Heavitree Brewery PLC Half Yearly Report (0511I)
June 28 2013 - 11:00AM
UK Regulatory
TIDMHVT
RNS Number : 0511I
Heavitree Brewery PLC
28 June 2013
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 28 June 2013
Contact: Graham Crocker - Managing Director - 01392 217733
Nicola McLean - 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, 28 June 2013, the Directors announce the
interim results for the six months ended 30 April 2013.
Chairman's statement
I am pleased to report that, helped by the good control of
general costs, operating profit for the six months ended 30 April
2013 has improved by 11.7% over last year. This was despite
turnover being down 3.5% in the period due, in part, to a drop in
rental income as a result of two houses being closed for capital
investment and two other houses being marketed for sale. Also,
revenue has been affected by a drop in gaming machine income which
we believe may be as a result of the increased popularity of the
new style of machines in betting shops.
RESULTS
The Group operating profit is GBP541,000 (2012 - GBP484,000) an
increase of 11.7% on last year. After allowing for finance costs of
GBP143,000 which includes GBP40,000 in respect of the IAS 19
calculation referring to the closed final salary Pension Scheme
(2012 GBP132,000 and GBP37,000 respectively), the Group profit
before taxation is GBP398,000 (2012 - GBP352,000).
DIVIDEND
The Directors have resolved to pay an interim dividend of 3.5p
per Ordinary Share and 'A' Limited Voting Ordinary Share (2012 -
3.5p). The dividend will be paid on 2(nd) August 2013 to
shareholders on the Register at the close of business on 19th July
2013.
PROSPECTS
It remains a challenging time to trade Public Houses and once
again the adverse weather conditions and in particular the flooding
in the region at the start of the year has not helped many of our
Tenants. It is very much to the credit of those who were flooded
that they only lost in total two days of actual trading.
The Group operating profit at the end of the six months' period
is encouraging and we hope for another steady performance in the
second half of the year.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2013
6 months 6 months Audited
to to 12 months
30 April 30 April to
2013 2012 31 October
2012
Note GBP' 000 GBP' 000 GBP' 000
Revenue 3,266 3,383 7,268
Change in stocks - - -
Other operating income 80 58 144
Purchase of inventories (1,353) (1,405) (3,097)
Staff Costs (501) (573) (1,211)
Depreciation of property, plant and
equipment (127) (181) (293)
Other operating charges (824) (798) (1,566)
(2,725) (2,899) (6,023)
Group operating profit 541 484 1,245
Profit on disposal of non-current
assets and assets held for sale - - (121)
Group profit before finance costs
and taxation 541 484 1,124
Finance income 11 14 26
Finance costs (114) (109) (168)
Other finance costs-pensions (40) (37) (55)
(143) (132) (197)
Profit before taxation 398 352 927
Tax (expense) (118) (131) (296)
Profit for the period 280 221 631
Earnings per share 2
- basic 5.5p 4.4p 12.5p
- diluted 5.5p 4.4p 12.5p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2013
6 months 6 months Audited
to to 12months
30 April 30 April to
2013 2012 31 October
2012
GBP' 000 GBP' 000 GBP' 000
Profit for the period 280 221 631
Items that will not be reclassified
to profit or loss
Actuarial gains/(losses) on defined
benefit pension plans
Tax relating to items that will not
be reclassified 98 (17) (868)
(26) 5 208
72 (12) (660)
Items that may be reclassified to
profit or loss
Cash flow hedges 7 - (75)
Fair value adjustment - (23) (26)
Tax relating to items that may be
reclassified (2) - 18
5 (23) (83)
Other comprehensive income for the
year, net of tax 357 186 (112)
Total comprehensive income attributable
to:
Equity holders of the parent 357 186 (112)
Dividends
The Directors declare an interim dividend of 3.5p per share
(2012 - 3.5p) on the Ordinary and 'A' Limited Voting Ordinary
Shares. This dividend will be paid on 2 August 2013 to shareholders
on the register at 19 July 2013.
Group balance sheet (unaudited)
at 30 April 2013
30 April 30 April Audited
2013 2012 31 October
GBP' 000 GBP' 000 2012
GBP'000
Non-current assets
Property, plant and equipment 15,394 14,944 14,833
Financial assets 28 32 28
Deferred tax asset 268 190 417
15,690 15,166 15,278
Current assets
Trade and other receivables 1,242 1,450 1,362
Inventories 10 10 10
Cash and short-term deposits 74 114 78
1,326 1,574 1,450
Assets held for sale 525 - 525
Total assets 17,541 16,740 17,253
Current liabilities
Trade and other payables (600) (676) (970)
Financial liabilities (1,912) (1,619) (1,454)
Income tax payable (5) (5) (102)
(2,517) (2,300) (2,526)
Non-current liabilities
Other payables (258) (297) (292)
Financial liabilities (5,011) (4,261) (4,261)
Deferred tax liabilities (215) (251) (220)
Defined benefit pension plan (1,097) (793) (1,662)
(6,581) (5,602) (6,435)
Total liabilities (9,098) (7,902) (8,961)
Net assets 8,443 8,838 8,292
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (891) (804) (875)
Fair value adjustments reserve 8 11 8
Cash flow hedging reserve (52) - (57)
Heavitree Brewery (LSE:HVT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Heavitree Brewery (LSE:HVT)
Historical Stock Chart
From Jul 2023 to Jul 2024
