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(Alliance News) - Heavitree Brewery PLC on Monday reported weaker full-year profit and unchanged revenue.
In the year ended October 31, revenue was virtually unchanged from a year earlier, coming in at USD7.3 million.
Pretax profit fell to GBP1.8 million from GBP2.3 million.
Total operating costs, including staff costs and purchase of inventories, increased to GBP6.3 million from GBP5.9 million.
On the back of the results, Heavitree Brewery issued a dividend of 3.5 pence, unchanged annually.
Chair Nicholas Tucker said: "In 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."
By Sophie Rose, Alliance News senior reporter
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