LONDON (Alliance News) - Pub operator Heavitree Brewery PLC on Wednesday posted a drop in annual operating profit due to an absence of exceptional gains recorded in the prior period and said that it will pay an increased dividend for 2018 financial year.
The company recorded operating profit of GBP1.6 million for the year to October 31, 2018, down from GBP1.8 million posted in the year ago period.
The decline in operating profit was attributed to absence of one-off gains recorded in 2017 financial including GBP104,000 from the sale of development land held by Heavitree, GBP107,000 for a write back after an over provision in expense for bad debts and a further GBP36,000 for compensation and a repayment of legal fees following a land dispute.
Pretax profit for 2018 financial, however, rose to GBP2.3 million from GBP1.6 million due to GBP824,000 profit on sale of property plant and equipment. Revenue increased to GBP7.6 million from GBP7.3 million.
Heavitree Brewery lifted its final dividend by 6.25% to 4.25p per share from 4.00p paid a year ago, giving a total payout of 7.925p versus 7.675p.
Shares in the company closed Wednesday at 445.0 pence.