Family-owned pub group Shepherd Neame has revealed that its managed division outperformed the market with turnover up 7.7% to £35.5m during the six months to 29 December 2018.
Meanwhile, revenue of the tenanted division grew by 0.7% to £18.1m.
Underlying pre-tax profit grew by 1.4% to £5.9m. However, a one-off exceptional charge of £10.8m associated with the refinancing of the business resulted in a statutory loss before tax of £4.1m, compared to a profit of £5.5m during the same period in 2017.
Jonathan Neame, chief executive of Shepherd Neame, said that since the end of the half-year period, "trade has continued to be good, with same outlet like-for-like managed pub sales up 3.7% for the 35 weeks to 2 March 2019, like-for-like tenanted pub EBITDA up 2.6% and own brand beer and cider volumes up 0.4%.
"The new financing package gives us the platform to capitalise on the significant infrastructure and population growth that is planned in our Kent heartland over the next decade. In spite of the risks associated with imminent departure from the EU, we remain confident that our long-term strategy positions the company well for the future."Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).