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(Alliance News) - Pub operator Heavitree Brewery PLC on Thursday posted a drop in earnings for financial 2019 as it said it will leave its dividend unchanged from the previous year.
For its financial year ended October 31 the pub operator reported pretax profit of GBP1.8 million on revenue of GBP7.5 million. For comparison, for financial 2018, the company posted pretax profit of GBP2.3 million on revenue of GBP7.6 million.
Heavitree said that the fall in revenue came as a result of rent not being received at two properties - the Lysley Arms in Pewsham and the Traveller's Rest in Whitestone - which were being operated by external management companies while new tenants were being sought. The company stated that a new tenant has now been found for the Traveller's Rest.
The Exeter-based company maintained its dividend at 4.25 pence per share.
"After the prolonged period of political uncertainty endured by business and the country as a whole, the hope has to be that the result of the December general election will deliver some much-needed stability. While we await this and monitor the effects of the departure from the EU, we feel it prudent to leave the final dividend unchanged, said Chair Nicholas Tucker.
"I am pleased to report that since the year end, our expiring banking facilities with Barclays have been revised and renewed for a further term of five years," he added.
The stock was untraded on Thursday afternoon in London, last quoted at 425.00 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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