The performance compared to a 7.5% rise in 2013. Wet sales were up 4.9%, food 7.8% and accommodation 14.5%.
Tenanted like-for-like EBITDAR was up 3.4% (2013: +1.5%) and average EBITDAR per pub up 4% (2013: +4.4%).
Turnover was up 1.5% to £73.5m (2013: £72.5m) and operating profit before exceptionals + 4.2% to £7.1m (2013: £6.8m). Statutory profit before tax rose 22.7% to £5m (2013: £4.1m)
Executive chairman Jonathan Neame said: “I am pleased to report strong trading across the business, particularly in our inns and hotels, and good like-for-like performance in the tenanted estate. There has been a higher quality mix of pub revenues and greater share of own beer volume and it is pleasing to note that operating margin before exceptional items increased by 0.3% in the period. We are pursuing a consistent long-term strategy to build the quality of our pub portfolio and brand assets.”
In the half year Shepherd Neame sold 146,000 brewers’ barrels of beer (42m pints) including 127,000 brewers’ barrels of own brewed beer (36.6m pints). The majority of these sales were made in the UK although the Company also exports to more than 35 countries including Sweden, Italy, Ireland, the United States and Canada.