TIDMHVT
RNS Number : 4821R
Heavitree Brewery PLC
29 June 2015
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 29 June 2015
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, 29 June 2015, the Directors announce the
interim results for the six months ended 30 April 2015.
Chairman's statement
The Company has returned an operating profit of GBP507,000 for
the period under review which is 18% down on the previous year but
slightly ahead of our expectations. The drop in operating profit is
as a result of a number of factors. Firstly, there was an increase
in administration costs which included the cost of an agency
operating a house over the winter months before it was returned to
a tenancy. Secondly, an extra GBP20,000 valuation cost was incurred
in our successful renewal of our banking facility for a new five
year term. Thirdly, there was an increase in superannuation and
pension scheme costs of GBP14,000. Finally, a number of houses,
mostly owing to the substantial works being undertaken at each,
have not contributed in the half year under review.
Results
The Group operating profit is GBP507,000 (2014 - GBP619,000), an
18% decrease on last year. After allowing for finance costs of
GBP117,000 which includes GBP23,000 in respect of the IAS19
calculation referring to the final salary Pension Scheme (2014 -
GBP156,000 and GBP53,000 respectively), the Group profit before
taxation is GBP395,000 (2014 - GBP592,000). Heavitree Inc. returned
a loss of GBP7,000 (2014 - profit of GBP13,000) and it is also
worth noting that we sold four unlicensed properties during the
corresponding period last year returning a profit of
GBP129,000.
Dividend
The Directors have resolved to pay an interim dividend of 3.675p
per Ordinary Share and 'A' Limited Voting Ordinary Share (2014 -
3.675p). The dividend will be paid on 07 August 2015 to
shareholders on the Register at the close of business on 24 July
2015.
Prospects
The second half of the year will see the opening of the George
and Dragon in Dartmouth and the Oddfellows (previously called the
Heavitree) in Exmouth after major refurbishments and we look
forward to seeing the increase in contribution from these two
sites. Also, the Pen Inn opened in May after a major refurbishment
by Mitchells and Butler to whom we have leased the pub. The
additional income stream from these houses and the continued
performance from the rest of our estate of fine pubs should stand
us in good stead for the second half of the year.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2015
6 months 6 months Audited
to to 12 months
30 April 30 April to
2015 2014 31 October
2014
Note GBP' GBP' GBP'
000 000 000
Revenue 3,277 3,304 7,198
Change in stocks - - -
Other operating income 113 125 230
Purchase of inventories (1,405) (1,417) (3,127)
Staff costs (562) (526) (1,144)
Depreciation of property,
plant and equipment (108) (127) (227)
Other operating charges (808) (740) (1,526)
(2,770) (2,685) (5,794)
Group operating profit 507 619 1,404
Profit on sale of property,
plant and equipment 5 129 466
Group profit before finance
costs and taxation 512 748 1,870
Finance income 5 9 17
Finance costs (99) (112) (203)
Other finance costs-pensions (23) (53) (42)
(117) (156) (228)
Profit before taxation 395 592 1,642
Tax (expense) (103) (155) (261)
Profit for the period 292 437 1,381
Earnings per share 2
- basic 6.0p 8.8p 28.0p
- diluted 6.0p 8.8p 28.0p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2015
6 months 6 months Audited
to to 12 months
30 April 30 April to
2015 2014 31 October
2014
GBP' GBP' GBP'
000 000 000
Profit for the period 292 437 1,381
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 411 15 (415)
(82) (3) 84
329 12 (331)
Items that may be reclassified
to profit or loss
Cash flow hedges 20 16 28
Fair Value adjustment 1 - 8
Exchange rate differences
on translation of subsidiary
undertaking (2) - 1
- (4) (6)
Tax relating to items that
may be reclassified 19 12 31
Other comprehensive income
for the year, net of tax 640 461 1,081
Total comprehensive income
attributable to:
Equity holders of the parent 640 461 1,081
Dividends
The Directors declare an interim dividend of 3.675p per share
(2014 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary
Shares. This dividend will be paid on 07 August 2015 to
shareholders on the register at 24 July 2015.
Group balance sheet (unaudited)
at 30 April 2015
30 April 30 April Audited
2015 2014 31 October
GBP' GBP' 2014
000 000 GBP'000
Non-current assets
Property, plant and equipment 16,077 14,701 15,043
Financial assets 37 31 35
Deferred tax asset 50 155 237
16,164 14,887 15,315
Current assets
Trade and other receivables 1,785 1,850 1,245
Inventories 10 10 10
Cash and short-term deposits 114 122 112
1,909 1,982 1,367
Assets held for sale - 71 -
Total assets 18,073 16,940 16,682
Current liabilities
Trade and other payables (1,055) (1,032) (954)
Financial liabilities (1,580) (1,165) (4,858)
Income tax payable (184) (99) (184)
(2,819) (2,296) (5,996)
Non-current liabilities
Other payables (241) (226) (234)
Financial liabilities (5,011) (4,762) (11)
Deferred tax liabilities (200) (212) (200)
Defined benefit pension plan (249) (739) (1,158)
(5,701) (5,939) (1,603)
Total liabilities (8,520) (8,235) (7,599)
Net assets 9,553 8,705 9,083
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (1,190) (1,134) (1,202)
Fair value adjustments reserve 17 12 16
Cash flow hedging reserve - (30) (20)
Currency translation 5 6 7
Retained earnings 9,784 8,914 9,345
Total equity 9,553 8,705 9,083
Group statement of cash flows (unaudited)
for the six months ended 30 April 2015
6 months 6 months Audited
to to 12 months
30 April 30 April to
2015 2014 31 October
2014
GBP' GBP' GBP'
000 000 000
Profit for the period 292 437 1,381
Tax expense 103 155 261
Net finance costs 117 156 228
Profit on disposal of non-current
assets and assets held for
sale (5) (129) (466)
Depreciation and impairment
of property, plant and equipment 108 127 227
(Increase)/decrease in trade
and other receivables (651) (486) 120
Increase in trade and other
payables 104 184 113
Net pension charge (522) (507) (507)
Cash generated from operations (454) (63) 1,357
Income taxes paid - (5) (36)
Interest paid (98) (112) (203)
Net cash (outflow)/inflow
from operating activities (552) (180) 1,118
Investing activities
Interest received 5 9 17
Proceeds from sale of property,
plant and equipment and assets
held for sale 24 955 1,381
Payments to acquire property,
plant and equipment (1,050) (189) (649)
Net cash(outflow)/inflow
from investing activities (1,021) 775 749
Financing activities
Preference dividend paid (1) (1) (1)
Equity dividends paid (179) (184) (354)
Consideration received by
EBT on sale of shares 30 36 37
Consideration paid by EBT
on purchase of shares (21) (176) (245)
Movement in long term borrowing 250 (250) (250)
Net cash inflow/(outflow)
from financing activities 79 (575) (813)
(Decrease)/increase in cash
and cash equivalents (1,494) 20 1,054
Cash and cash equivalents
at the beginning of the period 28 (1,026) (1,026)
Cash and cash equivalents
at the period end. (1,466) (1,006) 28
Group reconciliation of movements in equity (unaudited)
6 months Equity Capital Fair Cashflow
to
30 April share redemption Treasury value Currency hedge Retained Total
2015
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
2014 264 673 (1,202) 16 7 (20) 9,345 9,083
Profit
for the
period - - - - - - 292 292
Other comprehensive
income
for the
period,
net of
income
tax - - - 1 (2) 20 329 348
-------- ----------- ----------- ----------- ------------ --------- --------- --------
Total comprehensive
income
for the
period - - - 1 (2) 20 621 640
-------- ----------- ----------- ----------- ------------ --------- --------- --------
Consideration
received
by EBT
on sale
of shares - - 30 - - - - 30
Consideration
paid
by EBT
on purchase
of
shares - - (21) - - - - (21)
Loss by
EBT on
sale
of shares - - 3 - - - (3) -
Equity
dividend
paid - - - - - - (179) (179)
At 30 April
2015 264 673 (1,190) 17 5 - 9,784 9,553
-------- ----------- ----------- ----------- ------------ --------- --------- --------
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 1 November
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
-------- ----------- --------- ----------- ------------ --------- --------- --------
12 months Equity Capital Fair Cashflow
to
31 October share redemption Treasury value Currency hedge Retained Total
2014
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
2013 264 673 (1,002) 8 6 (42) 8,657 8,564
Profit
for the
year - - - - - - 1,381 1,381
Other comprehensive
income
for the
year, net
of income
tax - - - 8 1 22 (331) (300)
-------- ----------- --------- ----------- ------------ --------- --------- --------
Total comprehensive
income
for the
year - - - 8 1 22 1,050 1,081
-------- ----------- --------- ----------- ------------ --------- --------- --------
Consideration
received
by EBT
on sale
of shares - - 37 - - - - 37
Consideration
paid by
EBT on
purchase
of shares - - (245) - - - - (245)
Loss by
EBT on
sale of
shares - - 8 - - - (8) -
Equity
dividend
paid - - - - - - (354) (354)
At 31 October
2014 264 673 (1,202) 16 7 (20) 9,345 9,083
-------- ----------- --------- ----------- ------------ --------- --------- --------
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 2014.
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 29 June 2015.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on
earnings of GBP292,000 (2014: GBP437,000), being profit after
taxation for the period, and on 4,868,704 (2014: 4,977,646) 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 2015 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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