Neame has seen record turnover of £133m for the 53 weeks to 30 June 2012, as well as a jump in pre-tax profits of nearly 40%, thanks to strong beer sales.
Shepherd Neame's total beer volumes were up by 5.6% against a UK market decline of 1.2%. Shepherd Neame's own beer volume was up by 5.2%, thanks to a strong performance from its Spitfire brand.
Like-for-like sales in its managed pubs on a 52-week basis were up 7.2% with drink sales up by 6.2%, food up by 10.9% and new accommodation up by 7%.
The tenanted pub estate also returned to growth, according to the firm, with same-outlet like-for-like earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) on a 52-week basis up by 0.3%.
The company also acquired seven pubs and hotels over the period. It now has nearly 500 rooms in its estate.
Chief executive Jonathan Neame said: "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."
In the 12 weeks to 22 September like-for-like managed-house sales were up by 5.1% and beer volume was level with the prior year. For the nine weeks to 1 September tenanted same-outlet like-for-like EBITDAR grew by 2.5%.
Shepherd Neame buys Royal Wells hotel >>
By Neil Gerrard
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