Shepherd Neame says sales growth strong, chair prepares to step down

Shepherd Neame Ltd on Wednesday announced the pending departure of Chair Richard Oldfield, and named his successor, as well as forecasting full-year profit "in line with expectations".

The Faversham, Kent-based brewer and pub operator said like-for-like sales growth remained strong "across our pubs" during the year ended June 27, with retail LFL sales rising 3.8%.

Tenanted pub income on an LFL basis rose 2.7%, Shepherd Neame said, showing a "robust performance".

Own beer volumes in Shepherd Neame's Retail and Tenanted pubs increased 3.5% and 5.1%, respectively, with LFL beer volume in Retail pubs rising 2.5%. However, total beer volume fell 5.4%, while own beer volume fell 9.6%.

Shepherd Neame said it expects full year profit to be in line with expectations.

"The new financial year has started well, with strong trading in early July, boosted by the weather," the company added.

Also, Shepherd Neame announced that Oldfield will retire as chair and a director after its annual general meeting, which is scheduled for October 30. He has been chair for six years and spent a decade as one of the firm's directors.

Shepherd Neame said that on the same date, Jonathan Neame will succeed Oldfield as executive chair, while Chief Financial Officer Mark Rider will be made managing director.

Shepherd Neame expects to appoint a new finance director within the year ending in June, until which time Rider will remain responsible for the Finance department.

"In a business such as Shepherd Neame, continuity is an important factor which has served the company well in its 300-year history and we are fortunate to have the combination of two highly qualified individuals to steer the company forward," Oldfield commented.

Shepherd Neame shares traded 0.8% higher at 489.00 pence on London's Aquis exchange on Wednesday afternoon.

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