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HVT Heavitree Brewery Plc

275.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Heavitree Brewery PLC Interim Announcement (6656Q)

29/06/2022 3:00pm

UK Regulatory


Heavitree Brewery (LSE:HVT)
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From Mar 2022 to Mar 2024

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TIDMHVT

RNS Number : 6656Q

Heavitree Brewery PLC

29 June 2022

The Heavitree Brewery PLC

Trood Lane

Matford

Exeter EX2 8YP

   Date:               29 June 2022 
   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, 29 June 2022, the Directors announce the interim results for the six months ended 30 April 2022.

Chairman's statement

I am satisfied to report that the Company has begun to move on from the intensely difficult and much reported upon trading environments of the previous two years. Although there remains much to be cautious about in the months ahead, at this half-year under review, we have returned to a performance level on a par with 2019 before the various measures implemented to combat the Covid 19 pandemic impacted the whole of our sector. Having reported a small operating loss at the previous year-end, this half-year has generated a turnover of GBP3,290,000 and returned an operating profit of GBP522,000. The turnover figure has been reduced by GBP109,000 due to the IFRS 16 Lease Accounting unwind corresponding to the positive write back effect in previous years. I have explained the mechanics of this accounting standard in previous statements.

Results

The Group has returned an operating profit of GBP522,000 (2021: an operating loss of GBP647,000) at the half-year. Profit before tax is GBP1,063,000 (2021: a loss before tax of GBP76,000) after a book profit of GBP601,000 (2021: a book profit GBP647,000) was achieved on Property sales.

Dividend

The Directors do not recommend the payment of a dividend at the half-year. The Board considers the payment of dividends to be an intrinsic part of our business and we are determined to resume the payment of dividends at the earliest possible time but only when the Directors are confident about generating cash through a sustainable operating profit. The payment of a future dividend remains under continual review.

Property

The Company has continued to pursue the policy of the sale of non-core assets. The following properties have been sold during the period under review:

Two cottages on the site adjoining the Exeter Inn in Honiton Clyst.

The Marshalls Hotel in Barnstaple.

The Victoria Inn and an adjoining cottage in Ashburton.

The Maltsters Arms, the converted skittle alley and the adjoining development site in Clyst St Mary.

In line with the Board's strategy of reducing debt and following these sales, three prepayments against the term loan held with Barclays have been made during the period under review, totalling GBP1,750,000.

Personnel

I am very sad to report the passing of Andy Paver, our tenant at The Dewdrop Inn in Kingsteignton. He died shortly after his deteriorating health had forced him to retire from the tenancy in April after nearly thirty years as the licensee. He ran the pub with impeccable standards and a natural charm that made the pub a very special place under his stewardship. He was also held in the highest esteem by all at head office and he will be greatly missed.

Prospects

Whilst pleased with the rebound in trade across our houses in the preliminary months of the year and the boost in sales enjoyed by many pubs during the long Jubilee weekend, I am acutely aware of the two-fold strain to the trade caused by the cost of living hikes to our customers and the cost of doing business hikes faced by our operators. The Directors are, of course, concerned as to how these pressures might manifest themselves across the estate, particularly come this Autumn and Winter. We shall continue to monitor the situation as it develops.

N H P TUCKER

Chairman

Group income statement (unaudited)

For the six months ended 30 April 2022

 
                                                   6 months         6 months         Audited 
                                                       to               to           12 months 
                                                    30 April         30 April           to 
                                                      2022             2021         31 October 
                                                                                       2021 
                                        Note       GBP' 000         GBP' 000         GBP' 000 
 Revenue                                                 3,290              846            4,618 
 Change in stocks                                            -                -                - 
 Other operating income                                    110              183              310 
 Purchase of inventories                               (1,312)            (253)          (1,909) 
 Staff costs                                             (714)            (655)          (1,349) 
 Depreciation of property, plant and 
  equipment                                               (98)             (77)            (177) 
 Other operating charges                                 (754)            (691)          (1,552) 
                                                       (2,768)          (1,493)          (4,677) 
 Group operating profit/(loss)                             522            (647)             (59) 
 Profit on sale of property, plant 
  and equipment                                            601         647                 1,318 
 
 Group Profit before finance costs 
  and taxation                                           1,123                -            1,259 
 Finance income                                              -                -                - 
 Finance costs                                            (60)             (76)            (145) 
                                                          (60)             (76)            (145) 
 Profit/(loss) before taxation                           1,063             (76)            1,114 
 Tax expense                                             (208)             (10)            (313) 
 Profit/(loss) for the period                              855             (86)              801 
 Earnings per share                       4 
  - basic                                                15.4p           (1.8)p            16.6p 
  - diluted                                              15.4p           (1.8)p            16.6p 
 

Group statement of comprehensive income (unaudited)

For the six months ended 30 April 2022

 
                                                6 months     6 months         Audited 
                                                    to           to           12months 
                                                 30 April     30 April           to 
                                                   2022         2021         31 October 
                                                                                2021 
                                                GBP' 000     GBP' 000          GBP' 000 
 Profit/loss for the period                           855         (86)              801 
 Items that will not be reclassified 
  to profit or loss 
  Fair value adjustment on investment 
  in equity 
  Actuarial (losses)/gains on defined 
  benefit pension plans 
  Tax relating to items that will not                   -            4                5 
  be reclassified                                       -            -                - 
                                                        -            4                5 
 Items that may be reclassified to 
  profit or loss                                        9            -                - 
  Exchange rate differences on translation 
  of subsidiary undertaking                                          -                - 
  Tax relating to items that may be                     - 
  reclassified 
                                                                     -                - 
                                                        - 
 
 Other comprehensive income/ (loss) 
  for the year, net of tax                            864         (82)              806 
 Total comprehensive income/ (loss) 
  attributable to: 
  Equity holders of the parent                        864         (82)              806 
 
 

Group balance sheet (unaudited)

 
 at 30 April 2022                    30 April     30 April      Audited 
                                        2022         2021      31 October 
                                      GBP' 000     GBP' 000       2021 
                                                                GBP'000 
 Non-current assets 
 Property, plant and equipment          17,798       18,743        17,997 
 Financial assets                           34           33            34 
 Deferred tax asset                         16           16            16 
                                        17,848       18,792        18,047 
 Current assets 
 Trade and other receivables             1,996        1,852         1,936 
 Inventories                                10           10            10 
 Cash and short-term deposits               35           66            52 
                                         2,041        1,928         1,998 
 Assets held for sale                      371      211               883 
 Total assets                           20,260       20,931        20,928 
 Current liabilities 
 Trade and other payables              (1,274)        (619)         (984) 
 Financial liabilities                 (1,051)      (2,162)       (1,158) 
 Income tax payable                      (318)         (98)         (108) 
                                       (2,643)      (2,879)       (2,250) 
 Non-current liabilities 
 Other payables                          (325)        (279)         (318) 
 Financial liabilities                 (2,187)      (4,508)       (4,069) 
 Deferred tax liabilities                (734)        (536)         (734) 
 Defined benefit pension plan             (92)         (92)          (92) 
                                       (3,338)      (5,415)       (5,213) 
 Total liabilities                     (5,981)      (8,294)       (7,463) 
 Net assets                             14,279       12,637        13,465 
 Capital and reserves 
 Equity share capital                      264          264           264 
 Capital redemption reserve                673          673           673 
 Treasury shares                       (1,579)      (1,502)       (1,529) 
 Fair value adjustments reserve             10            9            10 
 Currency translation                       22           13            13 
 Retained earnings                      14,889       13,180        14,034 
 Total equity                           14,279       12,637        13,465 
 

Dividends

The Directors do not recommend a dividend to be paid at the half-year.

Group statement of cash flows (unaudited)

for the six months ended 30 April 2022

 
                                                   6 months         6 months       Audited 
                                                         to               to      12months 
                                                   30 April         30 April            to 
                                                       2022             2021    31 October 
                                                                                      2021 
 Operating activities                              GBP' 000         GBP' 000      GBP' 000 
 Profit/(loss) for the period                           855             (86)           801 
 Tax expense                                            208               10           313 
 Net finance costs                                       60               76           145 
 (Profit) on disposal of non-current 
  assets and assets held for sale                     (601)            (647)       (1,200) 
 Depreciation and impairment of property, 
  plant and equipment                                    98               97           177 
 Exchange gain on cash, liquid resources 
  and loan                                                -                -             - 
 
 (Increase)/decrease in trade and 
  other receivables                                    (80)            (338)         (442) 
 Increase/(decrease) in trade and 
  other payables                                        274             (58)           353 
  Impairment of assets                                    -                -             - 
 Cash generated from operations                         814            (946)           147 
 
 
 
 
 Income taxes paid                                        -            (150)         (245) 
 Interest paid                                         (60)             (76)         (145) 
 Net cash inflow / (outflow) from 
  operating activities                                  754          (1,172)         (243) 
 Investing activities 
 Interest received                                        -                -             - 
 Proceeds from sale of property, plant 
  and equipment and assets held for 
  sale                                                1,402              584         1,411 
 Payments to acquire property, plant 
  and equipment                                       (153)            (209)         (473) 
 Net cash Inflow/outflow from investing 
  activities                                          1,249              375           938 
 Financing activities 
 Preference dividend paid                               (1)              (1)           (1) 
 Equity dividends paid                                    -                -             - 
 Consideration received by EBT on 
  sale of shares                                          -               41            41 
 Consideration paid by EBT on purchase 
  of shares                                            (50)             (54)          (81) 
 Capital element of finance lease 
  rental payments                                       (4)              (7)          (25) 
 Repayment of bank borrowings                       (1,892)             (27)         (187) 
 Mortgage Receipts                                       21                -            35 
 Net cash outflow from financing activities         (1,926)             (48)         (218) 
 Increase/(decrease) in cash and cash 
  equivalents                                            77            (845)           477 
 Cash and cash equivalents at the 
  beginning of the period                             (755)          (1,232)       (1,232) 
 Cash and cash equivalents at the 
  period end                                          (678)          (2,077)         (755) 
 
 
 
   Group statement of cash flows (unaudited) 
   (continued) 
 
   for the six months ended 30 April 
   2022 
 Represented by: 
 Cash and short term deposits                            35               66            52 
 Overdraft                                            (713)          (2,143)         (807) 
                                                      (678)          (2,077)         (755) 
 

Group reconciliation of movements in equity (unaudited)

 
 6 months                Equity      Capital                    Fair 
  to 
 30 April                 share   redemption   Treasury        value      Currency   Retained    Total 
  2022 
                        capital      reserve     shares   adjustment   translation   earnings   equity 
                           GBP'     GBP' 000       GBP'         GBP'          GBP'       GBP'     GBP' 
                            000                     000          000           000        000      000 
 
 At 1November 
  2021                      264          673    (1,529)           10            13     14,034   13,465 
 Profit for 
  the period                  -            -          -            -             -        855      855 
 Other comprehensive 
  income for 
  the period, 
  net of income 
  tax                         -            -          -            -             9          -        9 
                       --------  -----------  ---------  -----------  ------------  ---------  ------- 
 Total comprehensive 
  income for 
  the period                  -            -          -            -             9        855      864 
                       --------  -----------  ---------  -----------  ------------  ---------  ------- 
 Consideration 
  received 
  by EBT on 
  sale of shares              -            -          -            -             -          -        - 
 Consideration 
  paid by EBT 
  on purchase 
  of shares                   -            -       (50)            -             -          -     (50) 
 
 Loss by EBT 
  on sale of 
  shares                      -            -          -            -             -          -        - 
 Equity dividend 
  paid                        -            -          -            -             -          -        - 
 
 At 30 April 
  2022                      264          673    (1,579)           10            22     14,889   14,279 
                       --------  -----------  ---------  -----------  ------------  ---------  ------- 
 

Group reconciliation of movements in equity (unaudited) - continued

 
 6 months                Equity      Capital                      Fair 
  to 
 30 April                 share   redemption     Treasury        value      Currency    Retained       Total 
  2021 
                        capital      reserve       shares   adjustment   Translation    earnings      equity 
                           GBP'     GBP' 000         GBP'         GBP'      GBP' 000        GBP'        GBP' 
                            000                       000          000                       000         000 
 
 At 1November 
  2020                      264          673      (1,522)            5            13      13,266      12,699 
 (Loss) for 
  the period                  -            -            -            -             -        (86)        (86) 
 Other comprehensive 
  income for 
  the period, 
  net of income 
  tax                         -            -            -            4             -           -           4 
                       --------  -----------  -----------  -----------  ------------  ----------  ---------- 
 Total comprehensive 
  income for 
  the period                  -            -            -            4             -        (86)        (82) 
                       --------  -----------  -----------  -----------  ------------  ----------  ---------- 
 Consideration 
  received 
  by EBT on 
  sale of shares              -            -           41            -             -           -          41 
 Consideration 
  paid by EBT 
  on purchase 
  of shares                   -            -         (54)            -             -           -        (54) 
 Loss by EBT 
  on sale of 
  shares                      -            -           33            -             -           -          33 
 
 Equity dividend 
  paid                        -            -            -            -             -           -           - 
                       --------  -----------  -----------  -----------  ------------  ----------  ---------- 
 
 At 30 April 
  2021                      264          673      (1,502)            9            13      13,180      12,637 
                       --------  -----------  -----------  -----------  ------------  ----------  ---------- 
 

Group reconciliation of movements in equity (unaudited) - continued

 
                          Equity       Capital                       Fair 
                           share    redemption     Treasury         value        Currency     Retained      Total 
   12 months to          capital       reserve       shares    adjustment     Translation     earnings     equity 
   31 October 2021        GBP000        GBP000       GBP000       reserve          GBP000       GBP000     GBP000 
   Audited                                                         GBP000 
 At 1 November 
  2020                       264           673      (1,522)             5              13       13,266     12,699 
 
 Profit for the 
  year                         -             -            -             -               -          801        801 
 Other comprehensive 
  income for the 
  year 
  net of income 
  tax                          -             -            -             5               -            -          5 
                       ---------  ------------  -----------  ------------  --------------  -----------  --------- 
 Total comprehensive 
 income for the 
  year                         -             -            -             5               -          801        806 
                       ---------  ------------  -----------  ------------  --------------  -----------  --------- 
 Consideration 
  received by EBT 
  on sale of shares            -             -           41             -               -            -         41 
 Consideration 
  paid by 
 EBT on purchase 
  of shares                    -             -         (81)             -               -            -       (81) 
 Loss by EBT on 
  sale of shares               -             -           33             -               -         (33)          - 
 Equity dividends 
  paid                         -             -            -             -               -            -          - 
                       ---------  ------------  -----------  ------------  --------------  -----------  --------- 
 At 31 October 
  2021                       264           673      (1,529)            10              13       14,034     13,465 
                       ---------  ------------  -----------  ------------  --------------  -----------  --------- 
 

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'). Shares held at half-year 444,155.

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 2021. The accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the United Kingdom.

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 2022.

   2 .   Going concern 

While Covid restrictions are no longer in place, there are concerns around the general increase in costs including the hike in energy prices, which we have not yet seen the impact of in our half year results. The Board has continued to review and adjust forecasts to take into account any possible impact this may have on trading in the second half of the year. The Group remains well within its forecasts to April 2023 with minimum headroom of GBP2.1m on the GBP3m overdraft, and three prepayments to the term loan have been made totalling GBP1,750,000. The Board continues to focus attention on the long-term trading position of the Group. The acceleration of the Group's programme of non-core asset sales is continuing and in line with targets set, achieving GBP1.4m of sales within the first six months of the financial year. The current trading performance of the Group also shows that it will be able to operate within the level of its facilities for the foreseeable future. With the value in the Estate being realised over time and with the support from the bank there are no material uncertainties. For this reason, the Group continues to adopt the going concern basis in preparing its financial statements.

3. Key Estimates

The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below:

Impairment of assets

The Directors assess impairment of assets at each reporting date on a property by property basis. The Directors take into consideration trade performance during the year and open market value as to whether there is an indication that an asset may be permanently impaired. When necessary external valuations are carried out. Within this trading period the Directors conclude that there were no impairments.

4. Basic and diluted earnings per share

The calculation of basic earnings per ordinary share is based on earnings of GBP855,000 (2021: GBP(86,000)), being profit/(loss) after taxation for the period, and on 4,818,652 (2021: 4,819,991) 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.

5. 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.

Within our Financial statements year ended 31 October 2021 a presentation error occurred in the segment information section. This was a cross casting error due to a late balance sheet adjustment. The balance sheet at the year end and the split in the assets held in the United States were correct.

6. 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 2022 has been posted to shareholders today and will be available on our website at www.heavitreebrewery.co.uk.

Ends.

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END

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