Business
Half-year Report
Half-year Report.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n\nThe Heavitree Brewery PLC\nTrood Lane\nMatford\nExeter EX2 8YP\n \nDate: 27 June 2024\n \nContact: Graham Crocker - Managing Director - 01392 217733\nNicola McLean - Company Secretary - 01392 217733\nPatrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4090\n \n \n \nFollowing a meeting by a duly authorised committee of the Board of Directors held today, 27 June 2024, the Directors announce the interim results for the six months ended 30 April 2024.\n \n \nChairman's statement\n \nResults\nThe Company performed well in the first half of this year against the same period last year despite the combination of weeks of cold and wet weather conditions and a very early Easter weekend which one would expect to have an adverse effect on number comparisons. Turnover has in fact increased by 2.1% to £3,396,000 (2023: £3,326,000). As reported in recent years, the turnover figure for this period was again reduced by the IFRS 16 Lease Accounting unwind. This equated to a reduction of £39,500.\nThe Group has returned an operating profit of £540,000 (2023: operating profit of £523,000), a 3% improvement on the previous year. In turn, profit before tax is £761,000 (2023: £947,000) which includes the book profit of £300,000 realised on the sale of non-core assets (2023 non-core assets : £503,000). The reduction in profit before tax reflects greater non-core asset sales for the corresponding period of 2023.\n \nDividend\nThe Directors recommend the payment of an increased interim dividend at a rate of 2.25p (2023: 2.0p) per Ordinary and 'A' Ordinary share to those shareholders on the register on 12 July 2024. The dividend will be payable on 02 August 2024.\n \nProperty\nIn accordance with the disposal programme of non-core assets, The Exeter Inn in Honiton Clyst was sold.\nThe new accommodation block at The Ley Arms in Kenn is finished offering quality bedrooms at this very popular pub. \n \n \n \nHeavitree Inc.\nI reported at this year's Annual General Meeting that we were awaiting the issue of a 'certificate of good standing' from the Texas Secretary of State before being able to further move towards termin...