Business
Half Yearly Report
Half Yearly Report.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n \nRNS Number : 7448K Heavitree Brewery PLC 27 June 2014 \n \n\nThe Heavitree Brewery PLC\nTrood Lane\nMatford\nExeter EX2 8YP\n \nDate: 27 June 2014\n \nContact: Graham Crocker - Managing Director - 01392 217733\nNicola McLean - Company Secretary - 01392 217733\nPascal Keane - Shore Capital - 0207 468 7995\n \nFollowing a meeting by a duly authorised committee of the Board of Directors held today, 27 June 2014, the Directors announce the interim results for the six months ended 30 April 2014.\n \nChairman's statement\n \nThe truly awful weather at the start of the year, in particular during February, saw several of our houses being battered by the much reported storms and threatened by floods. The hard work and determination of those tenants that were directly affected and the proactive and reactive efforts of both our maintenance and management teams has helped our sales to hold up well within the estate. I am pleased to report that operating profit for the six months ended 30 April 2014 has improved by 14.4% over last year. This is despite the loss of rental income from two closed pubs which are waiting to be refurbished.\n \nRESULTS\nThe Group operating profit is £619,000 (2013 - £541,000), an increase of 14.4% on last year. After allowing for finance costs of £156,000 which includes £53,000 in respect of the IAS19 calculation referring to the closed final salary Pension Scheme (2013 - £143,000 and £40,000 respectively), together with a profit on the sale of property of £129,000 the Group profit before taxation is £592,000 (2013 - £398,000).\n \nI reported at the year end that four flats on the old St Loye's Pub site in Exeter were to be marketed for sale following this very successful development. These four sales have now completed realising a profit before tax of £129,000 as mentioned above. \n \nDIVIDEND\nThe Directors have resolved to pay an increased interim dividend of 3.675p per Ordinary Share and 'A' Limited Voting Ordinary Share (2013 - 3.5p). The dividend will be paid on 01 August 2014 to shareholders on the Register at the close of business on 18 July 2014.\n \nPROSPECTS\nWe hav...