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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% | 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 |
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)
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