Business
Final Results
Final Results.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n \n The Heavitree Brewery PLC\n \n Trood Lane\n \n \n Matford\n \n \n Exeter EX2 8YP\n \n \n \n \n \n Date: 16 February 2023\n \n \n \n \n \n Contact: Graham Crocker - Managing Director - 01392 217733\n \n \n Nicola McLean - Company Secretary - 01392 217733\n \n \n Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052\n \n \n \n \n \n \n \n \n Following a Board Meeting held today, 16 February 2023, the Directors announce the preliminary statement of results for the year ended 31 October 2022.\n \n \n \n \n \n ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares\n \n \n ISIN: GB0004182506 for Ordinary Shares\n \n \n \n \n \n \n \n \n \n \n \n \n Chairman's statement\n \n \n \n \n \n \n \n \n Having reported a pandemic-affected small operating loss at the 2021 year-end, it is pleasing that the company returned a satisfactory performance in the second half of this year to follow the steady performance reported on at the half-year. This has resulted in an increase in turnover of 57.64% to £7,280,000 against the previous year's figure of £4,618,000 and this includes a reduction in rental income of £230,000 in accordance with the IFRS 16 accounting treatment, the application of which I have explained in recent years. An operating profit for the year for the Group of £1,422,000 has been returned (2021: a loss of £59,000). We have finished the year returning numbers similar to those achieved before the start of the Covid pandemic.\n \n \n In my statement accompanying the half-year accounts I expressed caution about just what might be lying ahead of us in future months. The much reported hikes in the cost of living, rises in mortgage rates and the cost of doing business are inevitably putting pressures on the general trading environment for all our operators. Energy costs are of a particular concern, and we have seen some renegotiated contracts during the last six months which have resulted in a tripling, or even quadrupling of electricity and gas costs. Another example of the many inflationary pressures the sector is exposed to is reflected in the extraordinary wholesale beer price increases announced by one of our main supplie...