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Preliminary Announcement

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RNS Number : 8983P
Heavitree Brewery PLC
13 February 2019
 

The Heavitree Brewery PLC

Trood Lane

 Matford

 Exeter EX2 8YP

 

Date:                13 February 2019

 

Contact:           Graham Crocker - Managing Director - 01392 217733

Nicola McLean - Company Secretary - 01392 217733

Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4052

 

 

 

Following a Board Meeting held today, 13 February 2019, the Directors announce the preliminary statement of results for the year ended 31 October 2018.

 

ISIN: GB0004182720 for 'A' Limited Voting Ordinary Shares

ISIN: GB0004182506 for Ordinary Shares

 

 

Chairman's statement

 

Turnover for the Group has increased by £315,000 to £7,614,000 returning a Group operating profit of £1,632,000 for the year under review.  This is a reduction in Group operating profit of £146,000 against the previous year.  When making a comparison with the previous year, it should be noted that the Group operating profit line in 2017 had been increased by over 25% as a result of one-off transactions which included £104,000 from the sale of development land held by Heavitree Inc., £107,000 for a write back after an over provision in expense for bad debts and a further £36,000 for compensation and a repayment of legal fees following a land dispute. 

Having considered these one-off transactions to the previous year before making comparisons, I am pleased with the results in this report.

 

Results

Group Turnover increased by £315,000 to £7,614,000.  Group Operating Profit has decreased by £146,000 to £1,632,000.

Heavitree Inns remained dormant throughout the year.

Heavitree Inc. generated an operating profit of £12,000 (2017 - £104,000).

Key Performance Indicators

Group operating profit before Taxation of £1,632,000 was down 8.21% on last year.

Interest costs were covered 9.60 times.

Dividend

The Directors recommend a 6.25% increase in the final dividend to 4.25p per Ordinary and 'A' Limited Voting Ordinary Share (2017 - 4.00p) making a total for the year of 7.925p (2017-7.675p).  The dividend will be paid on 18 April 2019, subject to shareholder approval at the Annual General Meeting on 10 April 2019, to those shareholders on the Register at 22 March 2019.

Sale of Property

The King of Prussia in Bovey Tracey was sold in November 2017, The Kings Arms in Strete was sold in March 2018, The Crown and Sceptre in Newton St.Cyres was sold in April 2018 together with a small block of four flats in Exeter.  I reported on these at the half year.  The total book profit realised on the sale of these sites was £814,000.

A house on the same site as the above-mentioned block of flats has been sold subject to contract and I hope to report further on this at the upcoming half year.

 

Capital Investments

Significant investments during the year include £85,000 on improvements and upgrades to the kitchen, lavatories and baby-changing facilities at The Cleave in Lustleigh, £30,000 on a new bar and installation of a central heating system at The Green Dragon in Stoke Fleming and £158,000 on part one of a refurbishment of The Church House in Stokenham.

Pension Scheme

Following the completion of the actuarial triennial valuation of the Final Salary Pension Scheme deficit that had fallen due in December 2016, a new set of correction payments were issued and approved in March 2018.  These correction payments were to start at £588,000 and be subject to a 3% uplift year on year.  Since the approval of this new set of correction payments three deferred members have transferred out of the scheme as detailed in note 30. Consequently, the Scheme's independent actuary has issued a replacement schedule of correction payments and this confirms that the Company is no longer required to make contributions to fund the Scheme's deficit.

The Company continues to operate the Scheme for the remaining retired members and their dependants.

Repurchase of shares

The Company did not repurchase any of its own shares during the year under review but the Directors intend to seek shareholder approval at the forthcoming Annual General Meeting for the continuing authority to do so.

Outlook

Another pleasing performance of good progress has created the platform for a further increase in the final Dividend.

At the time of writing it is hard to avoid making mention of the political uncertainty the Country is facing.  Despite this, the quality of our houses and of our tenants and leaseholders who operate them and the dedicated support they receive from all of our staff at Head Office, have combined to help deliver this year's strong set of results.

 

 

 

 

 

N H P TUCKER
Chairman

13 February 2019

 

 

 

 

 

Group income statement

for the year ended 31 October 2018

 

 

 

 

 

Notes

 

Total

2018

£000

 

Total

2017

£000

Revenue

 

7,614

7,299

Other operating income

 

279

384

Purchase of inventories

 

(3,109)

(2,968)

Staff costs

 

(1,407)

(1,353)

Depreciation of property, plant and equipment

 

 

(235)

 

(248)

Other operating charges

 

(1,510)

(1,336)

 

 

(5,982)

(5,521)

Group operating profit

 

1,632

1,778

 

Profit on sale of property plant and equipment

 

824

6

 

 

 

 

 

Group profit before finance costs and taxation

 

 

2,456

 

1,784

Finance income

 

5

7

Finance costs

 

(175)

(182)

Other finance costs - pensions

 

(35)

(55)

 

 

(205)

(230)

 

 

 

 

Profit before taxation

 

2,251

1,554

Tax expense

 

(324)

(226)

 

 

 

 

Profit for the year attributable to equity holders of the parent

 

 

1,927

 

1,328

 

 

 

 

Basic earnings per share

2

39.6p

27.0p

 

 

 

 

Diluted earnings per share

2

39.6p

27.0p

 

All amounts in 2018 and 2017 relate to continuing operations.

 

 

Group statement of comprehensive income

for the year ended 31 October 2018

 

2018

£000

2017

£000

Profit for the year

 

1,927

1,328

Items that will not be reclassified to profit or loss

 

 

Actuarial (losses)/gains on defined benefit pension plans

(248)

428

Tax relating to items that will not be reclassified

42

(74)

 

(206)

354

 

Items that may be reclassified to profit or loss

 

 

Fair value adjustments

(4)

6

Exchange rate differences on translation of subsidiary undertaking

(2)

-

 

(6)

6

 

 

 

Other comprehensive income for the year, net of tax

1,715

1,688

 

Total comprehensive income attributable to:

Equity holders of the parent

1,715

1,688

 

 

 

 

 

 

Group balance sheet

at 31 October 2018

 

 

 

2018

£000

 

 

2017

£000

Non-current assets

 

 

 

 

Property, plant and equipment

 

17,812

 

17,022

Investment property

 

1,094

 

1,094

 

 

18,906

 

18,116

Financial assets

 

47

 

46

Deferred tax asset

 

38

 

221

 

 

18,991

 

18,383

Current assets

 

 

 

 

Inventories

 

10

 

10

Trade and other receivables

 

1,292

 

1,696

Cash and cash equivalents

 

44

 

56

 

 

1,346

 

1,762

Assets held for sale

 

62

 

890

Total assets

 

20,399

 

21,035

Current liabilities

 

 

 

 

Trade and other payables

 

(1,078)

 

(871)

Financial liabilities

 

(818)

 

(1,624)

Income tax payable

 

(131)

 

(190)

 

 

(2,027)

 

(2,685)

Non-current liabilities

 

 

 

 

Other payables

 

(311)

 

(256)

Financial liabilities

 

(6,067)

 

(6,045)

Deferred tax liabilities

 

(300)

 

(345)

Defined benefit pension plan deficit

 

(39)

 

(1,300)

 

 

(6,717)

 

(7,946)

Total liabilities

 

(8,744)

 

(10,631)

Net assets

 

11,655

 

10,404

Capital and reserves

 

 

 

 

Equity share capital

 

264

 

264

Capital redemption reserve

 

673

 

673

Treasury shares

 

(1,317)

 

(1,223)

Fair value adjustments reserve

 

23

 

27

Currency translation

 

15

 

17

Retained earnings

 

11,997

 

10,646

Total equity

 

11,655

 

10,404

 

Group statement of cash flows

for the year ended 31 October 2018

 

 

 

 

 

 

 

2018

£000

 

 

 

2017

£000

Operating activities

 

 

 

 

Profit for the year

 

1,927

 

1,328

Tax expense

 

324

 

151

Net finance costs

 

206

 

231

Profit on disposal of non-current assets and assets held for sale

 

(824)

 

(6)

Depreciation and impairment of property, plant and equipment

 

235

 

248

Difference between pension contributions paid and amounts

 

5

 

(3)

   recognised in the income statement

 

(1,544)

 

(438)

Decrease/(increase) in trade and other receivables

 

284

 

(76)

Increase/(decrease) in trade and other payables

 

380

 

(170)

 

 

 

 

 

Cash generated from operations

 

993

 

1,265

Income taxes paid

 

  (188)

 

  (110)

Interest paid

 

  (176)

 

  (182)

 

 

 

 

 

Net cash flow from operating activities

 

629

 

973

 

 

 

 

 

Investing activities

 

 

 

 

Interest received

 

6

 

6

Proceeds from sale of property, plant and equipment and assets held for sale

 

 

1,454

 

 

193

Payments to acquire property, plant and equipment

 

(777)

 

(1,117)

 

 

 

 

 

Net cash inflow/(outflow) from investing activities

 

683

 

(918)

 

 

 

 

 

Financing activities

 

 

 

 

Preference dividend paid

 

(1)

 

(1)

Equity dividends paid

 

(373)

 

(333)

Consideration received by EBT on sale of shares

 

54

 

49

Consideration paid by EBT on purchase of shares

Capital element of finance lease rental payments                                                    

 

(145)

(68)

 

(15)

(21)

New long-term borrowings

 

-

 

-

 

 

 

 

 

 

Net cash flow from financing activities

 

(533)

 

(321)

 

 

 

 

 

Increase/(decrease) in cash and cash equivalents

 

779

 

(266)

Cash and cash equivalents at the beginning of the year

 

(1,536)

 

(1,270)

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at the year end

 

(757)

 

(1,536)

 

 

 

Group statement of changes in equity

for the year ended 31 October 2018

 

 

Equity share capital

£000

Capital redemption reserve

£000

 

Treasury shares

£000

Fair value adjustment reserve

£000

 

Currency translation

£000

Cash flow hedge reserve

£000

 

Retained earnings

£000

 

Total equity

£000

At 1 November 2016

264

673

(1,254)

21

17

-

9,323

9,044

 

 

 

 

 

 

 

 

 

Profit for the year

-

-

-

-

-

-

1,328

1,328

Other comprehensive

 

 

 

 

 

 

 

 

income for the year

net of income tax

-

-

-

6

-

-

354

360

Total comprehensive

 

 

 

 

 

 

 

 

income for the year

-

-

-

6

-

-

1,682

1,688

Consideration received

 

 

 

 

 

 

 

 

 by EBT on sale of

shares

 

-

 

-

 

49

 

-

 

-

 

-

 

-

 

49

Consideration paid by

 

 

 

 

 

 

 

 

EBT on purchase of shares        

-

-

(15)

-

-

-

-

(15)

Loss by EBT on sale

 

 

 

 

 

 

 

 

 of shares

-

-

(3)

-

-

-

3

-

Equity dividends paid

-

-

-

-

-

-

(362)

(362)

At 31 October 2017

264

673

(1,223)

27

17

-

10,646

10,404

 

 

 

Equity share capital

£000

Capital redemption reserve

£000

 

Treasury shares

£000

Fair value adjustment reserve

£000

 

Currency translation

£000

Cash flow hedge reserve

£000

 

Retained earnings

£000

 

Total equity

£000

At 1 November 2017

264

673

(1,223)

27

17

-

10,646

10,404

 

 

 

 

 

 

 

 

 

Profit for the year

-

-

-

-

-

-

1,927

1,927

Other comprehensive

 

 

 

 

 

 

 

 

income for the year

net of income tax

-

-

-

(4)

(2)

-

(206)

(212)

Total comprehensive

 

 

 

 

 

 

 

 

income for the year

-

-

-

(4)

(2)

-

1,721

1,715

Consideration received

 

 

 

 

 

 

 

 

 by EBT on sale of

shares

 

-

 

-

 

54

 

-

 

-

 

-

 

-

 

54

Consideration paid by

 

 

 

 

 

 

 

 

EBT on purchase of shares        

-

-

(145)

-

-

-

-

(145)

Gain by EBT on sale

 

 

 

 

 

 

 

 

 of shares

-

-

(3)

-

-

-

3

-

Equity dividends paid

-

-

-

-

-

-

(373)

(373)

At 31 October 2018

264

673

(1,317)

23

15

-

11,997

11,655

                                                               

 

 

 

 

Equity share capital

The balance classified as share capital includes the total net proceeds (nominal amount only) arising or deemed to arise on the issue of the Company's equity share capital, comprising Ordinary Shares of 5p each and 'A' Limited Voting Ordinary Shares of 5p each.

Capital redemption reserve

The capital redemption reserve arises on the re-purchase and cancellation by the Company of Ordinary Shares.

Treasury shares

Treasury shares represent the cost of The Heavitree Brewery PLC shares purchased in the market and held by The Heavitree Brewery PLC Employee Benefits Trust and Employee Share Option Scheme ('EBT').

At 31 October 2018 the Group held 146,082 Ordinary Shares and 262,885 'A' Limited Voting Ordinary Shares (2017: 142,082 Ordinary Shares and 232,643 'A' Limited Voting Ordinary Shares) of its own shares. During the year there were purchases of 4,000 Ordinary Shares and 55,352 'A 'Limited Voting ordinary Shares  and sales of 25,110 'A; Limited Voting Ordinary Shares.

Fair value adjustments reserve

The fair value adjustments reserve is used to record differences in the market value of the available-for-sale investment year on year.

Foreign currency translation reserve

The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries.

 

Notes to the preliminary announcement

 

1.  Basis of preparation

 

These figures do not constitute full accounts within the meaning of Section 396 of the Companies Act 2006. They have been extracted from the statutory financial statements for the year ended 31 October 2018. The statutory financial statements have not yet been delivered to the Registrar of Companies. 

The financial information in this statement has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union.  The accounting policies have been consistently applied and are described in full in the statutory financial statements for the year ended 31 October 2018, which are expected to be mailed to shareholders on 7 March 2019.  The financial statements will also be available on the Group's website www.heavitreebrewery.co.uk.

The Directors are of the opinion that the Group has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis in preparing the financial statements.

 

 

 

2.  Earnings per share

Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of Ordinary shares and 'A' Limited Voting Ordinary shares outstanding during the year.

 

The following reflects the income and shares data used in the basic and diluted earnings per share

 

 

 

Computation:

 

 

2018

£000

2017

£000

Profit for the year

1,927

1,328

 

 

 

 

2018

No.

(000)

2017

No.

(000)

Basic weighted average number of shares (excluding treasury shares)

4,866

4,877

 

 

There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements.

 

3. Dividends paid and proposed

 

 

2018

£000

2017

£000

Declared and paid during the year:

 

 

Equity dividends on ordinary shares:

 

 

   Final dividend for 2017: 4.00p (2016: 3.675p)

211

198

   First dividend for 2018: 3.675p (2017: 3.675p)

198

194

   Less dividend on shares held within employee share schemes

(36)

(30)

 

 

 

Dividends paid

373

362

 

 

 

Proposed for approval at AGM

 

 

(not recognised as a liability as at 31 October)

 

 

 

 

 

   Final dividend for 2018 4.25p (2017: 4.00p)

   Cumulative preference dividends

224

1

211

1

 

 

 

 

4.  Segment information

 Primary reporting format - business segments

 

During the year the Group operated in one business segment - leased estate.

Leased estate represents properties which are leased to tenants to operate independently from the Group, under tied tenancies.

 

 

Secondary reporting format - geographical segments

 

The following tables present revenue, expenditure and certain asset information regarding the Group's geographical segments for the years ended 31 October 2018 and 2017. Revenue is based on the geographical location of customers and assets are based on the geographical location of the asset.

Segment information

 

 

 

Year ended 31 October 2018

UK

£000

United States

£000

Total

£000

Revenue

 

 

 

Sales to external customers

7,614

-

7,614

 

 

 

 

 

 

 

 

Other segment information

 

 

 

Segment assets

20,542

43

20,585

 

Total Assets

20,542

43

20,585

Capital expenditure

 

 

 

Property, plant and equipment

839

-

839

 

 

 

 

Year ended 31 October 2017

UK

£000

United States

£000

Total

£000

Revenue

 

 

 

Sales to external customers

7,299

-

7,299

 

 

 

 

Other segment information

 

 

 

Segment assets

 

 

 

 

20,885

150

21,035

 

Total Assets

20,885

150

21,035

Capital expenditure

 

 

 

Property, plant and equipment

1,117

-

1,117

 

 

 

 

 

 

 

 

5. General information

The 2018 Annual Report and Financial Statements will be published and posted to shareholders on 7th March 2019. Further copies may be obtained by contacting the Company Secretary at The Heavitree Brewery PLC, Trood Lane, Matford, Exeter EX2 8YP. The 2018 Annual Report and Financial Statements will also be available on the Company's website at http://www.heavitreebrewery.co.uk/financial/

 

 

The Annual General Meeting will be held at the Registered Office on 10 April 2019 at 11.30am.

 

 

 

Ends. 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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