ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

HVT Heavitree Brewery Plc

275.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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% 275.00 230.00 320.00 275.00 275.00 275.00 130 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Drinking Places (alcoholic) 7.49M 1.97M 0.3721 7.39 14.54M

Heavitree Brewery PLC Half-year Report (5687J)

29/06/2017 2:00pm

UK Regulatory


Heavitree Brewery (LSE:HVT)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Heavitree Brewery Charts.

TIDMHVT

RNS Number : 5687J

Heavitree Brewery PLC

29 June 2017

The Heavitree Brewery PLC

Trood Lane

Matford

Exeter EX2 8YP

   Date:                29 June 2017 
   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, 29 June 2017, the Directors announce the interim results for the six months ended 30 April 2017.

Chairman's statement

The Group has increased operating profit against the corresponding period last year by 10.79% to GBP698,000. This has been achieved by increases in all areas of contribution apart from machine income.

Results

The Group has returned an operating profit of GBP698,000 (2016: GBP630,000) which reflects a 10.79% increase against the same period in the previous year. After allowing for finance costs of GBP140,000 (2016: GBP124,000), which include a GBP41,000 interest cost in respect of the IAS 19 calculation applied to the final salary Pension Scheme (2016: GBP28,000), the Group Profit before taxation is GBP558,000 (2016: GBP505,000). This shows a 10.49% 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 (2016: 3.675p). The dividend will be paid on 4 August 2017 to shareholders on the Register at the close of business on 21 July 2017.

Property

There were no property sales during the period under review but three houses were being actively marketed for sale. Those houses are the Crown and Sceptre in Newton St.Cyres, the Bell Inn in Cullompton and the Pen and Quill in Taunton.

The Pen and Quill has sold since the closure of the half year period and a book loss has been mostly absorbed by the impairment that was shown in last year's accounts. Also, since the end of the period under review, The King's Arms in Strete has been added to the list of those pubs being marketed for sale.

The Dartmoor Halfway in Bickington opened in May after a total refurbishment completed in partnership with Buccaneer Inns who have taken the tenancy of this exciting new pub. Trading has started well and the Directors wish Buccaneer Inns and the management team at the pub every success in the future.

Prospects

I am pleased to be reporting these good numbers at the half-year. The quality of our houses and operators means that we are well set up to take advantage of good trading conditions in the second half of the financial year but also to remain resilient to the effects of the immense uncertainties that 2017 continues to deliver.

N H P TUCKER

Chairman

Group income statement (unaudited)

For the six months ended 30 April 2017

 
                                                    6 months        6 months          Audited 
                                                       to               to           12 months 
                                                    30 April         30 April            to 
                                                      2017             2016          31 October 
                                                                                        2016 
                                         Note      GBP' 000         GBP' 000         GBP' 000 
 Revenue                                                 3,351            3,312             7,155 
 Change in stocks                                            -                -                 - 
 Other operating income                                    134              117               241 
 Purchase of inventories                               (1,318)          (1,322)           (2,955) 
 Staff costs                                             (625)            (600)           (1,301) 
 Depreciation of property, plant and 
  equipment                                              (113)            (103)             (208) 
 Other operating charges                                 (731)            (774)           (1,512) 
                                                       (2,653)          (2,682)           (5,735) 
 Group operating profit                                    698              630             1,420 
 (Loss)/profit on sale of property, 
  plant and equipment                                        -         (1)                    585 
 Movements in valuation of estate and 
  related assets                                             -                -             (163) 
 Group profit before finance costs 
  and taxation                                             698              629             1,842 
 Finance income                                              3                8                 6 
 Finance costs                                           (102)            (104)             (152) 
 Other finance costs-pensions                             (41)             (28)              (43) 
                                                         (140)            (124)             (189) 
 Profit before taxation                                    558              505             1,653 
 Tax expense                                             (159)            (128)             (288) 
 Profit for the period                                     399              377             1,365 
 Earnings per share                        2 
  - basic                                                 7.9p             7.7p             28.0p 
  - diluted                                               7.9p             7.7p             28.0p 
 

Group statement of comprehensive income (unaudited)

For the six months ended 30 April 2017

 
                                                       6 months         6 months          Audited 
                                                           to              to             12months 
                                                        30 April        30 April             to 
                                                          2017            2016           31 October 
                                                                                            2016 
                                                       GBP' 000         GBP' 000           GBP' 000 
 Profit for the period                                         399             377            1,365 
 Items that will not be reclassified 
  to profit or loss 
  Actuarial (losses)/gains on defined 
   benefit pension plans                                      (69)             350          (1,195) 
  Tax relating to items that will not 
   be reclassified                                              12            (70)              203 
                                                              (57)             280            (992) 
 Items that may be reclassified to 
  profit or loss 
  Fair value adjustment                                          1               3                7 
  Exchange rate differences on translation 
  of subsidiary undertaking                                      -             (3)               10 
  Tax relating to items that may be                              -               -                - 
  reclassified                                                   1               -               17 
 
 Other comprehensive income for the 
  year, net of tax                                             343             657              390 
 Total comprehensive income attributable 
  to: 
  Equity holders of the parent                                 343             657              390 
 
 

Dividends

The Directors declare an interim dividend of 3.675p per share (2016 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 04 August 2017 to shareholders on the register at 21 July 2017.

Group balance sheet (unaudited)

 
 at 30 April 2017                      30 April         30 April           Audited 
                                         2017              2016           31 October 
                                       GBP' 000          GBP' 000            2016 
                                                                           GBP'000 
 Non-current assets 
 Property, plant and equipment             18,380             16,950            18,012 
 Financial assets                              41                 37                40 
 Deferred tax asset                           284                100               359 
                                           18,705             17,087            18,411 
 Current assets 
 Trade and other receivables                1,750              1,312             1,585 
 Inventories                                   10                 10                10 
 Cash and short-term deposits                  62                 93                57 
                                            1,822              1,415             1,652 
 Assets held for sale                         552        1,408                     219 
 Total assets                              21,079             19,910            20,282 
 Current liabilities 
 Trade and other payables                 (1,064)              (821)             (980) 
 Financial liabilities                    (2,267)            (2,349)           (1,332) 
 Income tax payable                         (223)              (106)             (149) 
                                          (3,554)            (3,276)           (2,461) 
 Non-current liabilities 
 Other payables                             (264)              (275)             (274) 
 Financial liabilities                    (6,011)            (6,011)           (6,057) 
 Deferred tax liabilities                   (335)              (305)             (335) 
 Defined benefit pension plan             (1,667)              (500)           (2,111) 
                                          (8,277)            (7,091)           (8,777) 
 Total liabilities                       (11,831)           (10,367)          (11,238) 
 Net assets                                 9,248              9,543             9,044 
 Capital and reserves 
 Equity share capital                         264                264               264 
 Capital redemption reserve                   673                673               673 
 Treasury shares                          (1,212)            (1,201)           (1,254) 
 Fair value adjustments reserve                17                 17                21 
 Currency translation                          22                  4                17 
 Retained earnings                          9,484              9,786             9,323 
 Total equity                               9,248              9,543             9,044 
 

Group statement of cash flows (unaudited)

for the six months ended 30 April 2017

 
                                                          6 months         6 months          Audited 
                                                                to               to         12months 
                                                          30 April         30 April               to 
                                                              2017             2016       31 October 
                                                                                                2016 
 Operating activities                                     GBP' 000         GBP' 000         GBP' 000 
 Profit for the period                                         399              377            1,365 
 Tax expense                                                   159              128              288 
 Net finance costs                                             140              124              189 
 Loss/(profit) on disposal of non-current 
  assets and assets held for sale                                -                1            (585) 
 Depreciation and impairment of property, 
  plant and equipment                                          130              103              371 
 Exchange gain on cash, liquid resources 
  and loan                                                       -                -                4 
 Difference between pension contributions 
  paid and recognised in the income 
  statement                                                  (554)            (591)            (538) 
 Decrease/(increase) in trade and 
  other receivables                                          (165)               62            (226) 
 Increase/(decrease) in trade and 
  other payables                                                78               79              238 
 Cash generated from operations                                187              283            1,106 
 Income taxes paid                                               -              (6)             (79) 
 Interest paid                                               (102)            (104)            (152) 
 Net cash inflow from operating activities                      85              173              875 
  Investing activities 
 Interest received                                               3                8                6 
 Proceeds from sale of property, plant 
  and equipment and assets held for 
  sale                                                           -                4            1,205 
 Payments to acquire property, plant 
  and equipment                                              (832)            (594)          (1,275) 
 Net cash outflow from investing activities                  (829)            (582)             (64) 
 Financing activities 
 Preference dividend paid                                      (1)              (1)              (1) 
 Equity dividends paid                                       (183)            (179)            (358) 
 Consideration received by EBT on 
  sale of shares                                                44               40               40 
 Consideration paid by EBT on purchase 
  of shares                                                      -              (5)             (58) 
  Capital element of finance lease 
   rental payments                                             (4)                -              (2) 
 
 Net cash outflow from financing activities                  (144)            (145)            (379) 
 
 Decrease in cash and cash equivalents                       (888)            (554)              432 
 Cash and cash equivalents at the 
  beginning of the period                                  (1,270)          (1,702)          (1,702) 
 Cash and cash equivalents at the 
  period end.                                              (2,158)          (2,256)          (1,270) 
 

Group reconciliation of movements in equity (unaudited)

 
 6 months                Equity      Capital                    Fair                 Cashflow 
  to 
 30 April                 share   redemption   Treasury        value      Currency      hedge   Retained    Total 
  2017 
                        capital      reserve     shares   adjustment   Translation    reserve   earnings   equity 
                           GBP'     GBP' 000       GBP'         GBP'      GBP' 000       GBP'       GBP'     GBP' 
                            000                     000          000                      000        000      000 
 
 At 1November 
  2016                      264          673    (1,254)           21            17          -      9,323    9,044 
 Profit for 
  the period                  -            -          -            -             -          -        399      399 
 Other comprehensive 
  income for 
  the period, 
  net of income 
  tax                         -            -          -            1             -          -       (57)     (56) 
                       --------  -----------  ---------  -----------  ------------  ---------  ---------  ------- 
 Total comprehensive 
  income for 
  the period                  -            -          -            1             -          -        342      343 
                       --------  -----------  ---------  -----------  ------------  ---------  ---------  ------- 
 Consideration 
  Received 
  by EBT on 
  sale of shares              -            -         44            -             -          -          -       44 
 Consideration 
  paid by EBT 
  on purchase 
  of shares                   -            -          -            -             -          -          -        - 
 
 Gain by EBT 
  on sale of 
  shares                      -            -        (2)            -             -          -          2        - 
 Equity dividend 
  paid                        -            -          -            -             -          -      (183)    (183) 
 
 At 30 April 
  2017                      264          673    (1,212)           22            17          -      9,484    9,248 
                       --------  -----------  ---------  -----------  ------------  ---------  ---------  ------- 
 

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 
  2016 
                        capital      reserve       shares   adjustment   Translation    reserve   earnings     equity 
                           GBP'     GBP' 000         GBP'         GBP'      GBP' 000       GBP'       GBP'       GBP' 
                            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

 
                    Equity       Capital                       Fair                       Cash 
                     share    redemption     Treasury         value        Currency       flow     Retained      Total 
  12 months to     capital       reserve       shares    adjustment     translation      hedge     earnings     equity 
  31                GBP000        GBP000       GBP000       reserve          GBP000    reserve       GBP000     GBP000 
  October 2016                                               GBP000                     GBP000 
  Audited 
 At 1 November 
  2015                 264           673      (1,235)            14               7          -        9,307      9,030 
 
 Profit for the 
  year                   -             -            -             -               -          -        1,365      1,365 
 Other 
  comprehensive 
  income for 
  the 
  year 
  net of income 
  tax                    -             -            -             7              10          -        (992)      (975) 
                 ---------  ------------  -----------  ------------  --------------  ---------  -----------  --------- 
 Total 
 comprehensive 
 income for the 
  year                   -             -            -             7              10          -          373        390 
                 ---------  ------------  -----------  ------------  --------------  ---------  -----------  --------- 
 Consideration 
  received by 
  EBT 
  on sale of 
  shares                 -             -           40             -               -          -            -         40 
 Consideration 
  paid by 
 EBT on 
  purchase 
  of shares              -             -         (58)             -               -          -            -       (58) 
 Gain by EBT on 
  sale of 
  shares                 -             -          (1)             -               -          -            1          - 
 Equity 
  dividends 
  paid                   -             -            -             -               -          -        (358)      (358) 
                 ---------  ------------  -----------  ------------  --------------  ---------  -----------  --------- 
 At 31 October 
  2016                 264           673      (1,254)            21              17          -        9,323      9,044 
                 ---------  ------------  -----------  ------------  --------------  ---------  -----------  --------- 
 

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 have been prepared in accordance with IAS34 "interim financial reporting" and 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 2016. The accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union.

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 2017.

2. Basic and diluted earnings per share

The calculation of basic earnings per ordinary share is based on earnings of GBP399,000 (2016: GBP377,000), being profit after taxation for the period, and on 5,064,830 (2016: 4,872,387) 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 2017 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 SEDSAUFWSESM

(END) Dow Jones Newswires

June 29, 2017 09:00 ET (13:00 GMT)

1 Year Heavitree Brewery Chart

1 Year Heavitree Brewery Chart

1 Month Heavitree Brewery Chart

1 Month Heavitree Brewery Chart

Your Recent History

Delayed Upgrade Clock