Business
Interim Results
Interim Results.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n RNS Number : 0392A Heavitree Brewery PLC 30 July 2008 \n \nThe Heavitree Brewery PLCTrood Lane\nMatford\nExeter EX2 8YP\n\nDate: 30 July 2008\n\nContact: Graham Crocker - Managing Director - 01392 217733\n Rod Glanville - Director and Company Secretary - 01392 217733\n Pascal Keane - Shore Capital - 0207 468 7995\n\nFollowing a Board Meeting held today, 30 July 2008, the Directors announce the half-year results for the six months ended 30 April 2008. \n\nChairman's statement\n\nAt the Annual General Meeting in April, I informed shareholders that, although I was reporting satisfactory results for the previous year, we would not be immune to the pressures facing our industry going forward. The economic squeeze has combined with these pressures to affect adversely and significantly the Company's performance for the Half Year. On 27 June 2008 the Board issued a trading statement in relation to the six month period to 30 April 2008 and announced its decision not to pay an interim dividend. Furthermore, the Board announced that it was to conduct a strategic review of its business. To aid the review Ernst and Young LLP has been appointed to advise on how to secure best value for shareholders.\n\nRESULTS\nThe Company now prepares accounts in accordance with International Financial \nReporting Standards (IFRS). Consequently, comparatives have been restated to reflect \nthis change as set out in the Group's IFRS Restatement Announcement issued on \nthe 22 July 2008.\n\nTurnover for the Group has dropped against last year by 2.38 %. Due to the increased costs incurred from the management of temporary holding arrangements, an increase in the cost of building repairs and an accrual for holiday pay under new accounting standards, I have to report an operating loss for the six month period to 30 April 2008 of £130,000 (2007: profit of £784,000). The profit before taxation at the half-year is £185,000 after interest and the sale of three properties (2007: £790,000).\n\nHeavitree Inns, our Managed House subsid...