Shepherd Neame has announced profits of £7.1m in its end of year results, down from £9.1m in 2012.
The fall in the Faversham-based brewer’s pre-tax bottom line has been put down to the £1.2m reorganisation of its warehousing and distributing operations.
Operating profits leveled at £12.7m, the same as 2012, while turnover was up 1.4% to £134.9m from £133m in 2012.
Shepherd Neame's Spitfire beer
The results for the 52 weeks to June 29 this year also show that basic earnings per £1 share were down 3.4% to 48.1p before exceptionals. It was 49.8p last year.
But shareholders will remain happy as total dividents paid per £1 share were up 2.7% to 25.15p from 24.5p.
Like for like sales were up 3.3%, with liquor up 2%, food up 5% and accommodation up 7.9%
Its average pub’s earnings were up 4% before interest, taxes, depreciation, amortization and restructuring or rent cost.
Its tenanted estate saw a decline of 1% in its earnings before the same criteria (EBITDAR).
Core brands performed strongly, including Spitfire up 2.7%; Bishops Finger up 1% and Asahi Super Dry up 9.4% on a comparable 52 week basis.
The first 10 weeks of the current financial year have seen like-for-like pub sales up by 10.2% and its EBITDAR in the tenanted estate up 1.7% to August 31.
Shepherd Neame chief executive Jonathan Neame
Chief executive Jonathan Neame said: “I am pleased to report a solid performance in difficult market conditions for the 52 weeks to 29 June 2013 and a strong start to our new financial year.
“We are encouraged by the investments we have made in our brands and our pub portfolio and the exposure our assets give us to growth areas in the market.
“We believe the business is well positioned should the early signs of economic recovery be sustained.”