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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% | 275.00 | 230.00 | 320.00 | 275.00 | 275.00 | 275.00 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Drinking Places (alcoholic) | 7.56M | 1.5M | 0.2982 | 9.22 | 13.82M |
From Feb 2022 to Feb 2025
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
Hot Features
Premium
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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