Business
Preliminary Statement of Results
Preliminary Statement of Results.
About this update from Heavitree Brewery Plc
[{"type":"text","content":"\n \nRNS Number : 8207W Heavitree Brewery PLC 14 February 2017 \n\nThe Heavitree Brewery PLC\nTrood Lane\n Matford\n Exeter EX2 8YP\n \nDate: 14 February 2017\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 2017, the Directors announce the preliminary statement of results for the year ended 31 October 2016.\n \nISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares\nISIN: GB0004182506 for Ordinary Shares\n \n \nChairman's statement\n \nOperating profit for the year under review has increased by 0.56% (£8,000) after a 1.03% (£73,000) increase in turnover on the previous year. There was an impairment cost of £163,000 relating to the Pen and Quill, and this was further to the £47,000 impairment for the same house which I reported last year. \nResults\nGroup Turnover increased by £73,000 to £7,155,000. Group Operating Profit increased by £8,000 to £1,420,000.\nHeavitree Inns remained dormant throughout the year.\nHeavitree Inc. generated an operating loss of £16,000 (2015 - loss of £13,000).\nKey Performance Indicators\nAdjusted Operating Profit before Taxation of £1,420,000 was up 0.56% on last year.\nInterest costs were covered 9.72 times.\nDividend\nThe Directors recommend a 2.04% increase in the final dividend to 3.75p per Ordinary and 'A' Limited Voting Ordinary Share (2015 - 3.675p) making a total for the year of 7.425p. The dividend will be paid on 21 April 2017, subject to shareholder approval at the Annual General Meeting on 13 April 2017, to those shareholders on the Register at 24 March 2017.\nThe Directors decision to recommend an increase in the dividend reflects another steady performance for the Company. Also, it is an opportunity to return some capital to shareholders following the disposals of non-core houses during the year.\nSale of Property \nI reported last year that the Hole in the Wall and the Exeter Inn, both in Dawlish, were being marketed for sale. These properties were sold in the ...