Shepherd Neame Sees Profits Rise To £11.8 Million

SheperdNaemeKent-based pub chain Shepherd Neame posted a 5% rise in profits over the 53 weeks to 30 June 2018.Pre-tax profit climbed to £11.8m over the past year, a 5.4% rise compared to the same period a year earlier.

Overall turnover also increased slightly by 0.2%, which the company say is in line with the expectations, according to its latest financial statement.

Shepherd Neame, which operated 321 pubs in the south of England, retails its own beers, on draught and in bottles, under a range of brand names including Spitfire, Bishops Finger, Whitsable Bay (sold under the Faversham Steam Brewery brand), and, more recently, Orchard View; the company’s first cider brand made in collaboration with Aspalls, rolled out at its sites in 2017.

During the period Shepherd Neame acquired two London pubs, the Samuel Pepys and the Savoy Tap. Since the year end it has bought the Wheatsheaf in Farnham, the Cheshire Cheese in London and entered a contract to build a new pub hotel in the centre of the Ebbsfleet Garden City development.

Looking to the year ahead, the group’s chairman Miles Temperman said it would focus on acquisitions and renovations in Kent, where major housing and infrastructure projects are expected to raise the county’s population over the next decade.

“We aim to build the business to take advantage of these trends by ensuring we own and operate the best pubs in the key locations and develop them to their full potential for food, drinks and accommodation.”

“Our strong cash flow and the recycling of non-core assets enable us to strengthen the balance sheet through selective pub acquisitions in our core trading areas of Kent, London and the South East.”

During the period Shepherd Neame acquired two London pubs, the Samuel Pepys and the Savoy Tap. Since the year end it has bought the Wheatsheaf in Farnham, the Cheshire Cheese in London and entered a contract to build a new pub hotel in the centre of the Ebbsfleet Garden City development.