Record revenues for Shepherd Neame

Shepherd Neame, the Kent-based brewer and operator of 296 pubs, has announced its results for the 52 weeks ended 24 June 2023.

Despite challenging economic conditions, the business achieved record revenues and an increase in underlying profits to the end of the period.

Revenue for the year grew by 9.7% to a record £166.3m (2022: £151.5m). Underlying profit before tax grew by 3.8% to £7.6m (2022: £7.3m), while statutory profit before tax was £4.9m (2022: £7.4m).

Following a year of increased investment at £17.2m (2022: £5.4m), the operator says that consumer demand was strong throughout 2022/23, but significant inflationary pressure increased costs across the business.

"Demand has been strong all year with recent trade in our pubs encouraging," says Jonathan Neame, CEO of Shepherd Neame. "We have faced considerable inflationary challenges in the last year, but these are now easing. We have an excellent pub estate which has been performing in line with the best in the sector. We have a loyal customer base, a high profile within the communities we serve, and we have an ambitious investment programme ahead.

"The turmoil of the last few years is now settling and the outlook is positive. We have much to look forward to. The balance sheet remains strong and the business has momentum in our pipeline of investment. We are confident we have the team and skills to deliver good returns for our shareholders over the long term."

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