UK: Britain’s oldest brewer and pub operator, Kent-based, Shepherd Neame, announced on October 6 its results for the 52 weeks ended 26 June 2004, its 29th consecutive year of profit growth. Highlights include: Turnover up 6.9% to £90.3 million. Operating profit (before exceptionals) up 9.6% to £12 million. Pre-tax profit (before exceptionals) up 8.7% to £9 million. Earnings per £1 share (excluding exceptionals) up 15.8% to 50.7p. Dividends per £1 share up 8% to 17.6p. Managed houses like for like sales up 7.1%. Total beer sales up 5.1%. Continued growth in Spitfire - up 10.2%. Current value of property estate £25m above book value.

Bobby Neame, Chairman, commented: "These are excellent results. The company has performed well across all its operations - in brewing, in managed houses and in tenanted pubs. We strongly believe that being a vertically integrated brewer produces a sustainable level of profit and an appropriate balance of risks. We have a firm base for the future and a proven and successful strategy with which to move forward."

Jonathan Neame, Chief Executive, added: "Trading during the summer has been more difficult than last year. However, this has been a year of major investment - in the brewery, in the pubs and in our brands. We have built a strong platform for the future and remain confident that we are in great shape for continued profitable growth."

10 October, 2004