Heavitree Regulatory News (HVT)

The Heavitree Brewery PLC

Trood Lane

Matford

Exeter EX2 8YP

Date: 29 June 2012

Contact: Graham Crocker - Managing Director - 01392 217733

Nicola McLean - Company Secretary - 01392 217733

Pascal Keane - Shore Capital - 0207 468 7995

Following a meeting by a duly authorised committee of the Board of Directors held today, 29 June 2012, the Directors announce the interim results for the six months ended 30 April 2012.

Chairman's statement

Revenue has suffered in the final month of this period under review due to the poor weather experienced in April. This drop in turnover together with building repair costs of £58,000 greater than last year has had a detrimental effect on what had been a steady performance for the first part of this year. In turn, there has been a drop in operating profit for the Group against the previous year.

RESULTS

The Group operating profit is £484,000 (2011 - £558,000) following a drop in turnover of £22,000 against the previous year, a fall of 0.65%. After allowing for an additional finance cost of £37,000 in respect of the FRS 17 calculation relating to our closed final salary Pension Scheme, the Group profit before taxation is £352,000 (2011 - £450,000). 

DIVIDEND

The Directors have resolved to pay an interim dividend of 3.5p per Ordinary Share and 'A' Limited Voting Ordinary Share (2011 - 3.5p). The dividend will be paid on 3 August 2012 to shareholders on the Register at the close of business on 20 July 2012.

PROSPECTS

The economic climate both at home and in Europe remains uncertain and it continues to be a difficult time in which to trade Public Houses. The weather conditions over the summer months have a huge influence over the successful trading of our pubs and unfortunately June has been unusually wet. Another period of cautious housekeeping lies ahead in order to deliver another steady performance for the Company.

N H P TUCKER

Chairman

Group income statement (unaudited)

For the six months ended 30 April 2012

Group statement of comprehensive income (unaudited)

For the six months ended 30 April 2012

Dividends

The Directors declare an interim dividend of 3.5p per share (2011 - 3.5p) on the Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 3 August 2012 to shareholders on the register at 20 July 2012.

Group balance sheet (unaudited)

at 30 April 2012

Group statement of cash flows (unaudited)

for the six months ended 30 April 2012

Group reconciliation of movements in equity (unaudited)

Equity share capital

The balance classified as share capital includes the total net proceeds (both nominal value and share premium) on issue of the Company's equity share capital, comprising 5p Ordinary and 'A' Limited Voting 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 Benefit Trust ('EBT').

Notes to the interim results

1. Basis of preparation

These unaudited interim condensed and consolidated financial statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared on the basis of the accounting policies that were complied with in the annual financial statements for the year ended 31 October 2011. The accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

These unaudited financial statements were approved and authorised for issue by a duly appointed and authorised committee of the Board of Directors on 29 June 2012.

2. Basic and diluted earnings per share

The calculation of basic earnings per ordinary share is based on earnings of £221,000 (2011: £268,000), being profit after taxation for the period, and on 5,059,961 (2011: 5,142,671) shares being the weighted average number of Ordinary and 'A' Limited Voting Ordinary Shares in issue during the period after excluding the shares owned by The Heavitree Brewery PLC Employee Benefits Trust and those shares under option pursuant to the Employee Share Option Scheme. Employee share options could potentially dilute basic earnings per share in the future but are not included in the interim calculation of dilutive earnings per share because they are antidilutive for the period presented. The Ordinary Shares and the 'A' Limited Voting Ordinary Shares have equal dividend rights and therefore no separate calculation of earnings per share for the different classes has been given.

3. Segment information

Primary reporting format - Business segments

The primary segmental reporting format is determined to be business segments as the Group's risks and rates of return are affected predominantly by differences in the products and services provided.

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.

4. Interim report

Copies of this announcement are available from the Company at Trood Lane, Matford, Exeter EX2 8YP. The Company's interim report for the six months ended 30 April 2012 has been posted to shareholders today and will be available on our website at www.heavitreebrewery.co.uk.

Ends.