UK: Shepherd Neame reported a rise in first half pretax profit of 7 pct
Shepherd Neame LTD, the Kent-based brewer and pub operator, reported on March 21 a rise in first half (ended 24 December 2005) pretax profit of 7 pct despite subdued consumer spending and continuing cost pressure, AFX UK Focus communicated.
The company said pretax profit was up to 5.4 mln stg from 5.1 mln as sales rose 2.8 pct. Shepherd Neame proposed a 6.6 pct rise in "A" shares to 4.05 pence per share. Looking ahead, the company said it was confident trading in the second half will follow the same pattern as the first.
Jonathan Neame, Chief Executive of Shepherd Neame, commented:
"Shepherd Neame has delivered a strong performance over the past six months, against a background of subdued consumer spending and continuing pressure on costs. Our pub estate has shown good growth in all areas. Total beer volumes have grown by 2.6%, with good performances from Spitfire and Bishops Finger and an encouraging start with Asahi Super Dry. We look forward to welcoming Graeme Craig as Sales & Marketing Director in May. We remain confident that trading will continue to show similar progress during the second half."
Highlights include:
- Turnover up 2.8% to £48.9m (half year 2004 : £47.5m)
- Operating profit up 8.6% to £6.4m (half year 2004: £5.9m)
- Profit before tax up 7.0% to £5.4m (half year 2004 : £5.1m)
- Profit before tax & exceptionals up 7.7% to £4.7m (half year 2004: £4.3m)
- Earnings per share up 7.7%% to 30.8p (half year 2004 : 28.6p)
- Dividend per £1 "A" ordinary share up 6.6% to 4.05p
- Managed pub estate performed above expectation with like for like sales up 4.5%
- Tenanted estate also performed well with increased contribution of 11.8%
- Winner of Company of the Year at Publican Pub Foods Awards 2005 for 'Local Food from Local People' initiative
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