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Wed 23rd Sep 2015 - Results: Shepherd Neame and Richoux Group
Shepherd Neame reports 9.4% increase in profit before tax: Shepherd Neame, Britain’s oldest brewer, has reported a 9.4% increase in profit before tax and exceptional items to £9.6m for the 52 weeks ended 27 June 2015. Turnover was down 0.3% to £138.3m (2014: £138.7m) as it concluded the phased exit from contract brewing. Operating profit before exceptionals up +5.1% at £14.1m (2014: £13.4m). Like-for-like managed pub and hotel sales were up +6.1%, with liquor up +4.3%, food up +7.0% and accommodation up +13.8%. Average Ebitdar per managed rose +7.1% and like-for-like tenanted Ebitdar up +2.4%. Its core own and licensed beer volumes (excluding contract brewing) were up +0.1%: with strong growth from the Whitstable Bay range and Samuel Adams Boston Lager. In the ten weeks to 5 September, like-for-like sales in managed pubs and hotels are up +6.5% and like-for-like Ebitdar from tenanted pubs to 29 August is up +1.8%. Core own and licensed beer volumes (excluding contract brewing) to 5 September up +8.6%. Chief executive Jonathan Neame said: “This has been a successful year for the Company with positive evolution of our strategy and a strong financial performance. We have built a high-quality asset base over a long period of time and this year have made a number of exciting new additions to our beer and pub portfolios. Whilst the industry remains very competitive we are confident that we have a robust strategic, geographic and financial base from which to continue to grow.”

Richoux Group reports turnover and profit up: Richoux Group, operator of Richoux, Dean’s Diner and Villagio restaurants, has reported turnover up 0.3% to £6.7m in the 28 week period ending 12 July 2015. Adjusted Ebitda increased 1.1% to £0.79 million (2014: £0.78 million). Profit after tax increased 101.3% to £0.32 million (2014: £0.16 million). It has 19 restaurants trading and one new Dean’s Diner and one new Richoux opened. The company has cash of £4.40 million at period end. (2014: £3.13 million). Philip Shotter, chairman of Richoux Group, said: “We are pleased to announce another solid set of results. Towards the end of the period we opened our seventh Dean’s Diner site at Hempstead Valley in Kent which is trading well. An eighth Dean’s Diner site in Orpington will be opened before the end of the financial year. Last month we also opened our fifth Richoux site in the Gloucester Arcade, Gloucester Road, London. This is the first Richoux opening for a number of years and we are delighted with the way that we have been able to capture the look and feel of the other Richoux restaurants in what is effectively a newly constructed unit. The early signs of trading from the restaurant are promising. We hope to build on the solid start to the year over the remainder of the year. We are continuing to expand the Dean’s Diner portfolio and are actively looking to add to the two opening already secured for next year. The new Richoux site in Gloucester Road has also demonstrated that there is scope for further openings of this brand but only where the appropriate geographic locations and sites can be identified.”

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