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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 : 8207W
Heavitree Brewery PLC
14 February 2017
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 14 February 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 Board Meeting held today, 14 February 2017, the Directors announce the preliminary statement of results for the year ended 31 October 2016.
ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares
ISIN: GB0004182506 for Ordinary Shares
Chairman's statement
Operating profit for the year under review has increased by 0.56% (GBP8,000) after a 1.03% (GBP73,000) increase in turnover on the previous year. There was an impairment cost of GBP163,000 relating to the Pen and Quill, and this was further to the GBP47,000 impairment for the same house which I reported last year.
Results
Group Turnover increased by GBP73,000 to GBP7,155,000. Group Operating Profit increased by GBP8,000 to GBP1,420,000.
Heavitree Inns remained dormant throughout the year.
Heavitree Inc. generated an operating loss of GBP16,000 (2015 - loss of GBP13,000).
Key Performance Indicators
Adjusted Operating Profit before Taxation of GBP1,420,000 was up 0.56% on last year.
Interest costs were covered 9.72 times.
Dividend
The Directors recommend a 2.04% increase in the final dividend to 3.75p per Ordinary and 'A' Limited Voting Ordinary Share (2015 - 3.675p) making a total for the year of 7.425p. The dividend will be paid on 21 April 2017, subject to shareholder approval at the Annual General Meeting on 13 April 2017, to those shareholders on the Register at 24 March 2017.
The Directors decision to recommend an increase in the dividend reflects another steady performance for the Company. Also, it is an opportunity to return some capital to shareholders following the disposals of non-core houses during the year.
Sale of Property
I reported last year that the Hole in the Wall and the Exeter Inn, both in Dawlish, were being marketed for sale. These properties were sold in the year under review realising a book profit of GBP28,000 and GBP171,000 respectively. We also sold the Carpenters Arms in Ilsington, realising a profit of GBP278,000, and one of the three newly built houses on the old Country House Inn site in Exeter, which realised a profit of GBP93,000. The Pen and Quill in Taunton and the Bell Inn in Cullompton are currently being marketed for sale.
Capital Investments
A redevelopment of the Dolphin in St. Marychurch and significant refurbishments of the Marshals in Barnstaple and the Atmospheric Railway in Starcross were undertaken during the year, although the latter was not completed until soon after the year under review closed. These were the major capital works carried out during the year and all three houses are trading well after reopening. Many further smaller investments were carried out across different houses in upgrades to kitchens, lavatories or cellars, new patio areas and the normal annual programme of external decorations and changes to signage. The redevelopment of the Dartmoor Halfway in Bickington is well under way and it is hoped that this exciting new pub will be opened in April of this year.
Website
At the time of writing, our new website is having the finishing touches added to it before it goes live. Designed by AB in Exeter, the new site and our improved web presence should help in attracting strong operators to our business.
Pension Scheme
The Company continues to meet its funding obligations to its closed final salary Pension Scheme. The next triennial valuation fell due on 1 January 2017 and is anticipated to be completed in early 2018.
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.
Personnel
Sadly, the year was tainted by the very sad loss of Geoff Evans who died in September 2016. Geoff retired from the Company in April 2001 having joined in April 1968. He was a knowledgeable, well-respected member of our team, much liked by his colleagues from this Office and in particular, the many successful tenants who were chosen by him to operate one of our houses. His cheerful demeanour was infectious, even when he was given the unenviable task of showing the present Chairman the ropes when he first joined the Company. His involvement in the trade and with Devon County Cricket meant that he touched the lives of many and he will be sorely missed.
Outlook
Our pubs and their operators and our staff at Head Office have again combined to produce a good result for the Company against a backdrop of all sorts of peculiarities in our ever-changing world. The standards of presentation and operation in our houses remains very high and, together with the income streams generated from the reopening of newly refurbished houses, this should stand us in good stead for the coming year.
N H P TUCKER
Chairman
14 February 2017
Group income statement
for the year ended 31 October 2016
Hot Features
Premium
Notes Total Total
2016 2015
GBP000 GBP000
Revenue 7,155 7,082
--------- ---------
Change in stocks - -
Other operating income 241 229
Purchase of inventories (2,955) (2,986)
Staff costs (1,301) (1,172)
Depreciation of property,
plant and equipment (208) (218)
Other operating charges (1,512) (1,523)
--------- ---------
(5,735) (5,670)
--------- ---------
Group operating profit 1,420 1,412
Profit on sale of property
plant and equipment 585 5
Movements in valuation
of estate and related
assets (163) (47)
Group profit before
finance costs and taxation 1,842 1,370
Finance income 6 8
Finance costs (152) (170)
Other finance costs
- pensions (43) (35)
--------- ---------
(189) (197)
Profit before taxation 1,653 1,173
Tax expense (288) (258)
Profit for the year
attributable to equity
holders of the parent 1,365 915
--------- ---------
Basic earnings per
share 2 28.0p 18.8p
--------- ---------
Diluted earnings per
share 2 28.0p 18.8p
--------- ---------
All amounts in 2016 and 2015 relate to continuing operations.
Group statement of comprehensive income
for the year ended 31 October 2016
2016 2015
GBP000 GBP000
Profit for the year 1,365 915
-------- --------
Items that will not be reclassified
to profit or loss
Actuarial losses on defined benefit
pension plans (1,195) (740)
Tax relating to items that will not
be reclassified 203 147
-------- --------
(992) (593)
Items that may be reclassified to
profit or loss
Cash flow hedges - 24
Fair value adjustments 7 (2)
Exchange rate differences on translation 10 -
of subsidiary undertaking
Tax relating to items that may be
reclassified - (4)
-------- --------
17 18
Other comprehensive income for the
year, net of tax 390 340
-------- --------
Total comprehensive income attributable
to:
Equity holders of parent 390 340
-------- --------
Group balance sheet
at 31 October 2016
2016 2015
GBP000 GBP000
Non-current assets
Property, plant and equipment 16,700 16,779
Investment property 1,312 463
--------- ---------
18,012 17,242
Financial assets 40 34
Deferred tax asset 359 282
--------- ---------
18,411 17,558
--------- ---------
Current assets
Inventories 10 10
Trade and other receivables 1,585 1,359
Cash and cash equivalents 57 51
--------- ---------
1,652 1,420
--------- ---------
Assets held for sale 219 645
--------- ---------
Total assets 20,282 19,623
--------- ---------
Current liabilities
Trade and other payables (980) (759)
Financial liabilities (1,332) (1,753)
Income tax payable (149) (96)
--------- ---------
(2,461) (2,608)
--------- ---------
Non-current liabilities
Other payables (274) (258)
Financial liabilities (6,057) (6,011)
Deferred tax liabilities (335) (305)
Defined benefit pension plan deficit (2,111) (1,411)
--------- ---------
(8,777) (7,985)
--------- ---------
Total liabilities (11,238) (10,593)
--------- ---------
Net assets 9,044 9,030
--------- ---------
Capital and reserves
Equity share capital 264 264
Capital redemption reserve 673 673
Treasury shares (1,254) (1,235)
Fair value adjustments reserve 21 14
Currency translation 17 7
Retained earnings 9,323 9,307
--------- ---------
Total equity 9,044 9,030
--------- ---------
Group statement of cash flows
for the year ended 31 October 2016
2016 2015
GBP000 GBP000
Operating activities
Profit for the year 1,365 915
Tax expense 288 258
Net finance costs 189 197
Profit on disposal of non-current assets
and assets held for sale (585) (5)
Depreciation and impairment of property,
plant and equipment 371 265
Difference between pension contributions 4 -
paid and amounts
recognised in the income statement (538) (522)
Increase in trade and other receivables (226) (114)
Increase/(decrease) in trade and other
payables 238 (171)
--------- --- ---------
Cash generated from operations 1,106 823
Income taxes paid (79) (143)
Interest paid (152) (170)
Net cash flow from operating activities 875 510
--------- --- ---------
Investing activities
Interest received 6 8
Proceeds from sale of property, plant
and equipment and assets held for sale 1,205 20
Payments to acquire property, plant
and equipment (1,275) (3,124)
Net cash outflow from investing activities (64) (3,096)
--------- --- ---------
Financing activities
Preference dividend paid (1) (1)
Equity dividends paid (358) (358)
Consideration received by EBT on sale
of shares 40 30
Consideration paid by EBT on purchase
of shares (58) (65)
Capital element of finance lease rental
payments (2) -
New long-term borrowings - 1,250
Net cash flow from financing activities (379) 856
--------- --- ---------
Increase/(decrease) in cash and cash
equivalents 432 (1,730)
Cash and cash equivalents at the beginning
of the year (1,702) 28
--------- --- ---------
Cash and cash equivalents at the year
end (1,270) (1,702)
--------- --- ---------
Group statement of changes in equity
for the year ended 31 October 2016
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
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
dividends
paid - - - - - - (358) (358)
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
At 31 October
2015 264 673 (1,235) 14 7 - 9,307 9,030
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
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
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
2015 264 673 (1,254) 21 17 - 9,323 9,044
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
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 2016 the Group held 142,082 Ordinary Shares and 268,652 'A' Limited Voting Ordinary Shares (2015: 139,102 Ordinary Shares and 266,676 'A' Limited Voting Ordinary Shares) of its own shares at an average cost of GBP3.05 (2015: GBP2.71). The market value of these shares as at 31 October 2016 was GBP1,192,172 (2015: GBP1,247,421).
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 2016. The statutory financial statements have not yet been delivered to the Registrar of Companies.
The financial information is 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 2016, which are expected to be mailed to shareholders on 10 March 2017. 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:
2016 2015
GBP000 GBP000
Profit for the year 1,365 915
-------- --------
2016 2015
N(o) . N(o) .
(000) (000)
-------- --------
Basic weighted average number of shares
(excluding treasury shares) 4,879 4,874
-------- --------
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
2016 2015
GBP000 GBP000
Declared and paid during the year:
Equity dividends on ordinary shares:
Final dividend for 2015: 3.675p (2014:
3.675p) 194 194
First dividend for 2016: 3.675p (2015:
3.675p) 194 194
Less dividend on shares held within employee
share schemes (30) (30)
Dividends paid 358 358
-------- --------
Proposed for approval at AGM
(not recognised as a liability as at 31
October)
Final dividend for 2016: 3.75p (2015: 3.675p) 198 194
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 2016 and 2015. 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 2016 UK United Total
GBP000 States GBP000
GBP000
Revenue
Sales to external customers 7,155 - 7,155
Other segment information
Segment assets 20,249 33 20,282
-------- -------- --------
Total Assets 20,249 33 20,282
-------- -------- --------
Capital expenditure
Property, plant and equipment 1,275 - 1,275
-------- -------- --------
Year ended 31 October 2015 UK United Total
GBP000 States GBP000
GBP000
Revenue
Sales to external customers 7,082 - 7,082
Other segment information
Segment assets
19,598 25 19,623
-------- -------- --------
Total Assets 19,598 25 19,623
-------- -------- --------
Capital expenditure
Property, plant and equipment 3,124 - 3,124
-------- -------- --------
5. General information
The 2016 Annual Report and Financial Statements will be published and posted to shareholders on 10 March 2017. Further copies may be obtained by contacting the Company Secretary at The Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2 8YP. The 2016 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 13 April 2017 at 11.30am.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
END
NOREAPALFSLXEEF
(END) Dow Jones Newswires
February 14, 2017 11:00 ET (16:00 GMT)
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