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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 | 07:46:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drinking Places (alcoholic) | 7.56M | 1.5M | 0.2982 | 8.89 | 13.32M |
TIDMHVT
RNS Number : 8891S
Heavitree Brewery PLC
28 June 2018
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 28 June 2018 Contact: Graham Crocker - Managing Director - 01392 217733
Nicola McLean - Company Secretary - 01392 217733
Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4090
Following a meeting by a duly authorised committee of the Board of Directors held today, 28 June 2018, the Directors announce the interim results for the six months ended 30 April 2018.
Chairman's statement
Turnover for the period under review has increased by GBP47,000 (1.40%) against the corresponding period last year. However there has been a 9.60% decrease in operating profit to GBP631,000 (2017: GBP698,000) predominantly due to an increase in costs associated with the Group's final salary Pension Scheme of GBP48,000 and a cost of GBP20,000 caused by the write down of old inventory items which have been moved from some of our houses over previous years and are now being held in storage.
Results
The Group has returned an operating profit of GBP631,000. After allowing for finance costs of GBP132,000 (2017: GBP140,000) which include a GBP41,000 interest cost in respect of the IAS 19 calculation applied to the final salary Pension Scheme (2017: GBP41,000) and a book profit mostly generated by the sale of four properties (GBP830,000), the Group Profit before taxation is GBP1,329,000 (2017: GBP558,000). This shows an increase of 138.17% on the previous year.
Dividend
The Directors have resolved to pay an unchanged interim dividend of 3.675p per Ordinary Share and 'A' Limited Voting Ordinary Share (2017: 3.675p). The Dividend will be paid on 3 August 2018 to shareholders on the Register at the close of business on 20 July 2018.
Property
The King of Prussia in Bovey Tracey completed on 27 November for GBP275,000. We understand that the site will be converted into a community facility incorporating a small cinema.
The sale of The King's Arms in Strete completed on 9 March for GBP275,000. We have retained a small cottage with a garden, a further small pocket of land and some parking on the site.
The sale of The Crown and Sceptre in Newton St.Cyres completed on 23 April for GBP280,000.
The sale of the flats which we built in 2012 at the old St.Loye's Hotel site completed on 26 April for GBP595,000.
At the time of writing, two unlicensed properties in Exeter and another in the South Hams are being marketed for sale. One of the Exeter properties is sold subject to contract. I hope to report further on these at the year-end.
Prospects
The sales of The King of Prussia, The King's Arms and The Crown and Sceptre, all of which had been closed for some time and had been incurring various consequential costs, will have a positive effect for the Group in terms of revenue. The proceeds from the sales have also reduced our level of debt which the Board considers to be a prudent goal in these uncertain times.
Trading has remained ahead of budget at the end of the first half of the year. The trading effect of the FIFA World Cup looks promising and, together with the prolonged period of favourable weather which our region is currently enjoying, we believe that the Company is well placed going into the second half of the year.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2018
6 months 6 months Audited to to 12 months 30 April 30 April to 2018 2017 31 October 2017 Note GBP' 000 GBP' 000 GBP' 000 Revenue 3,398 3,351 7,299 Change in stocks - - - Other operating income 139 134 384 Purchase of inventories (1,342) (1,318) (2,968) Staff costs (697) (625) (1,353) Depreciation of property, plant and equipment (115) (113) (248) Other operating charges (752) (731) (1,336) (2,767) (2,653) (5,521) Group operating profit 631 698 1,778 Profit on sale of property, plant and equipment 830 - 6 Movements in valuation of estate and - - - related assets Group profit before finance costs and taxation 1,461 698 1,784 Finance income 2 3 7 Finance costs (93) (102) (182) Other finance costs-pensions (41) (41) (55) (132) (140) (230) Profit before taxation 1,329 558 1,554 Tax expense (189) (159) (226) Profit for the period 1,140 399 1,328 Earnings per share 2 - basic 23.4p 7.9p 27.0p - diluted 23.4p 7.9p 27.0p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2018
6 months 6 months Audited to to 12months 30 April 30 April to 2018 2017 31 October 2017 GBP' 000 GBP' 000 GBP' 000 Profit for the period 1,140 399 1,328 Items that will not be reclassified to profit or loss Actuarial (losses)/gains on defined benefit pension plans (254) (69) 428 Tax relating to items that will not be reclassified 99 12 (74) (155) (57) 354 Items that may be reclassified to profit or loss Fair value adjustment (5) 1 6 Exchange rate differences on translation of subsidiary undertaking (6) - - Tax relating to items that may be - - - reclassified (11) 1 6 Other comprehensive income for the year, net of tax 974 343 1,688 Total comprehensive income attributable to: Equity holders of the parent 974 343 1,688
Dividends
The Directors declare an interim dividend of 3.675p per share (2017 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 03 August 2018 to shareholders on the register at 20 July 2018.
Group balance sheet (unaudited)
at 30 April 2018 30 April 30 April Audited 2018 2017 31 October GBP' 000 GBP' 000 2017 GBP'000 Non-current assets Property, plant and equipment 18,163 18,380 18,116 Financial assets 47 41 46 Deferred tax asset 230 284 221 18,440 18,705 18,383 Current assets Trade and other receivables 1,861 1,750 1,696 Inventories 10 10 10 Cash and short-term deposits 113 62 56 1,984 1,822 1,762 Assets held for sale 328 552 890 Total assets 20,752 21,079 21,035 Current liabilities
Trade and other payables (747) (1,064) (871) Financial liabilities (529) (2,267) (1,624) Income tax payable (281) (223) (190) (1,557) (3,554) (2,685) Non-current liabilities Other payables (319) (264) (256) Financial liabilities (6,011) (6,011) (6,045) Deferred tax liabilities (345) (335) (345) Defined benefit pension plan (1,352) (1,667) (1,300) (8,027) (8,277) (7,946) Total liabilities (9,584) (11,831) (10,631) Net assets 11,168 9,248 10,404 Capital and reserves Equity share capital 264 264 264 Capital redemption reserve 673 673 673 Treasury shares (1,240) (1,212) (1,223) Fair value adjustments reserve 22 17 27 Currency translation 11 22 17 Retained earnings 11,438 9,484 10,646 Total equity 11,168 9,248 10,404
Group statement of cash flows (unaudited)
for the six months ended 30 April 2018
6 months 6 months Audited to to 12months 30 April 30 April to 2018 2017 31 October 2017 Operating activities GBP' 000 GBP' 000 GBP' 000 Profit for the period 1,140 399 1,328 Tax expense 189 159 151 Net finance costs 132 140 231 (Profit) on disposal of non-current assets and assets held for sale (830) - (6) Depreciation and impairment of property, plant and equipment 115 130 248 Exchange gain on cash, liquid resources and loan 5 - (3) Difference between pension contributions paid and recognised in the income statement (240) (554) (438) (Increase) in trade and other receivables (131) (165) (76) (Decrease)/increase in trade and other payables (60) 78 (170) Cash generated from operations 320 187 1,265 Income taxes paid (8) - (110) Interest paid (93) (102) (182) Net cash inflow from operating activities 219 85 973 Investing activities Interest received 2 3 6 Proceeds from sale of property, plant and equipment and assets held for sale 1,441 - 193 Payments to acquire property, plant and equipment (249) (832) (1,117) Net cash inflow from investing activities 1,194 (829) (918) Financing activities Preference dividend paid (1) (1) (1) Equity dividends paid (211) (183) (333) Consideration received by EBT on sale of shares 53 44 49 Consideration paid by EBT on purchase of shares (68) (15) Capital element of finance lease rental payments (7) (4) (21) Net cash outflow from financing activities (234) (144) (321) Increase in cash and cash equivalents (1,179) (888) (266) Cash and cash equivalents at the beginning of the period (1,536) (1,270) (1,270) Cash and cash equivalents at the period end (357) (2,158) (1,536)
Group reconciliation of movements in equity (unaudited)
6 months Equity Capital Fair Cashflow to 30 April share redemption Treasury value Currency hedge Retained Total 2018 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 2017 264 673 (1,223) 27 17 - 10,646 10,404 Profit for the period - - - - - - 1,140 1,140 Other comprehensive income for the period, net of income tax - - - (5) (6) - (155) (166) -------- ----------- --------- ----------- ------------ --------- --------- ------- Total comprehensive income for the period - - - (5) (6) - 985 974 -------- ----------- --------- ----------- ------------ --------- --------- ------- Consideration received by EBT on sale of shares - - 53 - - - - 53 Consideration paid by EBT on purchase of shares - - (68) - - - - (68) Gain by EBT on sale of shares - - (2) - - - 2 - Equity dividend paid - - - - - - (195) (195) At 30 April 2018 264 673 (1,240) 22 11 - 11,438 11,168 -------- ----------- --------- ----------- ------------ --------- --------- -------
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 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
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 2017 GBP000 GBP000 Audited 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) Gain 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 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 2017. 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 28 June 2018.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on earnings of GBP1,140,000 (2017: GBP399,000), being profit after taxation for the period, and on 4,876,995 (2017: 5,064,830) 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 2018 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 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
IR SESSAAFASEFM
(END) Dow Jones Newswires
June 28, 2018 11:00 ET (15:00 GMT)
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