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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 | 265.00 | 265.00 | 265.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drinking Places (alcoholic) | 7.56M | 1.5M | 0.2835 | 9.35 | 14.01M |
From Apr 2019 to Apr 2024
TIDMHVT
RNS Number : 8983P
Heavitree Brewery PLC
13 February 2019
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 13 February 2019 Contact: Graham Crocker - Managing Director - 01392 217733
Nicola McLean - Company Secretary - 01392 217733
Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052
Following a Board Meeting held today, 13 February 2019, the Directors announce the preliminary statement of results for the year ended 31 October 2018.
ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares
ISIN: GB0004182506 for Ordinary Shares
Chairman's statement
Turnover for the Group has increased by GBP315,000 to GBP7,614,000 returning a Group operating profit of GBP1,632,000 for the year under review. This is a reduction in Group operating profit of GBP146,000 against the previous year. When making a comparison with the previous year, it should be noted that the Group operating profit line in 2017 had been increased by over 25% as a result of one-off transactions which included GBP104,000 from the sale of development land held by Heavitree Inc., GBP107,000 for a write back after an over provision in expense for bad debts and a further GBP36,000 for compensation and a repayment of legal fees following a land dispute.
Having considered these one-off transactions to the previous year before making comparisons, I am pleased with the results in this report.
Results
Group Turnover increased by GBP315,000 to GBP7,614,000. Group Operating Profit has decreased by GBP146,000 to GBP1,632,000.
Heavitree Inns remained dormant throughout the year.
Heavitree Inc. generated an operating profit of GBP12,000 (2017 - GBP104,000).
Key Performance Indicators
Group operating profit before Taxation of GBP1,632,000 was down 8.21% on last year.
Interest costs were covered 9.60 times.
Dividend
The Directors recommend a 6.25% increase in the final dividend to 4.25p per Ordinary and 'A' Limited Voting Ordinary Share (2017 - 4.00p) making a total for the year of 7.925p (2017-7.675p). The dividend will be paid on 18 April 2019, subject to shareholder approval at the Annual General Meeting on 10 April 2019, to those shareholders on the Register at 22 March 2019.
Sale of Property
The King of Prussia in Bovey Tracey was sold in November 2017, The Kings Arms in Strete was sold in March 2018, The Crown and Sceptre in Newton St.Cyres was sold in April 2018 together with a small block of four flats in Exeter. I reported on these at the half year. The total book profit realised on the sale of these sites was GBP814,000.
A house on the same site as the above-mentioned block of flats has been sold subject to contract and I hope to report further on this at the upcoming half year.
Capital Investments
Significant investments during the year include GBP85,000 on improvements and upgrades to the kitchen, lavatories and baby-changing facilities at The Cleave in Lustleigh, GBP30,000 on a new bar and installation of a central heating system at The Green Dragon in Stoke Fleming and GBP158,000 on part one of a refurbishment of The Church House in Stokenham.
Pension Scheme
Following the completion of the actuarial triennial valuation of the Final Salary Pension Scheme deficit that had fallen due in December 2016, a new set of correction payments were issued and approved in March 2018. These correction payments were to start at GBP588,000 and be subject to a 3% uplift year on year. Since the approval of this new set of correction payments three deferred members have transferred out of the scheme as detailed in note 30. Consequently, the Scheme's independent actuary has issued a replacement schedule of correction payments and this confirms that the Company is no longer required to make contributions to fund the Scheme's deficit.
The Company continues to operate the Scheme for the remaining retired members and their dependants.
Repurchase of shares
The Company did not repurchase any of its own shares during the year under review but the Directors intend to seek shareholder approval at the forthcoming Annual General Meeting for the continuing authority to do so.
Outlook
Another pleasing performance of good progress has created the platform for a further increase in the final Dividend.
At the time of writing it is hard to avoid making mention of the political uncertainty the Country is facing. Despite this, the quality of our houses and of our tenants and leaseholders who operate them and the dedicated support they receive from all of our staff at Head Office, have combined to help deliver this year's strong set of results.
N H P TUCKER
Chairman
13 February 2019
Group income statement
for the year ended 31 October 2018
Hot Features
Premium
Notes Total Total
2018 2017
GBP000 GBP000
Revenue 7,614 7,299
--------- ---------
Other operating income 279 384
Purchase of inventories (3,109) (2,968)
Staff costs (1,407) (1,353)
Depreciation of property,
plant and equipment (235) (248)
Other operating charges (1,510) (1,336)
--------- ---------
(5,982) (5,521)
--------- ---------
Group operating profit 1,632 1,778
Profit on sale of property
plant and equipment 824 6
Group profit before
finance costs and taxation 2,456 1,784
Finance income 5 7
Finance costs (175) (182)
Other finance costs
- pensions (35) (55)
--------- ---------
(205) (230)
Profit before taxation 2,251 1,554
Tax expense (324) (226)
Profit for the year
attributable to equity
holders of the parent 1,927 1,328
--------- ---------
Basic earnings per
share 2 39.6p 27.0p
--------- ---------
Diluted earnings per
share 2 39.6p 27.0p
--------- ---------
All amounts in 2018 and 2017 relate to continuing operations.
Group statement of comprehensive income
for the year ended 31 October 2018
2018 2017
GBP000 GBP000
Profit for the year 1,927 1,328
-------- --------
Items that will not be reclassified
to profit or loss
Actuarial (losses)/gains on defined
benefit pension plans (248) 428
Tax relating to items that will not
be reclassified 42 (74)
-------- --------
(206) 354
Items that may be reclassified to
profit or loss
Fair value adjustments (4) 6
Exchange rate differences on translation (2) -
of subsidiary undertaking
(6) 6
Other comprehensive income for the
year, net of tax 1,715 1,688
-------- --------
Total comprehensive income attributable
to:
Equity holders of the parent 1,715 1,688
Group balance sheet
at 31 October 2018
2018 2017
GBP000 GBP000
Non-current assets
Property, plant and equipment 17,812 17,022
Investment property 1,094 1,094
--------- ---------
18,906 18,116
Financial assets 47 46
Deferred tax asset 38 221
--------- ---------
18,991 18,383
--------- ---------
Current assets
Inventories 10 10
Trade and other receivables 1,292 1,696
Cash and cash equivalents 44 56
--------- ---------
1,346 1,762
--------- ---------
Assets held for sale 62 890
--------- ---------
Total assets 20,399 21,035
--------- ---------
Current liabilities
Trade and other payables (1,078) (871)
Financial liabilities (818) (1,624)
Income tax payable (131) (190)
--------- ---------
(2,027) (2,685)
--------- ---------
Non-current liabilities
Other payables (311) (256)
Financial liabilities (6,067) (6,045)
Deferred tax liabilities (300) (345)
Defined benefit pension plan deficit (39) (1,300)
--------- ---------
(6,717) (7,946)
--------- ---------
Total liabilities (8,744) (10,631)
--------- ---------
Net assets 11,655 10,404
--------- ---------
Capital and reserves
Equity share capital 264 264
Capital redemption reserve 673 673
Treasury shares (1,317) (1,223)
Fair value adjustments reserve 23 27
Currency translation 15 17
Retained earnings 11,997 10,646
--------- ---------
Total equity 11,655 10,404
--------- ---------
Group statement of cash flows
for the year ended 31 October 2018
2018 2017
GBP000 GBP000
Operating activities
Profit for the year 1,927 1,328
Tax expense 324 151
Net finance costs 206 231
Profit on disposal of non-current assets
and assets held for sale (824) (6)
Depreciation and impairment of property,
plant and equipment 235 248
Difference between pension contributions
paid and amounts 5 (3)
recognised in the income statement (1,544) (438)
Decrease/(increase) in trade and other
receivables 284 (76)
Increase/(decrease) in trade and other
payables 380 (170)
--------- --- ---------
Cash generated from operations 993 1,265
Income taxes paid (188) (110)
Interest paid (176) (182)
Net cash flow from operating activities 629 973
--------- --- ---------
Investing activities
Interest received 6 6
Proceeds from sale of property, plant
and equipment and assets held for sale 1,454 193
Payments to acquire property, plant
and equipment (777) (1,117)
Net cash inflow/(outflow) from investing
activities 683 (918)
--------- --- ---------
Financing activities
Preference dividend paid (1) (1)
Equity dividends paid (373) (333)
Consideration received by EBT on sale
of shares 54 49
Consideration paid by EBT on purchase
of shares (145) (15)
Capital element of finance lease rental
payments (68) (21)
New long-term borrowings - -
Net cash flow from financing activities (533) (321)
--------- --- ---------
Increase/(decrease) in cash and cash
equivalents 779 (266)
Cash and cash equivalents at the beginning
of the year (1,536) (1,270)
--------- --- ---------
Cash and cash equivalents at the year
end (757) (1,536)
--------- --- ---------
Group statement of changes in equity
for the year ended 31 October 2018
Equity Capital Fair Cash
share redemption Treasury value Currency flow Retained Total
capital reserve shares adjustment translation hedge earnings equity
GBP000 GBP000 GBP000 reserve GBP000 reserve GBP000 GBP000
GBP000 GBP000
At 1 November
2016 264 673 (1,254) 21 17 - 9,323 9,044
Profit for the
year - - - - - - 1,328 1,328
Other
comprehensive
income for the
year
net of income
tax - - - 6 - - 354 360
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
Total
comprehensive
income for the
year - - - 6 - - 1,682 1,688
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
Consideration
received
by EBT on
sale
of
shares - - 49 - - - - 49
Consideration
paid by
EBT on
purchase
of shares - - (15) - - - - (15)
Loss by EBT on
sale
of shares - - (3) - - - 3 -
Equity
dividends
paid - - - - - - (362) (362)
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
At 31 October
2017 264 673 (1,223) 27 17 - 10,646 10,404
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
Equity Capital Fair Cash
share redemption Treasury value Currency flow Retained Total
capital reserve shares adjustment translation hedge earnings equity
GBP000 GBP000 GBP000 reserve GBP000 reserve GBP000 GBP000
GBP000 GBP000
At 1 November
2017 264 673 (1,223) 27 17 - 10,646 10,404
Profit for the
year - - - - - - 1,927 1,927
Other
comprehensive
income for the
year
net of income
tax - - - (4) (2) - (206) (212)
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
Total
comprehensive
income for the
year - - - (4) (2) - 1,721 1,715
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
Consideration
received
by EBT on
sale
of
shares - - 54 - - - - 54
Consideration
paid by
EBT on
purchase
of shares - - (145) - - - - (145)
Gain by EBT on
sale
of shares - - (3) - - - 3 -
Equity
dividends
paid - - - - - - (373) (373)
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
At 31 October
2018 264 673 (1,317) 23 15 - 11,997 11,655
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
Equity share capital
The balance classified as share capital includes the total net proceeds (nominal amount only) arising or deemed to arise on the issue of the Company's equity share capital, comprising Ordinary Shares of 5p each and 'A' Limited Voting Ordinary Shares of 5p each.
Capital redemption reserve
The capital redemption reserve arises on the re-purchase and cancellation by the Company of 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 Benefits Trust and Employee Share Option Scheme ('EBT').
At 31 October 2018 the Group held 146,082 Ordinary Shares and 262,885 'A' Limited Voting Ordinary Shares (2017: 142,082 Ordinary Shares and 232,643 'A' Limited Voting Ordinary Shares) of its own shares. During the year there were purchases of 4,000 Ordinary Shares and 55,352 'A 'Limited Voting ordinary Shares and sales of 25,110 'A; Limited Voting Ordinary Shares.
Fair value adjustments reserve
The fair value adjustments reserve is used to record differences in the market value of the available-for-sale investment year on year.
Foreign currency translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.
Notes to the preliminary announcement
1. Basis of preparation
These figures do not constitute full accounts within the meaning of Section 396 of the Companies Act 2006. They have been extracted from the statutory financial statements for the year ended 31 October 2018. The statutory financial statements have not yet been delivered to the Registrar of Companies.
The financial information in this statement has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union. The accounting policies have been consistently applied and are described in full in the statutory financial statements for the year ended 31 October 2018, which are expected to be mailed to shareholders on 7 March 2019. The financial statements will also be available on the Group's website www.heavitreebrewery.co.uk.
The Directors are of the opinion that the Group has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis in preparing the financial statements.
2. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares and 'A' Limited Voting Ordinary shares outstanding during the year.
The following reflects the income and shares data used in the basic and diluted earnings per share
Computation:
2018 2017
GBP000 GBP000
Profit for the year 1,927 1,328
-------- --------
2018 2017
N(o) . N(o) .
(000) (000)
-------- --------
Basic weighted average number of shares
(excluding treasury shares) 4,866 4,877
-------- --------
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements.
3. Dividends paid and proposed
2018 2017
GBP000 GBP000
Declared and paid during the year:
Equity dividends on ordinary shares:
Final dividend for 2017: 4.00p (2016: 3.675p) 211 198
First dividend for 2018: 3.675p (2017:
3.675p) 198 194
Less dividend on shares held within employee
share schemes (36) (30)
Dividends paid 373 362
-------- --------
Proposed for approval at AGM
(not recognised as a liability as at 31
October)
Final dividend for 2018 4.25p (2017: 4.00p) 224 211
Cumulative preference dividends 1 1
-------- --------
4. Segment information
Primary reporting format - business segments
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, under tied tenancies.
Secondary reporting format - geographical segments
The following tables present revenue, expenditure and certain asset information regarding the Group's geographical segments for the years ended 31 October 2018 and 2017. Revenue is based on the geographical location of customers and assets are based on the geographical location of the asset.
Segment information
Year ended 31 October 2018 UK United Total
GBP000 States GBP000
GBP000
Revenue
Sales to external customers 7,614 - 7,614
Other segment information
Segment assets 20,542 43 20,585
-------- -------- --------
Total Assets 20,542 43 20,585
-------- -------- --------
Capital expenditure
Property, plant and equipment 839 - 839
-------- -------- --------
Year ended 31 October 2017 UK United Total
GBP000 States GBP000
GBP000
Revenue
Sales to external customers 7,299 - 7,299
Other segment information
Segment assets
20,885 150 21,035
-------- -------- --------
Total Assets 20,885 150 21,035
-------- -------- --------
Capital expenditure
Property, plant and equipment 1,117 - 1,117
-------- -------- --------
5. General information
The 2018 Annual Report and Financial Statements will be published and posted to shareholders on 7th March 2019. Further copies may be obtained by contacting the Company Secretary at The Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2 8YP. The 2018 Annual Report and Financial Statements will also be available on the Company's website at http://www.heavitreebrewery.co.uk/financial/
The Annual General Meeting will be held at the Registered Office on 10 April 2019 at 11.30am.
Ends.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
February 13, 2019 12:00 ET (17:00 GMT)
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