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Shepherd Neame Ltd on Wednesday said it was pleased to return to profit but expects high costs to continue in the short term.
For the financial year that ended June 25, the Faversham, Kent-based brewer and pub operator reported pretax profit of £7.4 million, swung from a loss of £16.4 million.
Revenue increased by 74% to £151.5 million from £86.9 million.
Like-for-like accommodation sales were up 25% from 2019, meaning pre-pandemic, although overall accommodation sales were slightly lower than last year, which Shepherd Neame attributed to Briton's taking overseas holidays once again.
Widespread cost inflation and much higher energy costs will continue to add ‘a new dimension of complexity’ to management decisions in the following year, the company warned, however.
Chief Executive Jonathan Neame said he was proud of the way the business rebounded from the difficulties of the Covid-19 pandemic and remained confident in Shepherd Neame's ability to weather ‘inflationary pressures’.
Although the road to full recovery was likely to take ‘slightly longer than originally anticipated’, Neame said he believes in the strength of the business.
Shepherd Neame declared a final dividend of 15.00 pence per share, which combined with interim dividend makes a total of 18.50p for 2022, up from nothing paid last year.
Shepherd Neame shares traded at 663.00 pence on Aquis Stock Exchange in London on Wednesday morning. A year ago it was quoted at 895.00p.
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