Business
Preliminary Statement
Preliminary Statement.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n\nThe Heavitree Brewery PLC\nTrood Lane\nMatford\nExeter EX2 8YP\n \nDate: 19 February 2024\n \nContact: Graham Crocker - Managing Director - 01392 217733\nNicola McLean - Company Secretary - 01392 217733\nPatrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052\n \n \nFollowing a Board Meeting held today, 19 February 2024, the Directors announce the preliminary statement of results for the year ended 31 October 2023.\n \nISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares\nISIN: GB0004182506 for Ordinary Shares\n \n \n \nChairman's statement\n \nIn my statement at the half-year, I reported that the consensus among our tenants was that top line trading had held up well during the first six months of the year despite the many concerns we all shared about the pressures to which the trade as a whole was and continues to be subjected. Now that we are reviewing the full year, I am pleased that the second half of the year has continued in a similar vein and a small increase in turnover has been achieved. I do feel it is important to understand that very few of the aforementioned pressures have gone away and it is a reflection of the hard work of our tenants in the pubs combined with the good support from Head Office that has meant that the pubs continue to trade well in these difficult times.\nTurnover has increased by 0.9% to £7,346,000 (2022: £7,280,000). Rental income has been adjusted, as in recent years, by the winding down of the rental concessions given during the Covid years in accordance with the IFRS16 Lease Accounting standard; there has been reduction to revenue of £121,000 (2022: £230,000). An operating profit for the year for the Group of £1,042,000 has been returned (2022: £1,422,000).\nThe reduction in operating profit against the previous year has been as a direct result of a programme of significant spending on repairs including at the Swan Inn in Lympstone, Henry's Bar in Exeter and the Two Mile Oak near Newton Abbot which now have wonderfully improved external trading areas. Further significant repairs were completed at the Beach in Exmouth and the Horse and Groom in Heavitree. In total the spend on repairs has reac...