Shepherd Neame Ltd - Interim Results

Shepherd Neame, Britain's Oldest Brewer, has announced its interim results for the 26 weeks ending 23 December 2023. The company has shown strong performance with record revenues and profits, despite inflationary pressures. Revenue grew by 4.3% to £89.0m, underlying EBITDA increased by 5.2% to £12.0m, and underlying operating profit grew by 8.0% to £6.8m. Statutory profit before tax was £1.1m, and net assets per share were £11.92.

Operational highlights include total retail sales increasing by 12.3% to £41.4m, with strong Christmas trade. Like-for-like retail sales were up by 6.2%, and total beer volumes were down due to a decrease in cask ale and bottled ales, but with a strong performance in the independent on-trade.

Current trading and outlook show continued growth, with retail like-for-like sales up by 4.9% compared to the previous year, and tenanted pub income up by 3.3%. The CEO, Jonathan Neame, expressed confidence in the company's long-term prospects, emphasizing a strong balance sheet, cash generative business, and a dedicated team.

Investors are encouraged to ask questions about the announcement for further clarity or details. The company remains committed to transparency and providing updates to stakeholders.