Heavitree Brewery, the Exeter-based tenanted pub operator, has reported that pre-tax profit climbed 10.49% to £558,000 in the six months to 30 April 2017.
Revenue increased to £3.35m compared with £3.31m the year before.
Chairman Nicholas Tucker said: “The group has increased operating profit against the corresponding period last year by 10.79% to £698,000. This has been achieved by increases in all areas of contribution, apart from machine income. There were no property sales during the period under review but three houses were being actively marketed for sale. Those houses are The Crown & Sceptre in Newton St Cyres, The Bell Inn in Cullompton, and the Pen & Quill in Taunton. The Pen & Quill has been sold since the closure of the half-year period and a book loss has been mostly absorbed by the impairment that was shown in last year’s accounts.
“Also, since the end of the period under review, The King’s Arms in Strete has been added to the list of those pubs being marketed for sale. The Dartmoor Halfway in Bickington opened in May after a total refurbishment completed in partnership with Buccaneer Inns, which has taken the tenancy of this new pub. Trading has started well.
“The directors have resolved to pay an interim dividend of 3.675p per ordinary share and ‘A’ limited voting ordinary shares (2016: 3.675p). The dividend will be paid on 4 August 2017 to shareholders on the register at the close of business on 21 July 2017.
“The quality of our houses and operators means we are well set up to take advantage of good trading conditions in the second half of the financial year but also to remain resilient to the effects of the immense uncertainties 2017 continues to deliver.”
