Record revenues and profit uplift at Shepherd Neame
Shepherd Neame has announced its financial results for the 53 weeks ended 29 June 2024.
Shepherd Neame, Britain's oldest brewer and operator of 291 pubs in the south east, has announced its financial results for the 53 weeks ended 29 June 2024.
The business says it has been a positive and encouraging period, with progress in all three divisions.
Revenue for the year grew by 3.6% to a record £172.3m (2023: £166.3m), while statutory profit before tax grew by 38.1% to £6.8m (2023: £4.9m).
Underlying profit before tax grew by 4.4% to £7.9m (2023: £7.6m), while underlying EBITDA grew by 6.4% to £25.1m (2023: £23.6m).
“We have seen further good progress in all three divisions,” says Jonathan Neame, CEO of Shepherd Neame. “We have great beers and pubs, a strong balance sheet and a well-balanced and cash-generative business. We have a strong pipeline of pub developments and new opportunities in our heartland on-trade. We are optimistic about the consumer outlook and are well positioned for the future, notwithstanding the ongoing cost headwinds we face.”
During the period, Shepherd Neame continued to invest in the business, seeing £14.6m of capital expenditure (2023: £17.2m), which was primarily inward investment.