Turnover for the company grew 1.4% to £134.9m. During the year the company generated £19.6m (2012: £19.8m) of earnings before exceptional items, interest, tax, depreciation, amortisation, loss on sale of fixed assets (excluding property) and free trade loan discounts.
Pre-tax profit fell from £9.1m to £7.1m due to a £1.2m exceptional item related to the reorganisation of the business.
Meanwhile, Shepherd Neame reported a “strong start” to the current financial year, with like-for-like sales in its managed estate up 10.2%, like-for-like EBITDAR in the tenanted estate to 31 August 2013 up 1.7%, total beer volume up 9.3% (own beer volume: +11.9%).
Across the year, operating profit before exceptionals was level at £12.7m. Total dividend per share was up 2.7% to 25.15p. The figures relate to 52 weeks this year against 53 in the previous year.
Solid performance
During the year total investment in the estate was £9.9m (2012: £20.6m) of which £3.6m (2012: £15.4m) was invested in acquisitions, £4.6m (2012: £3.7m) on development and maintenance capex and £1.7m (2012: £1.5m) on repairs. It sold six pubs and one unlicensed property in the year.
Jonathan Neame, chief executive, said: “I am pleased to report a solid performance in difficult market conditions for the 52 weeks to 29 June 2013 and a strong start to our new financial year. We are encouraged by the investments we have made in our brands and our pub portfolio and the exposure our assets give us to growth areas in the market.
“We believe the business is well positioned should the early signs of economic recovery be sustained.”