Shepherd Neame serves up a solid set of results

Britain’s older brewer Shepherd Neame announced its results for the 52 weeks to 25 June on Wednesday, claiming a “record set of results” with impressive progress against its strategic objectives.

Turnover increased by 1.2% to £139.9m over the period, with underlying operating profit up 3.5% to £14.2m.

Statutory profit before tax rose 4.7% to £14.4m, with basic earnings per ordinary share up 13.1% to 84.0p and underlying basic earnings per share up 12.3% to 54.7p.

The board proposed a final dividend per share up of 22.05p, up 3% year-on-year, making total dividends for the year 27.50p, up from 26.70p in the 2015 financial year.

“ am delighted to report a record set of results, with managed pubs our key driver of growth, and an impressive performance against our strategic objectives,” said chief executive Jonathan Neame.

“In recent years, we have worked hard to improve the quality of our pub estate and modernise our brand portfolio.”

Neame said the company has created a much stronger business with sustainable cash flows and the “skills and ambition” for further growth.

“We have made a good start to the new financial year, with a particularly strong performance from our coastal pubs.”