UK: Shepherd Neame announces strong interim results for 2nd half of 2006
Shepherd Neame, the Kent-based brewer and pub operator, announced results for the six months ended 30th December 2006, according to company’s press release of March 27.
Turnover up 3.5% to £50.6m (half year 2005: £48.9m)
Operating profit before exceptionals up 7.2% to £6.8m (half year 2005: £6.4m)
Profit before tax & exceptionals up 9.6% to £5.1m (half year 2005: £4.7m)
Earnings per share before exceptionals up 14.5% to 28.4p (half year 2005: 24.8p)
Dividend per £1 "A" ordinary share up 6.2% to 4.3p
Like for like sales in the managed pub estate up 4.8%
Tenanted estate also performed well with increased contribution of 6.1%
Winner of the National Business Award for Corporate Social Responsibility
"Shepherd Neame has delivered another strong result”, Jonathan Neame, Chief Executive of Shepherd Neame, commented. “This has been a period of record investment as we continued to increase and expand the quality of our pub estate with the acquisition of nine freehold pubs”. “We have made very good progress with our 'outside area' investment programme in advance of the smoking ban and expect to have completed projects at half our pubs by July 1st 2007”.
"Total beer volumes were up 3.4% with growth in sales of our core brands, with continued excellent progress with Asahi Super Dry. We are confident that trading will continue to show similar progress in the second half."
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