TIDMHVT
RNS Number : 8875O
Heavitree Brewery PLC
09 July 2010
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 9 July 2010
Contact: Graham Crocker - Managing Director - 01392 217733
Rod Glanville - Director and Company Secretary - 01392 217733
Pascal Keane - Shore Capital - 0207 468 7995
Following a meeting by a duly authorised committee of the Board of Directors
held today, 9 July 2010, the Directors announce the interim results for the six
months ended 30 April 2010.
Chairman's statement
This year's interim results show a satisfactory performance in what continues to
be an uncertain economic climate. Turnover has dropped considerably against
2009 but the previous half-year enjoyed extra turnover due to the associated
retail sales from the last few Managed Houses before they were returned to
tenancies. However, I am pleased to report a substantial increase in operating
profit.
RESULTS
Turnover for the Group decreased against last year by 30.76%. The Group
operating profit is GBP583,000 (2009 - GBP269,000). Profit before taxation at
the half-year is GBP519,000 (2009 - GBP387,000). It is worth noting that within
last year's pre-taxation profit figure were restructuring costs of GBP256,000
and also a book profit on asset sales (which included the sale of three houses
and a small parcel of land) totalling GBP503,000. This year no properties have
been sold.
DIVIDEND
The Directors have resolved to pay an interim dividend of 3.5p per Ordinary
Share and 'A' Limited Voting Ordinary Share (2009 - 3.5p). The dividend will be
paid on 6 August 2010 to shareholders registered on 23 July 2010.
PROSPECTS
I spoke at this year's Annual General Meeting of the period of stabilization and
consolidation following the restructuring implemented in late 2008. It is good
to report that the Company is now performing as expected and is back on an even
keel. A cautionary note needs to be repeated with reference to the state of the
economy but the support that we give to our estate of houses together with the
necessary controls effected by our operational team should continue to return a
steady performance.
N H P TUCKER
Chairman
Consolidated income statement (unaudited)
For the six months ended 30 April 2010
+--------------------------------------+------+-------------------+------------------+------------------+
| | | | | Audited |
| | | 6 | 6 | 12 |
| | | months | months | months |
| | | to | to | to |
| | | 30 | 30 | 31 |
| | | April | April | October |
| | | 2010 | 2009 | 2009 |
+--------------------------------------+------+-------------------+------------------+------------------+
| |Note | GBP' | GBP' | GBP' |
| | | 000 | 000 | 000 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Revenue | | 3,423 | 4,944 | 9,210 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Change in stocks | | - | (74) | (144) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Other operating income | | 44 | 40 | 83 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Purchase of inventories | | (1,422) | (1,866) | (3,642) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Staff Costs | | (558) | (1,305) | (2,000) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Depreciation of property, plant and | | (173) | (225) | (452) |
| equipment | | | | |
+--------------------------------------+------+-------------------+------------------+------------------+
| Other operating charges | | (731) | (1,245) | (2,009) |
+--------------------------------------+------+-------------------+------------------+------------------+
| | | (2,840) | (4,675) | (8,164) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Group operating profit | | 583 | 269 | 1,046 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Profit on disposal of non-current | | 18 | 503 | 781 |
| assets and assets held for sale | | | | |
+--------------------------------------+------+-------------------+------------------+------------------+
| Group profit before finance costs, | | 601 | 772 | 1,827 |
| taxation and restructuring costs | | | | |
+--------------------------------------+------+-------------------+------------------+------------------+
| Restructuring Costs | | | (256) | (370) |
| | | - | | |
+--------------------------------------+------+-------------------+------------------+------------------+
| Group profit before finance costs | | 601 | 516 | 1,457 |
| and taxation | | | | |
+--------------------------------------+------+-------------------+------------------+------------------+
| Finance income | | 15 | 10 | 26 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Finance costs | | (73) | (81) | (153) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Other finance costs - pensions | | (24) | (58) | (77) |
+--------------------------------------+------+-------------------+------------------+------------------+
| | | (82) | (129) | (204) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Profit before taxation | | 519 | 387 | 1,253 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Tax | | (182) | (55) | (142) |
+--------------------------------------+------+-------------------+------------------+------------------+
| Profit for the period | | 337 | 332 | 1,111 |
+--------------------------------------+------+-------------------+------------------+------------------+
| Earnings per share | 2 | | | |
| - basic | | 6.6p | 6.5p | 21.7p |
| - diluted | | 6.6p | | 21.7p |
| | | | 6.5p | |
+--------------------------------------+------+-------------------+------------------+------------------+
Consolidated statement of comprehensive income (unaudited)
For the six months ended 30 April 2010
+--------------------------------------+----+--------------------+--------------------+-------------------+
| | | | | Audited |
| | | 6 | 6 | 12months |
| | | months | months | to |
| | | to | to | 31 |
| | | 30 | 30 | October |
| | | April | April | 2009 |
| | | 2010 | 2009 | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| | | GBP' | GBP' | GBP' |
| | | 000 | 000 | 000 |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| | | | | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| Actuarial gains/(losses) on defined | | 83 | (400) | (1,456) |
| benefit pension plan | | (7) | (12) | (8) |
| Fair Value Adjustment | | 6 | 7 | 13 |
| Share Based payment | | 82 | (405) | (1,451) |
| | | | | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| Tax on items taken directly to or | | (22) | 112 | 410 |
| transferred from equity | | | | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| Net income/(expense) recognised | | 60 | (293) | (1,041) |
| directly in equity | | | | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| Profit for the period | | 337 | 332 | 1,111 |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| Total comprehensive income for the | | 397 | 39 | 70 |
| period | | | | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
| | | | | |
+--------------------------------------+----+--------------------+--------------------+-------------------+
Dividends
The Directors declare an interim dividend of 3.5p per share (2009 - 3.5p) on the
Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 6
August 2010 to shareholders on the register at 23 July 2010.
Consolidated balance sheet (unaudited)
at 30 April 2010
+---------------------------------------+----+-----------------+--------------------+-------------------+
| | | | | Audited |
| | | 30 | 30 | 31 |
| | | April | April | October |
| | | 2010 | 2009 | 2009 |
| | | GBP' | GBP' | GBP'000 |
| | | 000 | 000 | |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Non-current assets | | | | |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Property, plant and equipment | | 13,878 | 14,521 | 13,683 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Financial assets | | 42 | 46 | 50 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Deferred tax asset | | 426 | 389 | 598 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| | | 14,346 | 14,956 | 14,331 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Current assets | | | | |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Trade and other receivables | | 2,115 | 1,901 | 1,668 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Inventories | | 19 | 89 | 19 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Cash and short-term deposits | | 151 | 574 | 521 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Assets held for sale | | | 285 | |
| | | - | | - |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| | | 2,285 | 2,849 | 2,208 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Total assets | | 16,631 | 17,805 | 16,539 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Current liabilities | | | | |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Trade and other payables | | (931) | (1,430) | (915) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Financial liabilities | | (1,315) | (6,181) | - |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Income tax payable | | (115) | (142) | (77) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| | | (2,361) | (7,753) | (992) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Non-current liabilities | | | | |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Other payables | | (322) | (265) | (272) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Financial liabilities | | (4,011) | (11) | (5,011) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Deferred tax liabilities | | (248) | (368) | (261) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Defined benefit pension plan | | (1,522) | (1,343) | (2,088) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| | | (6,103) | (1,987) | (7,632) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Total liabilities | | (8,464) | (9,740) | (8,624) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Net assets | | 8,167 | 8,065 | 7,915 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Capital and reserves | | | | |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Equity share capital | | 264 | 264 | 264 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Capital redemption reserve | | 673 | 673 | 673 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Treasury shares | | (814) | (994) | (994) |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Fair value adjustments reserve | | 23 | 26 | 30 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Currency translation | | 3 | 3 | 3 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Retained earnings | | 8,018 | 8,093 | 7,939 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
| Total equity | | 8,167 | 8,065 | 7,915 |
+---------------------------------------+----+-----------------+--------------------+-------------------+
Group statement of cash flows (unaudited)
for the six months ended 30 April 2010
+--------------------------------------+----+----------------------+------------------+------------------+
| | | | | Audited |
| | | 6 | 6 | 12months |
| | | months | months | to |
| | | to | to | 31 |
| | | 30 | 30 | October |
| | | April | April | 2009 |
| | | 2010 | 2009 | |
+--------------------------------------+----+----------------------+------------------+------------------+
| | | GBP' | GBP' | GBP' |
| | | 000 | 000 | 000 |
+--------------------------------------+----+----------------------+------------------+------------------+
| Profit for the period | | 337 | 332 | 1,111 |
| Tax | | 182 | 55 | 142 |
| Net finance costs | | 82 | 129 | 204 |
+--------------------------------------+----+----------------------+------------------+------------------+
| Profit on disposal of non-current | | (18) | (503) | (781) |
| assets and assets held for sale | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Depreciation and impairment of | | 173 | 225 | 452 |
| property, plant and equipment | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Share based payments | | 6 | 7 | 13 |
+--------------------------------------+----+----------------------+------------------+------------------+
| Decrease in inventories | | - | 74 | 144 |
+--------------------------------------+----+----------------------+------------------+------------------+
| (Increase)/Decrease in trade and | | (447) | (105) | 129 |
| other receivables | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Increase/(Decrease) in trade and | | 66 | (118) | (626) |
| other payables | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Net pension charge | | (507) | (120) | (450) |
+--------------------------------------+----+----------------------+------------------+------------------+
| Cash generated from operations | | (126) | (24) | 338 |
+--------------------------------------+----+----------------------+------------------+------------------+
| Income taxes paid | | (5) | | (169) |
| | | | - | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Net cash (outflow)/inflow from | | (131) | (24) | 169 |
| operating activities | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| | | | | |
| Investing activities | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Interest received | | 15 | 10 | 26 |
+--------------------------------------+----+----------------------+------------------+------------------+
| Proceeds from sale of property, | | 67 | 1,224 | 2,184 |
| plant and equipment and assets held | | | | |
| for sale | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Payments to acquire property, plant | | (417) | (273) | (61) |
| and equipment | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Net cash (outflow)/inflow from | | (335) | 961 | 2,149 |
| investing activities | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Financing activities | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Interest paid | | (73) | (81) | (153) |
+--------------------------------------+----+----------------------+------------------+------------------+
| Preference dividend paid | | (1) | (1) | (1) |
+--------------------------------------+----+----------------------+------------------+------------------+
| Equity dividends paid | | (179) | (356) | (537) |
+--------------------------------------+----+----------------------+------------------+------------------+
| Consideration received by EBT on | | 44 | 49 | 49 |
| sale of shares | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Consideration paid by EBT on | | (10) | - | - |
| purchase of shares | | | | |
| | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Movement in long term borrowing | | (1,000) | | 5,000 |
| | | | - | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Net cash (outflow)/inflow from | | (1,219) | (389) | 4,358 |
| financing activities | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| (Decrease)/increase in cash and cash | | (1,685) | 548 | 6,676 |
| equivalents | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Cash and cash equivalents at the | | 521 | (6,155) | (6,155) |
| beginning of the period | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
| Cash and cash equivalents at the | | (1,164) | (5,607) | 521 |
| period end. | | | | |
+--------------------------------------+----+----------------------+------------------+------------------+
Group reconciliation of movements in equity (unaudited)
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| 6 months | Equity | Capital | | Fair | | | |
| to | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| 30 April | share |redemption |Treasury | value | Currency |Retained | Total |
| 2010 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| |capital | reserve | shares |adjustment |translation |earnings |equity |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | GBP' | GBP' | GBP' | GBP' | GBP' | GBP' | GBP' |
| | 000 | 000 | 000 | 000 | 000 | 000 | 000 |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| At 1 | 264 | 673 | (994) | 30 | 3 | 7,939 | 7,915 |
| November | | | | | | | |
| 2009 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Total | | | | | | | |
| comprehensive | | | | | | | |
| income | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| for the | - | - | - | (7) | - | 404 | 397 |
| period | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Consideration | | | | | | | |
| Paid | | | | | | | |
| By EBT on | | | | | | | |
| Purchase of | - | - | (10) | - | - | - | (10) |
| shares | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Consideration | | | | | | | |
| received | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| by EBT on | | | | | | | |
| sale of | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| shares | - | - | 44 | - | - | - | 44 |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Gain by | | | | | | | |
| EBT on | | | | | | | |
| sale | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| of shares | - | - | 146 | - | - | (146) | - |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Equity | - | - | - | - | - | (179) | (179) |
| dividend | | | | | | | |
| paid | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| At 30 | 264 | 673 | (814) | 23 | 3 | 8,018 | 8,167 |
| April | | | | | | | |
| 2010 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| 6 months | Equity | Capital | | Fair | | | |
| to | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| 30 April | share |redemption |Treasury | value | Currency |Retained | Total |
| 2009 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| |capital | reserve | shares |adjustment |translation |earnings |equity |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | GBP' | GBP' | GBP' | GBP' | GBP' | GBP' | GBP' |
| | 000 | 000 | 000 | 000 | 000 | 000 | 000 |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| At 1 | 264 | 673 | (1,248) | 38 | 3 | 8,603 | 8,333 |
| November | | | | | | | |
| 2008 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Total | | | | | | | |
| comprehensive | | | | | | | |
| income | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| for the | - | - | - | (12) | - | 51 | 39 |
| period | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Consideration | | | | | | | |
| received by | | | | | | | |
| EBT on sale | - | - | 49 | - | - | - | 49 |
| of shares | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Gain by | - | - | 205 | - | - | (205) | - |
| EBT on | | | | | | | |
| sale of | | | | | | | |
| shares | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Equity | - | - | - | - | - | (356) | (356) |
| dividend | | | | | | | |
| paid | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| At 30 | 264 | 673 | (994) | 26 | 3 | 8,093 | 8,065 |
| April | | | | | | | |
| 2009 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| 12 months | Equity | Capital | | Fair | | | |
| to | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| 31 | share |redemption |Treasury | value | Currency |Retained | Total |
| October | | | | | | | |
| 2009 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Audited |capital | reserve | shares |adjustment |translation |earnings |equity |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | GBP' | GBP' | GBP' | GBP' | GBP' | GBP' | GBP' |
| | 000 | 000 | 000 | 000 | 000 | 000 | 000 |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| At 1 | 264 | 673 | (1,248) | 38 | 3 | 8,603 | 8,333 |
| November | | | | | | | |
| 2008 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Total | | | | | | | |
| comprehensive | | | | | | | |
| income | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| for the | - | - | - | (8) | - | 78 | 70 |
| period | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Consideration | | | | | | | |
| received by | | | | | | | |
| EBT on sale | - | - | 49 | - | - | - | 49 |
| of shares | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Loss by | - | - | 205 | - | - | (205) | - |
| EBT on | | | | | | | |
| sale of | | | | | | | |
| shares | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| Equity | - | - | - | - | - | (537) | (537) |
| dividend | | | | | | | |
| paid | | | | | | | |
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| At 31 | 264 | 673 | (994) | 30 | 3 | 7,939 | 7,915 |
| October | | | | | | | |
| 2009 | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
| | | | | | | | |
+---------------+---------+------------+----------+------------+-------------+----------+--------+
Equity share capital
The balance classified as share capital includes the total net proceeds (both
nominal value and share premium) on issue of the Company's equity share capital,
comprising 5p Ordinary and 'A' Limited Voting Ordinary Shares.
Treasury shares
Treasury shares represent the cost of The Heavitree Brewery PLC shares purchased
in the market and held by The Heavitree Brewery PLC Employee Benefit Trust
('EBT').
Notes to the interim results
1. Basis of preparation
These unaudited interim condensed and consolidated financial statements do not
constitute statutory accounts within the meaning of section 435 of the Companies
Act 2006. They have been prepared on the basis of the accounting policies that
were complied with in the annual financial statements for the year ended 31
October 2009. The accounting policies are drawn up in accordance with
International Accounting Standards (IAS) and International Financial Reporting
Standards (IFRS) as issued by the International Accounting Standards Board.
IAS 1 (revised) 'Presentation of financial statements' is mandatory for
accounting periods commencing from 1 January 2009. The interim financial
statements have been prepared under the revised disclosure requirements.
These unaudited financial statements were approved and authorised for issue by a
duly appointed and authorised committee of the Board of Directors on 9 July
2010.
2. Basic and diluted earnings per share
The calculation of basic earnings per Ordinary Share is based on earnings of
GBP337,000 (2009: GBP332,000), being profit after taxation for the period, and
on 5,130,189 (2009: 5,102,365) shares being the weighted average number of
Ordinary and 'A' Limited Voting Ordinary Shares in issue during the period after
excluding the shares owned by The Heavitree Brewery PLC Employee Benefits Trust
and those shares under option pursuant to the Employee Share Option Scheme.
Employee share options could potentially dilute basic earnings per share in the
future but are not included in the interim calculation of dilutive earnings per
share because they are antidilutive for the period presented. The Ordinary
Shares and the 'A' Limited Voting Ordinary Shares have equal dividend rights and
therefore no separate calculation of earnings per share for the different
classes has been given.
3. Segment information
Primary reporting format - Business segments
The primary segmental reporting format is determined to be business segments as
the Group's risks and rates of return are affected predominantly by differences
in the products and services provided.
After the Group's restructure it no longer operates in two business segments, it
now only operates a leased estate. Leased estate represents properties which
are leased to tenants to operate independently from the Group.
+-------------+---------+---------------+---------+---------------+---------+---------------+
| | 6 months to | 6 months to | Audited |
| | 30 April 2010 | 30 April 2009 | 12 months to |
| | | | 31 October |
| | | | 2009 |
+-------------+-------------------------+-------------------------+-------------------------+
| | Revenue | Profit/(loss) | Revenue | Profit/(loss) | Revenue | Profit/(loss) |
| | GBP' | GBP' 000 | GBP' | GBP' 000 | GBP' | GBP' 000 |
| | 000 | | 000 | | 000 | |
+-------------+---------+---------------+---------+---------------+---------+---------------+
| Leased | 3,423 | 501 | 3,448 | 163 | 7,415 | 981 |
+-------------+---------+---------------+---------+---------------+---------+---------------+
| Managed | - | - | 1,806 | (150) | 2,152 | (382) |
+-------------+---------+---------------+---------+---------------+---------+---------------+
| Intra | - | - | (310) | - | (357) | - |
| group | | | | | | |
| sales | | | | | | |
+-------------+---------+---------------+---------+---------------+---------+---------------+
| Common | - | - | - | (129) | - | (127) |
| Costs | | | | | | |
+-------------+---------+---------------+---------+---------------+---------+---------------+
| Sale of | - | 18 | - | 503 | - | 781 |
| non-current | | | | | | |
| assets | | | | | | |
+-------------+---------+---------------+---------+---------------+---------+---------------+
| | 3,423 | 519 | 4,944 | 387 | 9,210 | 1,253 |
+-------------+---------+---------------+---------+---------------+---------+---------------+
4. Interim report
Copies of this announcement are available from the Company at Trood Lane,
Matford, Exeter EX2 8YP. The Company's interim report for the six months ended
30 April 2010 has been posted to shareholders today and will be available on our
website at www.heavitreebrewery.co.uk.
ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares
ISIN: GB0004182506 for Ordinary Shares
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KQLBBBDFEBBB
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