Bishops Finger brewer posts a rise in profits

Bishops Finger brewer and pub company Shepherd Neame has released solid full-year figures showing profit and turnover up.

With 369 pubs in the South-east, the majority of which are run as tenancies, turnover increased by 1.1% in the 12 months to 25 June to £91.4m (2004: £90.3m).

Pre-tax profit climbed 6.1% to £9.9m, compared with £9.3m last year.

The company completed the licensing application process by the 6 August conversion deadline at a cost of £227,000, opting for a few extra hours at weekends at the majority of its pubs.

And during the year it refinanced its £37.5m of debt to make its future interest payments cheaper.

Chairman Robert Neame, who will step down later this month to be replaced by Miles Templeman, said: “The results reflect a solid performance in a difficult market with strong growth in profit before tax.”

Neame will continue as a non-executive director of the company until June 2006. After this time he will become company president.

By Chris Druce

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