Shepherd Neame revenues surge to £89.0m in H1 2024
Total occupancy was down at 73.4% (H1 2023: 81.6%) but RevPAR held up well at £86
Shepherd Neame, Britain’s oldest brewer and owner and operator of 296 pubs in Kent and the Southeast has reported a record revenue growth of 4.3% to £89.0m in H1 2024.
For the 26 weeks ended 23 December 2023, the group also saw its underlying EBITDA increase 5.2% to £12.0m and its underlying profit before tax grew by 9.9% to £3.8m.
Total retail sales were up 12.3% to £41.4m (H1 2023: £36.9m), boosted by a strong Christmas period. For the adjusted Christmas period, from 1 to 31 December 2023, like-for-like retail sales increased 14.9% compared with 2022.
Retail like-for-like drink and food sales were also up 8.9% and 3.7% respectively.
Total occupancy was down at 73.4% (H1 2023: 81.6%) but RevPAR held up well at £86.
Additionally, the group revealed that its tenanted trade was resilient and continues to perform well as it recorded £17.7m in revenues compared with £17.4m in H1 2023.
However, Beer volumes were down to £29.2m from £30.3m.
Overall the group invested £6.6m in core capital expenditure in H1 2024 compared with £4.0m.
Jonathan Neame, CEO of Shepherd Neame, said: “Consumer demand has remained robust, with exceptional trade over the Christmas period. It has been a particularly strong period for our London pubs as people continue to return to their offices.
“Whilst the inflation outlook is improving overall, we do face new inflationary challenges such as the further rise to the National Living Wage. We are encouraged by the performance of our recent retail developments and have a good pipeline of schemes to deliver to further improve the premium quality of the estate. We have a strong balance sheet, a well-balanced, cash generative business and a fantastic team of dedicated talent that give us confidence in our long-term prospects.”
