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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 |
From Jul 2019 to Jul 2024
TIDMHVT
RNS Number : 4743D
Heavitree Brewery PLC
26 June 2019
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 26 June 2019 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, 26 June 2019, the Directors announce the interim results for the six months ended 30 April 2019.
Chairman's statement
Turnover for the period under review has increased by GBP29,000 (0.9%) against the corresponding period last year. However there has been a reduction in operating profit of 1.1% to GBP624,000 (2018: GBP631,000). This has been as a result of increased costs associated with external management services at three houses which were traded over a period before new tenants were signed up. In turn, there has been an impact on our rental revenue (a reduction of 2.6% on the previous year) during this period between tenants.
Results
The Group has returned an operating profit of GBP624,000 (2018: 631,000). After allowing for finance costs of GBP92,000 (2018: GBP132,000) and book profit mostly generated by the sale of one unlicensed property (GBP173,000), the Group Profit before taxation is GBP705,000 (2018: GBP1,329,000). Although this reflects a significant decrease on the previous year it needs to be remembered that 2018's half year Group Profit contained a book profit of GBP830,000 as a result of the sale of four properties in that period.
Dividend
The Directors have resolved to pay an unchanged interim dividend of 3.675p per Ordinary Share and 'A' Limited Voting Ordinary Share (2018: 3.675p). The dividend will be paid on 2 August 2019 to shareholders on the register at the close of business on 19 July 2019.
Property
A house on the old St.Loye's Hotel site in Exeter has been sold having completed on 19 February 2019. Following the sale of a small block of flats on the site last year, the sale of this last house completes the sale of the properties developed on the garden area of the pub in 2012.
The second phase of our refurbishment of the Church House Inn in Stokenham comprising of a new bar, a small extension and a new fire escape for bed and breakfast rooms has been completed. We look forward to a healthy contribution from this house over the summer months.
Prospects
I am pleased with this steady performance for the half year with the Company trading in line with last year and I feel, despite the continuing political uncertainty, we are well-positioned going into the second half of the year.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2019
Hot Features
Premium
6 months 6 months Audited
to to 12 months
30 April 30 April to
2019 2018 31 October
2018
Note GBP' 000 GBP' 000 GBP' 000
Revenue 3,427 3,398 7,614
Change in stocks - - -
Other operating income 131 139 279
Purchase of inventories (1,362) (1,342) (3,109)
Staff costs (706) (697) (1,407)
Depreciation of property, plant and equipment (111) (115) (235)
Other operating charges (755) (752) (1,510)
(2,803) (2,767) (5,982)
Group operating profit 624 631 1,632
Profit on sale of property, plant and equipment 173 830 824
Movements in valuation of estate and related assets - - -
Group profit before finance costs and taxation 797 1,461 2,456
Finance income 2 2 5
Finance costs (94) (93) (175)
Other finance costs-pensions - (41) (35)
(92) (132) (205)
Profit before taxation 705 1,329 2,251
Tax expense (141) (189) (324)
Profit for the period 564 1,140 1,927
Earnings per share 2
- basic 11.8p 23.4p 39.6p
- diluted 11.8p 23.4p 39.6p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2019
6 months 6 months Audited
to to 12months
30 April 30 April to
2019 2018 31 October
2018
GBP' 000 GBP' 000 GBP' 000
Profit for the period 564 1,140 1,927
Items that will not be reclassified
to profit or loss
Actuarial (losses)/gains on defined
benefit pension plans - (254) (248)
Tax relating to items that will not
be reclassified - 99 42
- (155) (206)
Items that may be reclassified to
profit or loss
Fair value adjustment (6) (5) (4)
Exchange rate differences on translation
of subsidiary undertaking (5) (6) (2)
Tax relating to items that may be - - -
reclassified (11) (11) (6)
Other comprehensive income for the
year, net of tax 553 974 1,715
Total comprehensive income attributable
to:
Equity holders of the parent 553 974 1,715
Dividends
The Directors declare an interim dividend of 3.675p per share (2018 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 02 August 2019 to shareholders on the register at 19 July 2019.
Group balance sheet (unaudited)
at 30 April 2019 30 April 30 April Audited
2019 2018 31 October
GBP' 000 GBP' 000 2018
GBP'000
Non-current assets
Property, plant and equipment 19,064 18,163 18,906
Financial assets 42 47 47
Deferred tax asset 38 230 38
19,144 18,440 18,991
Current assets
Trade and other receivables 1,322 1,861 1,292
Inventories 10 10 10
Cash and short-term deposits 61 113 44
1,393 1,984 1,346
Assets held for sale - 328 62
Total assets 20,537 20,752 20,399
Current liabilities
Trade and other payables (918) (747) (1,078)
Financial liabilities (977) (529) (818)
Income tax payable (268) (281) (131)
(2,163) (1,557) (2,027)
Non-current liabilities
Other payables (274) (319) (311)
Financial liabilities (6,011) (6,011) (6,067)
Deferred tax liabilities (300) (345) (300)
Defined benefit pension plan (40) (1,352) (39)
(6,625) (8,027) (6,717)
Total liabilities (8,788) (9,584) (8,744)
Net assets 11,749 11,168 11,655 Capital and reserves Equity share capital 264 264 264 Capital redemption reserve 673 673 673 Treasury shares (1,573) (1,240) (1,317) Fair value adjustments reserve 17 22 23 Currency translation 10 11 15 Retained earnings 12,358 11,438 11,997 Total equity 11,749 11,168 11,655
Group statement of cash flows (unaudited)
for the six months ended 30 April 2019
6 months 6 months Audited
to to 12months
30 April 30 April to
2019 2018 31 October
2018
Operating activities GBP' 000 GBP' 000 GBP' 000
Profit for the period 564 1,140 1,927
Tax expense 141 189 324
Net finance costs 92 132 206
(Profit) on disposal of non-current
assets and assets held for sale (173) (830) (824)
Depreciation and impairment of property,
plant and equipment 165 115 235
Exchange gain on cash, liquid resources
and loan 5 5 5
Difference between pension contributions
paid and recognised in the income
statement - (240) (1,544)
(Increase)/decrease in trade and
other receivables (30) (131) 284
(Decrease)/increase in trade and
other payables (199) (60) 380
Cash generated from operations 565 320 993
Income taxes paid 5 (8) (188)
Interest paid (94) (93) (176)
Net cash inflow from operating activities 466 219 629
Investing activities
Interest received 2 2 6
Proceeds from sale of property, plant
and equipment and assets held for
sale 229 1,441 1,454
Payments to acquire property, plant
and equipment (323) (249) (777)
Net cash(outflow)/ inflow from investing
activities (92) 1,194 683
Financing activities
Preference dividend paid (1) (1) (1)
Equity dividends paid (203) (211) (373)
Consideration received by EBT on
sale of shares - 53 54
Consideration paid by EBT on purchase
of shares (256) (68) (145)
Capital element of finance lease
rental payments (1) (7) (68)
Net cash outflow from financing activities (461) (234) (533)
(Decrease)/increase in cash and cash
equivalents (87) (1,179) 779
Cash and cash equivalents at the
beginning of the period (757) (1,536) (1,536)
Cash and cash equivalents at the
period end (844) (357) (757)
Represented by:
Cash and short term deposits 61 113 44
Overdraft (905) (470) (801)
(844) (357) (757)
Group reconciliation of movements in equity (unaudited)
6 months Equity Capital Fair
to
30 April share redemption Treasury value Currency Retained Total
2019
capital reserve shares adjustment Translation earnings equity
GBP' GBP' 000 GBP' GBP' GBP' 000 GBP' GBP'
000 000 000 000 000
At 1November
2018 264 673 (1,317) 23 15 11,997 11,655
Profit for
the period - - - - - 564 564
Other comprehensive
income for
the period,
net of income
tax - - - (6) (5) - (11)
-------- ----------- --------- ----------- ------------ --------- -------
Total comprehensive
income for
the period - - - (6) (5) 564 553
-------- ----------- --------- ----------- ------------ --------- -------
Consideration
received
by EBT on
sale of shares - - - - - - -
Consideration
paid by EBT
on purchase
of shares - - (256) - - - (256)
Gain by EBT
on sale of
shares - - - - - - -
Equity dividend
paid - - - - - (203) (203)
At 30 April
2019 264 673 (1,573) 17 10 12,358 11,749
-------- ----------- --------- ----------- ------------ --------- -------
Group reconciliation of movements in equity (unaudited) - continued
6 months Equity Capital Fair
to
30 April share redemption Treasury value Currency Retained Total
2018
capital reserve shares adjustment Translation earnings equity
GBP' GBP' 000 GBP' GBP' GBP' 000 GBP' GBP'
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
Equity Capital Fair
share redemption Treasury value Currency Retained Total
12 months to 31 capital reserve shares adjustment translation earnings equity
October 2018 GBP000 GBP000 GBP000 reserve GBP000 GBP000 GBP000
Audited 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 (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 as defined in section 434 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 2018 except for the adoption of new accounting standards as set out below. 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 26 June 2019.
The following new standards have been adopted, both effective from 1 November 2018:
IFRS15: Revenue from contracts with customers. The Group's revenue primarily consists of drink and food sales to the leased estate, together with rental income from both the leased estate and investment properties. Rental income is outside the scope of IFRS15. The Directors have concluded that the existing method for recognising revenue from drink and food sales is in accordance with IFRS15, being the point in time at which control of those goods is passed to the customer. There is therefore no impact upon adoption of the new standard.
IFRS9: Financial instruments. The Group does not hold any complex financial instruments, and financial assets consist primarily of short term trade and other receivables. IFRS9 introduces a new expected loss approach for determining impairment of financial assets. The Directors have considered this against the current method for bad debt provisioning and no material change has been required.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on earnings of GBP564,000 (2018: GBP1,140,000), being profit after taxation for the period, and on 4,786,818 (2018: 4,876,995) 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.
Notes to the interim results - continued
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 2019 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 MMGZVRVVGLZG
(END) Dow Jones Newswires
June 26, 2019 09:00 ET (13:00 GMT)
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