SHEPHERD NEAME LTD. ANNUAL GENERAL MEETING FRIDAY 27TH OCTOBER 2023
FULL YEAR RESULTS
FOR THE 52 WEEKS ENDED 24 JUNE 2023
CONTENTS
Financial Results: Key Highlights | 1 |
Financial Overview | 2 |
Company Overview | 3 |
Current Trading Summary and Outlook | 4 |
Questions | 5 |
Resolutions | 6 |
1FINANCIAL RESULTS: KEY HIGHLIGHTS
A YEAR OF GOOD PROGRESS WITH STRONG GROWTH IN REVENUE
• Demand encouraging with strong growth in revenue
• Offset by exceptional levels of
inflation
• Growth in underlying profits but at a lower rate of growth than revenue
• Good progress against strategic priorities
• Good summer trading at start of FY2024
The Botany Bay Hotel at Broadstairs
4 | FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 24 JUNE 2023
LONG TERM DRIVERS FOR GROWTH
- Our heartland will undergo further major infrastructure and housing development over the next 15 years that will stimulate population and economic growth
5 | FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 24 JUNE 2023
BOARD CHANGES
- George Barnes will cease to be an Executive Director at the Half Year
- He will become Non-Executive with effect from 1 January 2024
- He will continue to work on specific Property projects in a part time capacity
George Barnes, Property Director
6 | FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 24 JUNE 2023
NET ASSETS AND DIVIDEND PER SHARE
15 14.01*
12.47 | 11.40 | 11.94 | 12.05 |
10
5
35 | ||
30 | 30.08 | |
25 | ||
20 | 18.50 | 20.00 |
15
10
5
0
0
nil nil
2019 | 2020 | 2021 | 2022 | 2023 |
Net Assets Per Share
* Under previous UK GAAP
2019 | 2020 | 2021 | 2022 | 2023 |
Dividend Per Share
7 | FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 24 JUNE 2023
2FINANCIAL OVERVIEW
UNDERLYING RESULTS
52 Weeks to | 52 Weeks to | Movement | |
24 June 2023 | 25 June 2022 | ||
£m | £m | £m | % |
• Growth in revenue across all |
channels to record levels |
• Operating profit growth from |
increase in revenues offset by |
inflation |
Revenue
Operating
Profit
Net finance costs
Profit before tax
Earnings per share (pence)
Dividend per
share (pence)
166.3 | 151.5 | 14.8 | +9.7 |
13.3 | 12.9 | 0.4 | +3.3 |
(5.7) | (5.6) | (0.1) | -2.5 |
7.6 | 7.3 | 0.3 | +3.8 |
41.1p | 39.4p | +4.3 | |
20.0p | 18.5p | +8.1 |
• | Finance costs reflect new |
facilities, higher rate on floating | |
debt and year of investment | |
• | Underlying dividend cover of 2.1 |
times |
9 | FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 24 JUNE 2023
SEGMENTAL PERFORMANCE
52 Weeks to | Operating | 52 Weeks to | Operating | • Retail revenues benefit from full | ||
24 June 2023 | profit | 25 June 2022 | profit | year of no Covid reductions | ||
combined with new pubs | ||||||
Revenue £m | £m | Revenue £m | £m | • Retail margins impacted by | ||
Retail Pubs | 74.4 | 8.3 | 61.2 | 8.3 | utilities of £1.1m and food inflation | |
and Hotels | of £1.0m | |||||
• Robust Tenanted business despite | ||||||
Tenanted Pubs | 33.9 | 12.6 | 32.8 | 13.4 | 14 fewer pubs. LFL income up | |
+3.9%, average income per pub | ||||||
up +3.4% | ||||||
Brewing and | • Brewing and brands return to | |||||
56.9 | 1.0 | 56.6 | (0.3) | profit with increasing mix of on | ||
Brands | ||||||
trade volumes | ||||||
Unallocated | 1.1 | (8.6) | 0.9 | (8.5) | ||
10 | FULL YEAR RESULTS FOR THE 52 WEEKS ENDED 24 JUNE 2023
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Disclaimer
Shepherd Neame Limited published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 12:13:10 UTC.
