Heavitree Brewery, the Exeter-based tenanted pub operator, has reported a 14.4% rise in operating profit to £619,000 in the six months to 30 April, despite the impact of the “truly awful weather” at the start of the year that forced two pubs to close.
Pre-tax profits grew 48.7% to £592,000, allowing for a profit of £129,000 on the sale of four flats at its St Loye’s pub site in Exeter. Revenue in the year increased by 1.2% to £3.3m.
An interim dividend of 3.675p (2013: 3.5p) is to be paid on 1 August.
Meanwhile, the company said it has accepted offers on two pubs: the Artichoke Inn at Christow and the Vestry at Newton Abbot.
Chairman Nicholas Tucker said: “The truly awful weather at the start of the year, in particular during February, saw several of our houses being battered by the much reported storms and threatened by floods. The hard work and determination of those tenants that were directly affected and the proactive and reactive efforts of both our maintenance and management teams has helped our sales to hold up well within the estate.
“I am pleased to report that operating profit for the six months ended 30 April 2014 has improved by 14.4% over last year. This is despite the loss of rental income from two closed pubs which are waiting to be refurbished.”
He added: “I am pleased to be reporting this Group operating profit at the end of the six months’ period and I am looking forward to another steady performance in the second half of the year.”
