TIDMHVT
RNS Number : 7448K
Heavitree Brewery PLC
27 June 2014
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 27 June 2014
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, 27 June 2014, the Directors announce the
interim results for the six months ended 30 April 2014.
Chairman's statement
The truly awful weather at the start of the year, in particular
during February, saw several of our houses being battered by the
much reported storms and threatened by floods. The hard work and
determination of those tenants that were directly affected and the
proactive and reactive efforts of both our maintenance and
management teams has helped our sales to hold up well within the
estate. I am pleased to report that operating profit for the six
months ended 30 April 2014 has improved by 14.4% over last year.
This is despite the loss of rental income from two closed pubs
which are waiting to be refurbished.
RESULTS
The Group operating profit is GBP619,000 (2013 - GBP541,000), an
increase of 14.4% on last year. After allowing for finance costs of
GBP156,000 which includes GBP53,000 in respect of the IAS19
calculation referring to the closed final salary Pension Scheme
(2013 - GBP143,000 and GBP40,000 respectively), together with a
profit on the sale of property of GBP129,000 the Group profit
before taxation is GBP592,000 (2013 - GBP398,000).
I reported at the year end that four flats on the old St Loye's
Pub site in Exeter were to be marketed for sale following this very
successful development. These four sales have now completed
realising a profit before tax of GBP129,000 as mentioned above.
DIVIDEND
The Directors have resolved to pay an increased interim dividend
of 3.675p per Ordinary Share and 'A' Limited Voting Ordinary Share
(2013 - 3.5p). The dividend will be paid on 01 August 2014 to
shareholders on the Register at the close of business on 18 July
2014.
PROSPECTS
We have accepted offers on the Artichoke Inn at Christow and The
Vestry at Newton Abbot.
I am pleased to be reporting this Group operating profit at the
end of the six months' period and I am looking forward to 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 2014
6 months 6 months Audited
to to 12 months
30 April 30 April to
2014 2013 31 October
2013
Note GBP' 000 GBP' 000 GBP' 000
Revenue 3,304 3,266 7,231
Change in stocks - - -
Other operating income 125 80 166
Purchase of inventories (1,417) (1,353) (3,079)
Staff Costs (526) (501) (1,102)
Depreciation of property, plant and
equipment (127) (127) (240)
Other operating charges (740) (824) (1,631)
(2,685) (2,725) (5,886)
Group operating profit 619 541 1,345
Profit/(loss) on sale of property,
plant and equipment 129 - (85)
Group profit before finance costs
and taxation 748 541 1,260
Finance income 9 11 22
Finance costs (112) (114) (207)
Other finance costs-pensions (53) (40) (61)
(156) (143) (246)
Profit before taxation 592 398 1,014
Tax (expense) (155) (118) (270)
Profit for the period 437 280 744
Earnings per share 2
- basic 8.8p 5.5p 14.8p
- diluted 8.8p 5.5p 14.8p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2014
6 months 6 months Audited
to to 12months
30 April 30 April to
2014 2013 31 October
2013
GBP' 000 GBP' 000 GBP' 000
Profit for the period 437 280 744
Items that will not be reclassified
to profit or loss
Actuarial gains on defined benefit
pension plans
Tax relating to items that will not
be reclassified 15 98 8
(3) (26) (2)
12 72 6
Items that may be reclassified to
profit or loss
Cash flow hedges 16 7 22
Tax relating to items that may be
reclassified (4) (2) (7)
12 5 15
Other comprehensive income for the
year, net of tax 461 357 765
Total comprehensive income attributable
to:
Equity holders of the parent 461 357 765
Dividends
The Directors declare an interim dividend of 3.675p per share
(2013 - 3.5p) on the Ordinary and 'A' Limited Voting Ordinary
Shares. This dividend will be paid on 01 August 2014 to
shareholders on the register at 18 July 2014.
Group balance sheet (unaudited)
at 30 April 2014
30 April 30 April Audited
2014 2013 31 October
GBP' 000 GBP' 000 2013
GBP'000
Non-current assets
Property, plant and equipment 14,701 15,394 14,717
Financial assets 31 28 27
Deferred tax asset 155 268 265
14,887 15,690 15,009
Current assets
Trade and other receivables 1,850 1,242 1,739
Inventories 10 10 10
Cash and short-term deposits 122 74 65
1,982 1,326 1,814
Assets held for sale 71 525 444
Total assets 16,940 17,541 17,267
Current liabilities
Trade and other payables (1,032) (600) (835)
Financial liabilities (1,165) (1,912) (1,144)
Income tax payable (99) (5) (52)
(2,296) (2,517) (2,031)
Non-current liabilities
Other payables (226) (258) (241)
Financial liabilities (4,762) (5,011) (5,011)
Deferred tax liabilities (212) (215) (212)
Defined benefit pension plan (739) (1,097) (1,208)
(5,939) (6,581) (6,672)
Total liabilities (8,235) (9,098) (8,703)
Net assets 8,705 8,443 8,564
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (1,134) (891) (1,002)
Fair value adjustments reserve 12 8 8
Cash flow hedging reserve (30) (52) (42)
Currency translation 6 6 6
Retained earnings 8,914 8,435 8,657
Total equity 8,705 8,443 8,564
Group statement of cash flows (unaudited)
for the six months ended 30 April 2014
6 months 6 months Audited
to to 12months
30 April 30 April to
2014 2013 31 October
2013
GBP' 000 GBP' 000 GBP' 000
Profit for the period 437 280 744
Tax expense 155 118 270
Net finance costs 156 143 246
(Profit)/loss on disposal of non-current
assets and assets held for sale (129) - 85
Depreciation and impairment of property,
plant and equipment 127 127 240
(Increase)/ decrease in trade and
other receivables (486) 147 (2)
Increase/(decrease) in trade and
other payables 184 (357) (112)
Net pension charge (507) (507) (507)
Cash generated from operations (63) (49) 964
Income taxes paid (5) (99) (185)
Interest paid (112) (114) (207)
Net cash inflow/(outflow) from operating
activities (180) (262) 572
Investing activities
Interest received 9 11 22
Proceeds from sale of property, plant
and equipment and assets held for
sale 955 - 309
Payments to acquire property, plant
and equipment (189) (762) (884)
Net cash inflow/(outflow) from investing
activities 775 (751) (553)
Financing activities
Preference dividend paid (1) (1) (1)
Equity dividends paid (184) (176) (352)
Consideration received by EBT on
sale of shares 36 41 41
Consideration paid by EBT on purchase
of shares (176) (71) (182)
Movement in long term borrowing (250) 750 750
Net cash (outflow)/inflow from financing
activities (575) 543 256
Increase/(decrease) in cash and cash
equivalents 20 (470) 275
Cash and cash equivalents at the
beginning of the period (1,026) (1,301) (1,301)
Cash and cash equivalents at the
period end. (1,006) (1,771) (1,026)
Group reconciliation of movements in equity (unaudited)
6 months Equity Capital Fair Cashflow
to
30 April share redemption Treasury value Currency hedge Retained Total
2014
capital reserve shares adjustment translation reserve earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000 000
At 1November
2013 264 673 (1,002) 8 6 (42) 8,657 8,564
Profit for
the period - - - - - - 437 437
Other comprehensive
income for
the period,
net of income
tax - - - 4 - 12 12 28
-------- ----------- --------- ----------- ------------ --------- --------- --------
Total comprehensive
income
for the period - - - 4 - 12 449 465
-------- ----------- --------- ----------- ------------ --------- --------- --------
Consideration
received
by EBT on
sale of shares - - 36 - - - - 36
Consideration
paid
by EBT on
purchase
of
shares - - (176) - - - - (176)
Loss by EBT
on sale
of shares - - 8 - - - (8) -
Equity dividend
paid - - - - - - (184) (184)
At 30 April
2014 264 673 (1,134) 12 6 (30) 8,914 8,705
-------- ----------- --------- ----------- ------------ --------- --------- --------
6 months Equity Capital Fair Cashflow
to
30 April share redemption Treasury value Currency hedge Retained Total
2013
capital reserve shares adjustment translation reserve earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000 000
At 1 November
2012 264 673 (875) 8 6 (57) 8,273 8,292
Profit for
the period - - - - - - 280 280
Other comprehensive
income for
the period
net of income
tax - - - - - 5 72 77
-------- ----------- --------- ----------- ------------ --------- --------- -------
Total comprehensive
income
for the period - - - - - 5 352 357
-------- ----------- --------- ----------- ------------ --------- --------- -------
Consideration
paid by EBT
on purchase
of shares - - (71) - - - - (71)
Consideration
received
by EBT on
sale of shares - - 41 - - - - 41
Loss by EBT
on sale of
shares - - 14 - - - (14) -
Equity dividend
paid - - - - - - (176) (176)
At 30 April
2013 264 673 (891) 8 6 (52) 8,435 8,443
-------- ----------- --------- ----------- ------------ --------- --------- -------
12 months Equity Capital Fair Cashflow
to
31 October share redemption Treasury value Currency hedge Retained Total
2013
Audited capital reserve shares adjustment translation reserve earnings equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000 000
At 1 November
2012 264 673 (875) 8 6 (57) 8,273 8,292
Profit for
the year - - - - - - 744 744
Other comprehensive
income for
the year,
net of income
tax - - - - - 15 6 21
-------- ----------- --------- ----------- ------------ --------- --------- --------
Total comprehensive
income
for the year - - - - - 15 750 765
-------- ----------- --------- ----------- ------------ --------- --------- --------
Consideration
received
by EBT on
sale of shares - - 41 - - - - 41
Consideration
paid by EBT
on purchase
of shares - - (182) - - - - (182)
Loss by EBT
on sale of
shares - - 14 - - - (14) -
Equity dividend
paid - - - - - - (352) (352)
At 31 October
2013 264 673 (1,002) 8 6 (42) 8,657 8,564
-------- ----------- --------- ----------- ------------ --------- --------- --------
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 2013.
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 27 June 2014.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on
earnings of GBP437,000 (2013: GBP280,000), being profit after
taxation for the period, and on 4,977,646 (2013: 5,029,763) 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.
During the year the Group operated in one business
segment-leased estate.
Leased estate represents properties which are leased to tenants
to operate independently from the Group.
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 2014 has been posted to
shareholders today and will be available on our website at
www.heavitreebrewery.co.uk.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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