Kentish Express Ashford & District
Revenues up as brewer buys restaurants and pubs
Underlying profits rise as firm sells 39 million pints in six months
Beer and pub company Shepherd Neame increased revenues to nearly £80 million in the first half of its financial year after taking over 13 alehouses and five restaurants.
Bosses revealed underlying operating profits grew by 7% to £7.6 million as the Spitfire and Master Brew maker sold 136,000 barrels of beer in the 26 weeks to Christmas Eve, equivalent to 39.1 million pints.
The Faversham-based firm, which is Britain’s oldest brewer, established in 1698, increased turnover by 7.4% to £79.2 million in a period of “significant acquisition activity” according to chief executive Jonathan Neame.
In June it announced the takeover of eight freehold pubs from Enterprise Inns in Kent, Surrey and Sussex. The Favershambased brewer also bought the Village Green Restaurants from Alex and Helen Bensley for £11.9 million at the end of 2016. The lat- ter purchases included the Old Mill in Kennington, the Chequers on the Green in High Halden, the Swan and Dog in Great Chart, and the Oak on the Green and the Fish on the Green in Bearsted, near Maidstone.
At the same time it revealed it bought five pubs in Canterbury and Faversham owned by Ultimate Entertainment Services.
Chief executive Jonathan Neame said: “I am delighted to report a strong performance and a period of significant acquisition activity. Our pub business has been driven by good likefor-like sales growth. It is also encouraging to note solid growth in own brand beer volume.
“We retain a cautious outlook as we are likely to be entering a period of increased cost inflation.
“However, I am confident that we have the right strategy and skills to deliver value for our shareholders for the long term.”