TIDMHVT
RNS Number : 8687J
Heavitree Brewery PLC
07 July 2011
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 7 July 2011
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, 7 July 2011, the Directors announce the
interim results for the six months ended 30 April 2011.
Chairman's statement
Revenue has recovered well after the adverse effects of the
particularly harsh weather conditions which were felt during the
Christmas and New Year trading period and I am pleased to report
that the Company has enjoyed a steady performance for the first six
months of the current trading year. As a means of offering support
to our tenants, suppliers' New Year price increases, together with
the Duty increase, announced in the Chancellor's March Budget, were
not passed on until mid-April. Gross margins were consequently
diminished over this period. This will also have had an effect on
turnover for the first half of the year.
RESULTS
The Group operating profit is GBP558,000 (2010 - GBP583,000)
with turnover showing a small drop of GBP18,000 against the
previous year, a fall of 0.5%. After allowing for an additional
finance cost of GBP31,000 in respect of the FRS 17 calculation
relating to our closed final salary Pension Scheme, the Group
profit before taxation is GBP450,000 (2010 - GBP519,000).
DIVIDEND
The Directors have resolved to pay an interim dividend of 3.5p
per Ordinary Share and 'A' Limited Voting Ordinary Share (2010 -
3.5p). The dividend will be paid on 5 August 2011 to shareholders
on the Register at the close of business on 22 July 2011.
PROSPECTS
Trading conditions remain testing across all sectors of the
wider economy and the pub industry must fight wisely for its share
of the retail spend against this backdrop. We believe the continued
support we offer to our tenants together with a focussed and
time-managed investment in our estate can only help in this regard.
The success of our pubs has always been and will continue to be
mutually beneficial to both the Company and our tenants.
N H P TUCKER
Chairman
Consolidated income statement (unaudited)
For the six months ended 30 April 2011
Audited
6 months 6 months 12 months
to to to
30 April 30 April 31 October
2011 2010 2010
Note GBP' 000 GBP' 000 GBP' 000
Revenue 3,405 3,423 7,388
Change in stocks - - (9)
Other operating income 49 44 91
Purchase of inventories (1,433) (1,422) (3,141)
Staff Costs (561) (558) (1,197)
Depreciation of property, plant and
equipment (200) (173) (272)
Other operating charges (702) (731) (1,433)
(2,847) (2,840) (5,961)
Group operating profit 558 583 1,427
Profit on disposal of non-current
assets and assets held for sale 10 18 32
Group profit before finance costs
and taxation 568 601 1,459
Finance income 16 15 35
Finance costs (79) (73) (141)
Other finance costs-pensions (55) (24) (128)
(118) (82) (234)
Profit before taxation 450 519 1,225
Tax (expense) (182) (182) (368)
Profit for the period 268 337 857
Earnings per share 2 5.2p 6.6p 16.7p
- basic 5.2p 6.6p 16.7p
- diluted
Consolidated statement of comprehensive income (unaudited)
For the six months ended 30 April 2011
Audited
6 months 6 months 12months
to to to
30 April 30 April 31 October
2011 2010 2010
GBP' 000 GBP' 000 GBP' 000
Actuarial gains/(losses) on defined
benefit pension plans 25 83 (93)
Fair Value Adjustment (9) (7) -
Exchange difference on retranslation - - 3
of subsidiary 16 76 (90)
Tax on items taken directly to or
transferred from equity (9) (22) 26
Net income/(expense) recognised
directly in equity 7 54 (64)
Profit for the period 268 337 857
Total comprehensive income for the
period 275 391 793
Dividends
The Directors declare an interim dividend of 3.5p per share
(2010 - 3.5p) on the Ordinary and 'A' Limited Voting Ordinary
Shares. This dividend will be paid on 5 August 2011 to shareholders
on the register at 22 July 2011.
Consolidated balance sheet (unaudited)
at 30 April 2011
Audited
30 April 30 April 31 October
2011 2010 2010
GBP' 000 GBP' 000 GBP'000
Non-current assets
Property, plant and equipment 14,624 13,878 14,070
Financial assets 41 42 50
Deferred tax asset 345 426 505
15,010 14,346 14,625
Current assets
Trade and other receivables 1,763 2,115 1,444
Inventories 10 19 10
Cash and short-term deposits 204 151 216
Assets held for sale - - -
1,977 2,285 1,670
Total assets 16,987 16,631 16,295
Current liabilities
Trade and other payables (807) (931) (709)
Financial liabilities (1,513) (1,315) (558)
Income tax payable (274) (115) (248)
(2,594) (2,361) (1,515)
Non-current liabilities
Other payables (303) (322) (319)
Financial liabilities (4,011) (4,011) (4,011)
Deferred tax liabilities (265) (248) (265)
Defined benefit pension plan (1,325) (1,522) (1,802)
(5,904) (6,103) (6,397)
Total liabilities (8,498) (8,464) (7,912)
Net assets 8,489 8,167 8,383
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (680) (814) (826)
Fair value adjustments reserve 21 23 30
Currency translation 6 3 6
Retained earnings 8,205 8,018 8,236
Total equity 8,489 8,167 8,383
Group statement of cash flows (unaudited)
for the six months ended 30 April 2011
Audited
6 months 6 months 12months
to to to
30 April 30 April 31 October
2011 2010 2010
GBP' 000 GBP' 000 GBP' 000
Profit for the period 268 337 857
Tax 182 182 368
Net finance costs 118 82 234
Profit on disposal of non-current
assets and assets held for sale (10) (18) (32)
Depreciation and impairment of
property, plant and equipment 200 173 272
Share based payments - 6 11
Decrease in inventories - - 9
(Increase)/Decrease in trade and
other receivables (319) (447) 224
Increase/(Decrease) in trade and
other payables 82 66 (158)
Net pension charge (507) (507) (507)
Cash generated from operations 14 (126) 1,278
Income taxes paid (4) (5) (78)
Net cash inflow/(outflow) from
operating activities 10 (131) 1,200
Investing activities
Interest received 16 15 35
Proceeds from sale of property, plant
and equipment and assets held for
sale 24 67 91
Payments to acquire property, plant
and equipment (768) (417) (718)
Net cash outflow from investing
activities (728) (335) (592)
Financing activities
Interest paid (79) (73) (141)
Preference dividend paid (1) (1) (1)
Equity dividends paid (179) (179) (359)
Consideration received by EBT on
sale of shares 43 44 44
Consideration paid by EBT on purchase
of shares (33) (10) (22)
Repayment of loans from directors - - 8
Movement in long term borrowing - (1,000) (1,000)
Net cash outflow from financing
activities (249) (1,219) (1,471)
Decrease in cash and cash equivalents (967) (1,685) (863)
Cash and cash equivalents at the
beginning of the period (342) 521 521
Cash and cash equivalents at the
period end. (1,309) (1,164) (342)
Group reconciliation of movements in equity (unaudited)
6 months
to Equity Capital Fair
30 April
2011 share redemption Treasury value Currency Retained Total
capital reserve shares adjustment translation earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000
At 1November
2010 264 673 (826) 30 6 8,236 8,383
Total
comprehensive
income
for the period - - - (9) - 284 275
Consideration
paid
by EBT on
purchase
of shares - - (33) - - - (33)
Consideration
received
by EBT on
sale of
shares - - 43 - - - 43
Gain by EBT
on sale
of shares - - 136 - - (136) -
Equity
dividend
paid - - - - - (179) (179)
At 30 April
2011 264 673 (680) 21 6 8,205 8,489
-------- ----------- --------- ----------- ------------ --------- -------
6 months
to Equity Capital Fair
30 April
2010 share redemption Treasury value Currency Retained Total
capital reserve shares adjustment translation earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000
At 1 November
2009 264 673 (994) 30 3 7,939 7,915
Total
comprehensive
income
for the period - - - (7) - 398 391
Consideration
paid by EBT
on purchase
of shares - - (10) - - - (10)
Consideration
received by
EBT on sale
of shares - - 44 - - - 44
Gain by EBT
on sale of
shares - - 146 - - (146) -
Share based
payment - - - - - 6 6
Equity
dividend
paid - - - - - (179) (179)
At 30 April
2010 264 673 (814) 23 3 8,018 8,167
-------- ----------- --------- ----------- ------------ --------- -------
12 months
to Equity Capital Fair
31 October
2010 share redemption Treasury value Currency Retained Total
Audited capital reserve shares adjustment translation earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000
At 1 November
2009 264 673 (994) 30 3 7,939 7,915
Total
comprehensive
income
for the period - - - - 3 790 793
Consideration
paid by EBT
on purchase
of shares - - (22) - - - (22)
Consideration
received by
EBT on sale
of shares - - 44 - - - 44
Loss by EBT
on sale of
shares - - 146 - - (146) -
Share based
payment - - - - - 12 12
Equity
dividend
paid - - - - - (359) (359)
At 31 October
2010 264 673 (826) 30 6 8,236 8,383
-------- ----------- --------- ----------- ------------ --------- -------
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 2010.
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.
These unaudited financial statements were approved and
authorised for issue by a duly appointed and authorised committee
of the Board of Directors on 7 July 2011.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on
earnings of GBP268,000 (2010: GBP337,000), being profit after
taxation for the period, and on 5,142,671 (2010: 5,130,189) 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 Groups 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.
Audited
6 months to 6 months to 12 months to
30 April 2011 30 April 2010 31 October 2010
Revenue Revenue Revenue
GBP' Profit/(loss) GBP' Profit/(loss) GBP' Profit/(loss)
000 GBP' 000 000 GBP' 000 000 GBP' 000
Leased 3,405 440 3,423 501 7,388 1,193
Sale of
non-current
assets - 10 - 18 - 32
-------- -------------- -------- -------------- -------- --------------
3,405 450 3,423 519 7,388 1,225
-------- -------------- -------- -------------- -------- --------------
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 2011 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
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