Trading Update and Annual General Meeting
Since our last update on
Reopening our estate required the development of new ways of working, significant staff training and the introduction of extensive protective measures for staff and to ensure that our pubs are Covid - secure. Our licensees and team members have adapted to the new ways of working magnificently and immense gratitude is due for their enthusiasm and determination during a very difficult period.
Our new financial year started on 28 June. In the thirteen weeks since 4 July when pubs were allowed to reopen, the business has been profitable and cash generative.
Net debt at the year end was
Like-for-like sales in those 64 Managed Pubs and Hotels that were open for this period were down -7.9%. Our coastal and destination sites have performed well and food and accommodation sales have been strong but our city centre and
For the thirteen weeks to 26 September, we achieved 73% of prior year
Own Brand Beer and Cider volumes since the start of the new financial year are -1.9% versus last year.
We anticipate that trading during the winter months will be challenging as the new restrictions, such as the rule of six and
Results for the year ending
As highlighted previously, the AGM format this year will be constrained by Covid restrictions and guidelines. The results presentation will be posted online on the day of the results announcement. Shareholders will be invited to ask questions via a company email address and the answers to those questions will be posted online together with the shareholder voting results after the AGM. We regret that shareholders will not be able to attend in person. Further details will be communicated in the Notice of Meeting in due course.
Shepherd Neame Tel: 01795 532206
Jonathan Neame, Chief Executive
Mark Rider, Finance and IT Director
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