Pub group Shepherd Neame said on Wednesday that it swung to a full-year profit as sales bounced back.
In the year to 25 June, the company swung to a statutory pre-tax profit of £7.4m from a loss of £16.4m the year before, while earnings before interest, taxes, depreciation and amortisation grew to £23.4m from £7.7m.
Revenue jumped 74% to £151.5m, with Shepherd Neame noting that the prior year was significantly impacted by the Covid-19 pandemic.
Total retail like-for-like sales were down 8% versus 2019 but 130% higher compared to 2021, with footfall outside London near normal and strong in the company’s coastal estate.
Chief executive officer Jonathan Neame said: “Shepherd Neame has rebounded well from the challenges of the last two years – a testament to the strength of the business model and depth of talent across the business.
“The company has strengthened its balance sheet through tight cash management and net debt reduction and continues to evolve operationally to meet changes in the market.
“Our business is in good shape and has traded well through the summer. Whilst we are cautious about the winter ahead and the inflationary environment, we retain an optimistic view for the business and continue to seek investment and acquisition opportunities for the long term.”
