Business
Preliminary Statement of results
Preliminary Statement of results.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n \nRNS Number : 8569E Heavitree Brewery PLC 14 February 2018 \n\nThe Heavitree Brewery PLC\nTrood Lane\n Matford\n Exeter EX2 8YP\n \nDate: 14 February 2018\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 \n \nFollowing a Board Meeting held today, 14 February 2018, the Directors announce the preliminary statement of results for the year ended 31 October 2017.\n \nISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares\nISIN: GB0004182506 for Ordinary Shares\n \n \nChairman's statement\n \nI am pleased to report that operating profit for the year under review has increased by 25.21% (£358,000) after a 2.01% increase in turnover on the previous year. About half of the development land in Houston in which Heavitree Inc. holds a 5.26% interest was sold returning a profit of £104,000. Compensation and a pay back of legal fees following a land dispute at one of our houses added £36,000 to the operating profit line; as did a £107,000 reduction in the expense for bad debts. Our team, of course, always works hard year on year on cash management, but this is a particularly impressive result and it is a most welcome addition to an already strong contribution performance.\n \nResults\nGroup Turnover increased by £144,000 to £7,299,000. Group Operating Profit has increased by £358,000 to £1,778,000.\nHeavitree Inns has remained dormant throughout the year.\nHeavitree Inc. generated an operating profit of £104,000 (2016 - loss of £16,000).\nKey Performance Indicators\nAdjusted operating profit before Taxation of £1,778,000 was up 25.21% on last year.\nInterest costs were covered 10.16 times.\nDividend\nThe Directors recommend a 6.67 % increase in the final dividend to 4.00p per Ordinary and 'A' Limited Voting Ordinary Share (2016 - 3.75p) making a total for the year of 7.675p. The dividend will be paid on 20 April 2018, subject to shareholder approval at the Annual General Meeting on 11 April 2018, to those shareholders on the Register at 23 March 2018.\n \n \nS...