TIDMHVT
RNS Number : 5687J
Heavitree Brewery PLC
29 June 2017
The Heavitree Brewery PLC
Trood Lane
Matford
Exeter EX2 8YP
Date: 29 June 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 meeting by a duly authorised committee of the Board
of Directors held today, 29 June 2017, the Directors announce the
interim results for the six months ended 30 April 2017.
Chairman's statement
The Group has increased operating profit against the
corresponding period last year by 10.79% to GBP698,000. This has
been achieved by increases in all areas of contribution apart from
machine income.
Results
The Group has returned an operating profit of GBP698,000 (2016:
GBP630,000) which reflects a 10.79% increase against the same
period in the previous year. After allowing for finance costs of
GBP140,000 (2016: GBP124,000), which include a GBP41,000 interest
cost in respect of the IAS 19 calculation applied to the final
salary Pension Scheme (2016: GBP28,000), the Group Profit before
taxation is GBP558,000 (2016: GBP505,000). This shows a 10.49%
increase on the previous year.
Dividend
The Directors have resolved to pay an interim dividend of 3.675p
per Ordinary Share and 'A' Limited voting Ordinary Share (2016:
3.675p). The dividend will be paid on 4 August 2017 to shareholders
on the Register at the close of business on 21 July 2017.
Property
There were no property sales during the period under review but
three houses were being actively marketed for sale. Those houses
are the Crown and Sceptre in Newton St.Cyres, the Bell Inn in
Cullompton and the Pen and Quill in Taunton.
The Pen and Quill has sold since the closure of the half year
period and a book loss has been mostly absorbed by the impairment
that was shown in last year's accounts. Also, since the end of the
period under review, The King's Arms in Strete has been added to
the list of those pubs being marketed for sale.
The Dartmoor Halfway in Bickington opened in May after a total
refurbishment completed in partnership with Buccaneer Inns who have
taken the tenancy of this exciting new pub. Trading has started
well and the Directors wish Buccaneer Inns and the management team
at the pub every success in the future.
Prospects
I am pleased to be reporting these good numbers at the
half-year. The quality of our houses and operators means that we
are well set up to take advantage of good trading conditions in the
second half of the financial year but also to remain resilient to
the effects of the immense uncertainties that 2017 continues to
deliver.
N H P TUCKER
Chairman
Group income statement (unaudited)
For the six months ended 30 April 2017
6 months 6 months Audited
to to 12 months
30 April 30 April to
2017 2016 31 October
2016
Note GBP' 000 GBP' 000 GBP' 000
Revenue 3,351 3,312 7,155
Change in stocks - - -
Other operating income 134 117 241
Purchase of inventories (1,318) (1,322) (2,955)
Staff costs (625) (600) (1,301)
Depreciation of property, plant and
equipment (113) (103) (208)
Other operating charges (731) (774) (1,512)
(2,653) (2,682) (5,735)
Group operating profit 698 630 1,420
(Loss)/profit on sale of property,
plant and equipment - (1) 585
Movements in valuation of estate and
related assets - - (163)
Group profit before finance costs
and taxation 698 629 1,842
Finance income 3 8 6
Finance costs (102) (104) (152)
Other finance costs-pensions (41) (28) (43)
(140) (124) (189)
Profit before taxation 558 505 1,653
Tax expense (159) (128) (288)
Profit for the period 399 377 1,365
Earnings per share 2
- basic 7.9p 7.7p 28.0p
- diluted 7.9p 7.7p 28.0p
Group statement of comprehensive income (unaudited)
For the six months ended 30 April 2017
6 months 6 months Audited
to to 12months
30 April 30 April to
2017 2016 31 October
2016
GBP' 000 GBP' 000 GBP' 000
Profit for the period 399 377 1,365
Items that will not be reclassified
to profit or loss
Actuarial (losses)/gains on defined
benefit pension plans (69) 350 (1,195)
Tax relating to items that will not
be reclassified 12 (70) 203
(57) 280 (992)
Items that may be reclassified to
profit or loss
Fair value adjustment 1 3 7
Exchange rate differences on translation
of subsidiary undertaking - (3) 10
Tax relating to items that may be - - -
reclassified 1 - 17
Other comprehensive income for the
year, net of tax 343 657 390
Total comprehensive income attributable
to:
Equity holders of the parent 343 657 390
Dividends
The Directors declare an interim dividend of 3.675p per share
(2016 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary
Shares. This dividend will be paid on 04 August 2017 to
shareholders on the register at 21 July 2017.
Group balance sheet (unaudited)
at 30 April 2017 30 April 30 April Audited
2017 2016 31 October
GBP' 000 GBP' 000 2016
GBP'000
Non-current assets
Property, plant and equipment 18,380 16,950 18,012
Financial assets 41 37 40
Deferred tax asset 284 100 359
18,705 17,087 18,411
Current assets
Trade and other receivables 1,750 1,312 1,585
Inventories 10 10 10
Cash and short-term deposits 62 93 57
1,822 1,415 1,652
Assets held for sale 552 1,408 219
Total assets 21,079 19,910 20,282
Current liabilities
Trade and other payables (1,064) (821) (980)
Financial liabilities (2,267) (2,349) (1,332)
Income tax payable (223) (106) (149)
(3,554) (3,276) (2,461)
Non-current liabilities
Other payables (264) (275) (274)
Financial liabilities (6,011) (6,011) (6,057)
Deferred tax liabilities (335) (305) (335)
Defined benefit pension plan (1,667) (500) (2,111)
(8,277) (7,091) (8,777)
Total liabilities (11,831) (10,367) (11,238)
Net assets 9,248 9,543 9,044
Capital and reserves
Equity share capital 264 264 264
Capital redemption reserve 673 673 673
Treasury shares (1,212) (1,201) (1,254)
Fair value adjustments reserve 17 17 21
Currency translation 22 4 17
Retained earnings 9,484 9,786 9,323
Total equity 9,248 9,543 9,044
Group statement of cash flows (unaudited)
for the six months ended 30 April 2017
6 months 6 months Audited
to to 12months
30 April 30 April to
2017 2016 31 October
2016
Operating activities GBP' 000 GBP' 000 GBP' 000
Profit for the period 399 377 1,365
Tax expense 159 128 288
Net finance costs 140 124 189
Loss/(profit) on disposal of non-current
assets and assets held for sale - 1 (585)
Depreciation and impairment of property,
plant and equipment 130 103 371
Exchange gain on cash, liquid resources
and loan - - 4
Difference between pension contributions
paid and recognised in the income
statement (554) (591) (538)
Decrease/(increase) in trade and
other receivables (165) 62 (226)
Increase/(decrease) in trade and
other payables 78 79 238
Cash generated from operations 187 283 1,106
Income taxes paid - (6) (79)
Interest paid (102) (104) (152)
Net cash inflow from operating activities 85 173 875
Investing activities
Interest received 3 8 6
Proceeds from sale of property, plant
and equipment and assets held for
sale - 4 1,205
Payments to acquire property, plant
and equipment (832) (594) (1,275)
Net cash outflow from investing activities (829) (582) (64)
Financing activities
Preference dividend paid (1) (1) (1)
Equity dividends paid (183) (179) (358)
Consideration received by EBT on
sale of shares 44 40 40
Consideration paid by EBT on purchase
of shares - (5) (58)
Capital element of finance lease
rental payments (4) - (2)
Net cash outflow from financing activities (144) (145) (379)
Decrease in cash and cash equivalents (888) (554) 432
Cash and cash equivalents at the
beginning of the period (1,270) (1,702) (1,702)
Cash and cash equivalents at the
period end. (2,158) (2,256) (1,270)
Group reconciliation of movements in equity (unaudited)
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
6 months Equity Capital Fair Cashflow
to
30 April share redemption Treasury value Currency hedge Retained Total
2016
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
2015 264 673 (1,235) 14 7 - 9,307 9,030
Profit for
the period - - - - - - 377 377
Other comprehensive
income for
the period,
net of income
tax - - - 3 ( 3) - 280 280
-------- ----------- ----------- ----------- ------------ --------- --------- ---------
Total comprehensive
income for
the period - - - 3 (3) - 657 657
-------- ----------- ----------- ----------- ------------ --------- --------- ---------
Consideration
Received
by EBT on
sale of shares - - 40 - - - - 40
Consideration
paid by EBT
on purchase
of shares - - (5) - - - - (5)
Gain by EBT
on sale of
shares - - (1) - - - 1 -
Equity dividend
paid - - - - - - (179) (179)
-------- ----------- ----------- ----------- ------------ --------- --------- ---------
At 30 April
2016 264 673 (1,201) 17 4 - 9,786 9,543
-------- ----------- ----------- ----------- ------------ --------- --------- ---------
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 2016 GBP000 GBP000
Audited
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
2016 264 673 (1,254) 21 17 - 9,323 9,044
--------- ------------ ----------- ------------ -------------- --------- ----------- ---------
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 2016. 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 29 June 2017.
2. Basic and diluted earnings per share
The calculation of basic earnings per ordinary share is based on
earnings of GBP399,000 (2016: GBP377,000), being profit after
taxation for the period, and on 5,064,830 (2016: 4,872,387) 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 2017 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 company news service from the London Stock Exchange
END
IR SEDSAUFWSESM
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