Shepherd Neame
Final results for the 52 weeks to 28 June 2025
Shepherd Neame, Britain’s oldest brewer and owner and operator of 286 high quality pubs in Kent and the Southeast, today announces its results for the 52 weeks ended 28 June 2025.
Like-for-like sales in our pubs have remained strong throughout the year, and we have continued to outperform the market. The Company delivered particularly strong growth and positive momentum in H1, and from April 2025 has absorbed the impact of rising cost inflation to deliver underlying profits, up marginally on the prior year on a 52-week basis. It has been a year of good strategic progress with successful flagship investments and brand portfolio developments.
The previous financial year was a 53-week year to 29 June 2024. The figures below (except where stated) are shown on the 52-week basis for FY2025 compared with a 53-week basis for FY2024, while the full report includes figures for both years on a 52-week basis to assist comparison between the two years.
- Revenue for the year was -4.6% at £164.3m (2024: £172.3m). On a 52-week basis revenue was -2.7% at £164.3m (2024: £168.8m).
- Statutory profit before tax was -7.9% at £6.3m (2024: £6.8m).
- Underlying profit before tax[1] was -3.7% at £7.6m (2024: £7.9m). On a 52-week basis, underlying profit before tax1 was up marginally, +0.3% at £7.6m (2024: £7.6m).
- Underlying EBITDA[2] grew by +1.4% to £25.4m (2024: £25.1m).
- Basic earnings per share was 30.0p (2024: 33.0p). Underlying basic earnings per share[3] was 36.5p (2024: 37.8p).
- Continued investment in the business. £15.0m of capital expenditure (2024: £14.6m), including the acquisition of the freehold of one pub.
- Proposed full year dividends[4] of 21.50p (2024: 20.70p), an increase of +3.9%.
- Net asset value per share[5] has increased to £12.29 (2024: £12.17).
- In line with our policy to revalue our licensed estate every four years, the Company carried out a revaluation which showed a surplus over book value and net asset value of £52.6m, equivalent to £3.56 per share.
Divisional highlights:
All figures below are quoted on a 52 vs 52-week basis.
Retail like-for-like sales growth remains strong and ahead of the market (CGA RSM Hospitality Business Tracker)
| Performance2025 v 2024 | |
| Total retail LFL sales[6] | +4.4% |
| LFL drinks sales | +5.5% |
| LFL food sales | +3.0% |
| LFL accommodation sales (224 rooms) | +2.3% |
- Retail LFL sales6 inside the M25 were +7.8% (2024: +14.5%) and outside the M25 +2.9% (2024: +1.1%).
- LFL occupancy was 70% (2024: 71%) and LFL RevPAR £86 (2024: £83).
- Divisional revenue in the retail estate was £82.6m (2024: £81.1m), up +1.9%. Divisional underlying operating profit was £10.0m (2024: £9.0m), growth of +10.9%.
Tenanted estate continues to deliver robust performance
| Performance2025 v 2024 | |
| Tenanted LFL pub income[7] | +1.0% |
| Average pub income[8] | +1.2% |
- Divisional revenue in tenanted pubs was up +2.3% to £35.6m (2024: £34.9m) and divisional underlying operating profit was up +0.4% to £12.6m (2024: £12.5m).
Strong heartland on-trade performance. Successful brand launches to reposition portfolio. Continued decline in national volumes
| Performance2025 v 2024 | |
| Total beer volume[9] | -9.2% |
| Own brewed volume[10] | -11.6% |
- Divisional revenue in brewing and brands was £44.8m (2024 52 weeks: £51.8m), down -13.5%, and divisional underlying operating profit was £1.0m (2024 52 weeks: £1.5m).
Current trading: Continued strong demand in our pubs through the summer
| Performance versus 2025[11] | |
| 9 weeks to 30 August tenanted LFL pub income7 | +2.4% |
| 13 weeks to 27 September LFL retail sales6 | +3.7% |
| 13 weeks to 27 September total beer volumes9 | -8.2% |
| 13 weeks to 27 September own beer volumes10 | -12.6% |
Jonathan Neame, CEO of Shepherd Neame, said:
“Shepherd Neame is a strong business with fabulous pubs and well recognised brands. The Company has delivered a solid performance against a challenging backdrop for the sector with consistent outperformance of the market in pub trading, whilst absorbing further cost inflation, in particular in labour and logistics.
“The sector remains remarkably resilient and attractive, and still presents many opportunities. We are focused on delivering a premium experience for our customers by driving inward investment across our pubs and further developing our own brands. These actions will position the business for future growth as and when cost headwinds subside.”
Notes
[1] Profit before any profit or loss on disposal of properties, investment property fair value movements and charges which are either material or infrequent in nature and do not relate to the underlying performance.
[2] Underlying profit/(loss) before tax pre net finance costs, depreciation, amortisation, profit or loss on sale of fixed assets excluding property, and free trade loan discounts.
[3] Underlying profit less attributable taxation divided by the weighted average number of ordinary shares in issue during the period. The numbers of shares in issue excludes those held by the Company and not allocated to employees under the Share Incentive Plan which are treated as cancelled.
[4] The final dividend will be paid on 11 November to shareholders on the register at close of business on 24 October 2025. The ex-dividend date is 23 October 2025.
[5] Net assets at the reporting date divided by the number of shares in issue, being 14,767,548
50p shares.
[6] Retail like-for-like sales includes revenue from the sale of drink, food and accommodation but excludes machine income. Like-for-like sales performance is calculated against a comparable 52-week period in the prior year for pubs that were in the estate in the same period within both years.
[7] Tenanted income calculated to exclude from both years those pubs which have not been in the estate throughout the two years. The principal exclusions are pubs purchased or sold, pubs which have closed, and pubs transferred to or from our retail business. Income is calculated against a comparable 52-week period in the prior year for pubs that were trading in both periods.
[8] Pub profit before depreciation, amortisation, rent and property costs and other cost allocations.
[9] Shepherd Neame branded, licensed, third party, customer own-label and contract beer and cider sales volumes.
[10] Shepherd Neame branded, licensed, customer own-label and contract beer and cider sales volumes.