INTERIM RESULTS 2008/9

SHEPHERD NEAME LIMITED
ANNOUNCEMENT OF INTERIM RESULTS

Shepherd Neame, the Kent-based brewer and pub operator, today announces results for the six months ended 27th December 2008.

Highlights include:

• Turnover up 7.2% to £56.2m (half year 2007 : £52.4m)
• Operating profit £5.1m (half year 2007: £5.7m)
• Operating profit before exceptionals £5.5m (half year 2007: £6.6m)
• Profit before tax and exceptionals £3.6m (half year 2007: £5.0m)
• Earnings per £1 share value 20.7p (half year 2007: 27.5p)
• Interim dividend 4.55p per £1 ‘A’ Ordinary Share (interim 2007: 4.55p)
• Managed house like for like sales down 0.2% in the six months to 27 December 2008 but up 1.8% in the 13 weeks to 28 February 2009
• Tenanted estate like for like contribution down 4.1%
• Total beer volume up 6.7%

Jonathan Neame, Chief Executive of Shepherd Neame, commented:

“Despite a difficult economic background, we have delivered a strong sales performance.  Our retail business has been resilient, with like for like sales down 0.2% for the six months to 27 December but up 1.8% in the thirteen weeks ended 28 February 2009. Our London pubs increased like for like sales by 2.9% during the six months to 27 December. Tenanted contribution was down 4.1% on a like for like basis.

Beer sales have been strong, with total volumes up 6.7%. Our margins have been impacted by higher raw material costs, which were 27% up on the same period last year.

We anticipate the second half performance will follow the pattern of the first half. We will continue to experience high costs for the rest of the year but expect them to start to reduce as we enter our next financial year.”

Click here for the full press release in PDF format
Click here for the interim statement in PDF format - Colour
Click here for the interim statement in PDF format - Monochrome