Final Results - Year Ended 31 October 1999

Heavitree Brewery PLC 4 February 2000 Following a Board Meeting held today, 4 February 2000, the Directors announce the results and dividends for the year ended 31 October 1999. These figures do not constitute full accounts within the meaning of S.240 of the Companies Act 1985. They have been extracted from the statutory accounts for the year ended 31 October 1999, on which the auditors have issued an unqualified audit report. The figures for the year ended 31 October 1998 have been restated in respect of a prior period adjustment as detailed below. The statutory accounts have not yet been delivered to the Registrar of Companies. As restated 1999 1998 £000 £000 Turnover 9,941 9,846 ------ ----- Operating profit 2,099 2,098 Exceptional items 2 293 Income from other fixed asset investments 14 7 Net interest payable (111) (185) ----- ----- Profit on ordinary activities before tax 2,004 2,213 Taxation (557) (633) ----- ----- Profit attributable to shareholders 1,447 1,580 Dividends Non-equity (Preference shares) - paid (1) (1) Equity (Ordinary and 'A' Limited Voting Ordinary shares) - paid (207) (218) Equity (Ordinary and 'A' Limited Voting Ordinary shares) - proposed (317) (308) ----- ----- Retained profit 922 1,053 ----- ----- Basic and Diluted Earnings per share 24.2p 25.4p Dividends: The Directors propose a final dividend of 5.25p per share (1998 - 5.0p) on the Ordinary and 'A' Limited Voting Ordinary shares making a total of 8.75p per share (1998 - 8.5p) an overall increase of 2.9 per cent. in the dividend for the year. If approved at the Annual General Meeting, this dividend will be paid on 6 April 2000 to shareholders on the register at 3 March 2000. Prior Period Adjustment The Group has previously revalued the freehold property portfolio. It has now decided not to continue with a policy of revaluation but to state these assets at historical cost. This change in accounting policy has no effect on the profit and loss account in the current year. The impact on 1998 is to increase the profit on disposal of fixed assets by £30,000. The revaluation reserve in respect of these assets, amounting to £20,412,000, has been reversed.