Heavitree Brewery has returned to profit, after an “intensively difficult” trading environment during the pandemic.
The Exeter-based brewer and pub operator reported turnover of £3.3m for the six months to 30 April 2022, with an operating profit of £522k, on the back of a small operating loss at the previous year end.
Chairman Nicholas Tucker said the company had “begun to move on from the intensively difficult and much reported on trading environment of the previous two years.”
“Although there remains much to be cautious about in the months ahead, at this half-year under review, we have returned to a performance level on a par with 2019 before the various measures implemented to combat the Covid 19 pandemic impacted the whole of our sector.”
He said that while pleased with the rebound in trade across its houses in the preliminary months of the year, and the boost in sales enjoyed by many pubs during the long Jubilee weekend, “I am acutely aware of the two-fold strain to the trade caused by the cost-of-living hikes to our customers and the cost of doing business hikes faced by our operators”.
“The directors are, of course, concerned as to how these pressures might manifest themselves across the estate, particularly come this Autumn and Winter. We shall continue to monitor the situation as it develops,” he said.
Heavitree has continued to pursue the sale of non-core assets, with several sold during the period, including The Marshalls Hotel in Barnstaple and The Victoria Inn and adjoining cottage in Ashburton.
