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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Heavitree Brewery Plc | LSE:HVT | London | Ordinary Share | GB0004182506 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 265.00 | 230.00 | 300.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drinking Places (alcoholic) | 7.56M | 1.5M | 0.2835 | 9.35 | 14.01M |
From May 2019 to May 2024
TIDMHVT
RNS Number : 3862D
Heavitree Brewery PLC
06 July 2016
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 6 July 2016 Contact: Graham Crocker - Managing Director - 01392 217733
Nicola McLean - Company Secretary - 01392 217733
Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052
Following a meeting by a duly authorised committee of the Board of Directors held today, 6 July 2016, the Directors announce the interim results for the six months ended 30 April 2016.
Chairman's statement
The Company has returned an operating profit of GBP630,000 (2015: GBP507,000) for the period under review. Last year's corresponding operating profit for the period was affected by a number of factors including some extraordinary costs such as a properties' valuation cost before our new banking facility, an agency cost for the operation of a tenancy over the winter period plus a lack of contribution from two houses where major refurbishments were being carried out. These houses are now operational again and together with some improved rental terms on some new tenancy agreements, I am pleased to be able to report a 24% increase in operating profit on the previous year.
Results
The Group operating profit is GBP630,000 (2015: GBP507,000), a 24% increase on the previous year. After allowing for finance costs of GBP124,000 (2015: GBP117,000) which includes a GBP28,000 interest cost in respect of the IAS19 calculation referring to the final salary Pension Scheme (2015: GBP23,000), the Group Profit before taxation is GBP505,000 (2015: GBP395,000) which shows a 28% increase on the previous year.
Dividend
The Directors have resolved to pay an interim dividend of 3.675p per Ordinary Share and 'A' Limited Voting Ordinary Share (2015: 3.675p). The dividend will be paid on 5 August 2016 to shareholders on the Register at the close of business on 22 July 2016.
Property
In respect of the properties previously reported as being marketed for sale; the sale of one of the new houses on Topsham Road in Exeter on the former site of the Country House Inn completed on 29 June and the sale of the Hole in the Wall in Dawlish completed on 24 May.
The Maltster's Arms in Harbertonford has been taken off the market and is now open and trading after a new lease was granted to an experienced local operator.
Having received notice from the incumbent tenant, the Carpenter's Arms in Ilsington, a small house best suited to an owner operator, was placed on the market in April. An acceptable offer was received in very short order and the sale completed on 24 June.
Prospects
Work has commenced on the refurbishment of the Dolphin Inn in Torquay which closed earlier in the year. We look forward to reopening this house in August 2016. Following a long closure, development work is also planned to start shortly on the Dartmoor Halfway Inn in Bickington. When completed, both should add significantly to our income stream.
In line with our expectations we have made a solid start to trading in the second half of the year and the Company is well positioned before the beginning of the summer season.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2016
Hot Features
Premium
6 months 6 months Audited
to to 12 months
30 April 30 April to
2016 2015 31 October
2015
Note GBP' GBP' GBP'
000 000 000
Revenue 3,312 3,277 7,082
Change in stocks - - -
Other operating income 117 113 229
Purchase of inventories (1,322) (1,405) (2,986)
Staff costs (600) (562) (1,172)
Depreciation of property,
plant and equipment (103) (108) (218)
Other operating charges (774) (808) (1,523)
(2,682) (2,770) (5,670)
Group operating profit 630 507 1,412
(Loss)/profit on sale of
property, plant and equipment (1) 5 5
Movements in valuation of
estate and related assets - - (47)
Group profit before finance
costs and taxation 629 512 1,370
Finance income 8 5 8
Finance costs (104) (99) (170)
Other finance costs-pensions (28) (23) (35)
(124) (117) (197)
Profit before taxation 505 395 1,173
Tax (expense) (128) (103) (258)
Profit for the period 377 292 915
Earnings per share 2 7.7p 6.0p
- basic 7.7p 6.0p 18.8p
- diluted 18.8p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2016
6 months 6 months Audited
to to 12months
30 April 30 April to
2016 2015 31 October
2015
GBP' GBP' GBP'
000 000 000
Profit for the period 377 292 915
Items that will not be reclassified
to profit or loss
Actuarial gains/(losses) on
defined benefit pension plans 350 411 (740)
Tax relating to items that
will not be reclassified (70) (82) 147
280 329 (593)
Items that may be reclassified
to profit or loss
Cash flow hedges - 20 24
Fair Value adjustment 3 1 (2)
Exchange rate differences
on translation of subsidiary
undertaking (3) (2) -
Tax relating to items that
may be reclassified - - (4)
- 19 18
Other comprehensive income
for the year, net of tax 657 640 340
Total comprehensive income
attributable to:
Equity holders of the parent 657 640 340
Dividends
The Directors declare an interim dividend of 3.675p per share (2015 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 05 August 2016 to shareholders on the register at 22 July 2016.
Group balance sheet (unaudited)
at 30 April 2016 30 April 30 April Audited
2016 2015 31 October
GBP' GBP' 2015
000 000 GBP'000
Non-current assets
Property, plant and equipment 16,950 16,077 17,242
Financial assets 37 37 34
Deferred tax asset 100 50 282
17,087 16,164 17,558
Current assets
Trade and other receivables 1,312 1,785 1,359
Inventories 10 10 10
Cash and short-term deposits 93 114 51
1,415 1,909 1,420
Assets held for sale 1,408 - 645
19,
Total assets 910 18,073 19,623
Current liabilities
Trade and other payables (821) (1,055) (759)
Financial liabilities (2,349) (1,580) (1,753)
Income tax payable (106) (184) (96)
(3,276) (2,819) (2,608)
Non-current liabilities
Other payables (275) (241) (258)
Financial liabilities (6,011) (5,011) (6,011)
Deferred tax liabilities (305) (200) (305)
Defined benefit pension plan (500) (249) (1,411)
(7,091) (5,701) (7,985)
Total liabilities (10,367) (8,520) (10,593)
Net assets 9,543 9,553 9,030
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (1,201) (1,190) (1,235)
Fair value adjustments reserve 17 17 14
Cash flow hedging reserve - - -
Currency translation 4 5 7
Retained earnings 9,786 9,784 9,307
Total equity 9,543 9,553 9,030
Group statement of cash flows (unaudited)
for the six months ended 30 April 2016
6 months 6 months Audited
to to 12months
30 April 30 April to
2016 2015 31 October
2015
GBP' GBP' GBP'
000 000 000
Profit for the period 377 292 915
Tax expense 128 103 258
Net finance costs 124 117 197
Loss/(profit) on disposal
of non-current assets and
assets held for sale 1 (5) (5)
Depreciation and impairment
of property, plant and equipment 103 108 265
Decrease/(increase) in trade
and other receivables 62 (651) (114)
Increase/(decrease) in trade
and other payables 79 104 (171)
Net pension charge (591) (522) (522)
Cash generated from operations 283 (454) 823
Income taxes paid (6) - (143)
Interest paid (104) (98) (170)
Net cash inflow/(outflow)
from operating activities 173 (552) 510
Investing activities
Interest received 8 5 8
Proceeds from sale of property,
plant and equipment and assets
held for sale 4 24 20
Payments to acquire property,
plant and equipment (594) (1,050) (3,124)
Net cash outflow from investing
activities (582) (1,021) (3,096)
Financing activities
Preference dividend paid (1) (1) (1)
Equity dividends paid (179) (179) (358)
Consideration received by
EBT on sale of shares 40 30 30
Consideration paid by EBT
on purchase of shares (5) (21) (65)
Movement in long term borrowing - 250 1,250
Net cash(outflow)/ inflow
from financing activities (145) 79 856
Decrease in cash and cash
equivalents (554) (1,494) (1,730)
Cash and cash equivalents
at the beginning of the period (1,702) 28 28
Cash and cash equivalents
at the period end. (2,256) (1466) (1,702)
Group reconciliation of movements in equity (unaudited)
6 months Equity Capital Fair Cashflow
to
30 April share redemption Treasury value Currency hedge Retained Total
2016
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
2015 264 673 (1,235) 14 7 - 9,307 9,030
Profit
for the
period - - - - - - 377 377
Other comprehensive
income
for the
period,
net of
income
tax - - - 3 ( 3) - 280 280
-------- ----------- ----------- ----------- ------------ --------- --------- -------
Total comprehensive
income
for the
period - - - 3 (3) - 657 657
-------- ----------- ----------- ----------- ------------ --------- --------- -------
Consideration
received
by EBT
on sale
of shares - - 40 - - - - 40
Consideration
paid
by EBT
on purchase
of
shares - - (5) - - - - (5)
Gain by
EBT on
sale
of shares - - (1) - - - 1 -
Equity
dividend
paid - - - - - - (179) (179)
At 30
April
2016 264 673 (1,201) 17 4 - 9,786 9,543
-------- ----------- ----------- ----------- ------------ --------- --------- -------
Group reconciliation of movements in equity (unaudited) - continued
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 1 November
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
-------- ----------- --------- ----------- ------------ --------- --------- -------
Group reconciliation of movements in equity (unaudited) - continued
12 months Equity Capital Fair Cashflow
to
31 October share redemption Treasury value Currency hedge Retained Total
2015
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
2014 264 673 (1,202) 16 7 (20) 9,345 9,083
Profit
for the
year - - - - - - 915 915
Other
comprehensive
income
for the
year, net
of income
tax - - - (2) - 20 (593) (575)
-------- ----------- --------- ----------- ------------ --------- --------- -------
Total
comprehensive
income
for the
year - - - (2) - 20 322 340
-------- ----------- --------- ----------- ------------ --------- --------- -------
Consideration
received
by EBT
on sale
of shares - - 30 - - - - 30
Consideration
paid by
EBT on
purchase
of shares - - (65) - - - - (65)
Loss by
EBT on
sale of
shares - - 2 - - - (2) -
Equity
dividend
paid - - - - - - (358) (358)
At 31 October
2015 264 673 (1,235) 14 7 - 9,307 9,030
-------- ----------- --------- ----------- ------------ --------- --------- -------
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 2015. 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 6 July 2016.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on earnings of GBP377,000 (2015: GBP292,000), being profit after taxation for the period, and on 4,872,387 (2015: 4,868,704) 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 2016 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
IR SSFSWMFMSEDW
(END) Dow Jones Newswires
July 06, 2016 11:00 ET (15:00 GMT)
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