Shepherd Neame Limited Post close trading update (5492Q)
2022年6月29日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMSHEP
RNS Number : 5492Q
Shepherd Neame Limited
29 June 2022
Shepherd Neame
Post close trading update
Shepherd Neame, Britain's Oldest Brewer and owner and operator
of 299 high quality pubs in Kent and the South East, today
announces an update on trading following the close of its financial
year on 25 June 2022.
Since the resumption of restriction-free trading, the Company
has performed well with encouraging demand. Overall trading for the
52 weeks to 25 June 2022 has been in line with expectations.
Cash generation has been strong and net debt reduced to the
lowest level since 2018. The Company has emerged from the pandemic
strongly and is actively pursuing opportunities again to invest and
grow.
Retail sales have been encouraging since our last update, with
our coastal pubs and hotels, in particular, benefitting from their
unique locations and great outside space. Our Central London pubs
are still to see a full recovery but footfall is improving. Same
outlet like-for-like retail sales for the 6 weeks to 25 June vs
2021 [1] were up +13.0%. This compares directly with the period
from which indoor trading was allowed again on 17 May 2021. Same
outlet like-for-like retail sales for the 6 weeks to 25 June vs
2019 [2] were down -4.1%.
Income levels in the tenanted estate have continued to rise
versus 2021 1 , although volumes are lower than pre-pandemic. Own
beer volumes [3] in all channels for the 6 weeks to 25 June vs 2021
1 were up +2.0%. Own beer volumes 3 in all channels for the 6 weeks
to 25 June vs 2019 2 were down -3.0%.
The inflationary environment is challenging, with high costs in
utility, energy related products and in our supply chain. We have
long term fixed price contracts in place for certain items, and are
taking mitigating action in other areas, through menu management
and price increases to soften the impact. We are also choosing to
invest more in areas such as property, marketing and people
development for the long term strength of the Company.
Net debt (excluding IFRS 16 lease liabilities) has reduced
significantly in the last year with strong cashflow, tight cost
control and reduction in capital projects. Since its peak in
December 2020, total indebtedness has reduced from GBP96.5m to
GBP75.3m, the lowest level since 2018.
Jonathon Swaine joined the Company as at 27 June 2022, as
Managing Director, Pubs and was appointed to the Board on 28 June
2022.
Jonathan Neame, CEO of Shepherd Neame said:
"Since COVID restrictions have been lifted, we have been
encouraged by levels of demand and are enjoying strong performance
across our business. In spite of external economic headwinds, we
remain optimistic that we will continue to see similar levels of
demand across the summer.
We are very pleased to welcome Jonathon Swaine to the team at a
time when we are recommencing investment in our pub estate.
We are mindful of the many challenges ahead, but the business
and our team have demonstrated extraordinary levels of resilience
in the last two years, and we have no doubt we have the skills and
platform to find opportunities to grow and develop in the
future."
29(th) June 2022
Shepherd Neame Tel: 01795 532206
Jonathan Neame, Chief Executive
Mark Rider, Chief Financial Officer
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood
[1] The periods referenced to are the comparative weeks during
the financial year 52 weeks to 26 June 2021.
[2] The periods referenced to are the comparative weeks during
the financial year 52 weeks to 29 June 2019.
[3] Own beer volume: Sales volumes of all beer and Shepherd
Neame cider brewed and packaged by the Company.
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END
NEXSESFUAEESEEM
(END) Dow Jones Newswires
June 29, 2022 02:00 ET (06:00 GMT)
Shepherd Neame (AQSE:SHEP)
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