Shepherd Neame, the Kent-based brewer and pub operator, has reported growth across both its pub divisions and its brewing arm for the 48 weeks to 28 May 2011.
Own beer volumes grew by 3.6%, like for like sales in managed houses were up 7.7% and average income per tenanted pub grew by 0.6%, the company revealed in a trading update released today.
“Since we last reported our performance trading has remained strong and has benefited from the recent good weather,” the company said.
At the end of May 2011, the company repaid and cancelled a further £1.25m of its £15m five year term loan that was taken out in May 2009. It means a total of £5m has been repaid and cancelled during this financial year.
Meanwhile, Shepherd Neame said a valuation of 360 pubs has revealed a surplus over book value of £68m.
“A simultaneous impairment review has also been undertaken and will lead to an exceptional charge in the 2011 Accounts of £1.9m arising on 13 pubs.”
The company said it remained “cautious” about the general state of the economy but “expects to announce performance in line with market expectations” for its results for the year to 26 June, which will be reported in October.
