Britain’s oldest brewer Shepherd Neame is toasting record high first-half revenue as inflationary challenges begin to ease.
The Faversham-based brand saw revenue hit £166.3m, just shy of a 10 per cent increase on the year to June last year.
The listed pub group, which operates around London and the South East, recorded underlying profit before tax of £7.3m, a 3.8 per cent increase on last year’s figures.
Its own branded beer grew in popularity with total beer volumes growing 5.2 per cent.
But the pub said that this was offset by declining volumes in its cask ales and premium bottled ales across the market, leading total volumes to be down 2.7 per cent.
As rising energy bills and rocky economic outlook hit the pub industry hard, Shepherd Neame said that statutory profits also took a hit, down to £4.9m from £7.4m last year in its statement to markets this morning.
Jonathan Neame, CEO of Shepherd Neame, said: “We have faced considerable inflationary challenges in the last year but these are now easing,”
“We have an excellent pub estate which has been performing in line with the best in the sector. We have a loyal customer base, a high profile within the communities we serve, and we have an ambitious investment programme ahead.”
He added: “The turmoil of the last few years is now settling and the outlook is positive. We have much to look forward to.
“The balance sheet remains strong and the business has momentum in our pipeline of investment. We are confident we have the team and skills to deliver good returns for our shareholders over the long term.”