Heavitree Brewery, the Devon-based brewer and pub operator, has reported an increase in group operating profit to £269,000 for the six months to the end of April compared with a loss of £130,000 the previous year.
The company said that turnover decreased 18% to £4.94m in line with expectations due to the restructuring of the business and the closure of its managed house operation.
It said that it had moved all but one of its managed houses to tenancies or leases, with a lease contract agreed for the remaining site.
Pre-tax profit rose to £387,000 after restructuring costs of £256,000, finance costs and the sale of three properties, up from £185,000 in 2008.
The company has recommended an interim dividend of 3.5p against a zero payout last year.
The group said that it had seen a steady performance for the half-year, but that caution was still needed at a time when the “winds of uncertainty continue to buffet our industry as a whole”.
