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Harvest One Cannabis Inc

Interim Announcement

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RNS Number : 4743D
Heavitree Brewery PLC
26 June 2019
 

The Heavitree Brewery PLC

Trood Lane

Matford

Exeter EX2 8YP

 

Date:               26 June 2019

 

Contact:          Graham Crocker - Managing Director - 01392 217733

Nicola McLean - Company Secretary - 01392 217733

Patrick Castle /Anita Ghanekar - Shore Capital - 0207 408 4090

 

 

 

Following a meeting by a duly authorised committee of the Board of Directors held today, 26 June 2019, the Directors announce the interim results for the six months ended 30 April 2019.

 

 

Chairman's statement

 

Turnover for the period under review has increased by £29,000 (0.9%) against the corresponding period last year.  However there has been a reduction in operating profit of 1.1% to £624,000 (2018: £631,000).  This has been as a result of increased costs associated with external management services at three houses which were traded over a period before new tenants were signed up.  In turn, there has been an impact on our rental revenue (a reduction of 2.6% on the previous year) during this period between tenants.

 

Results

 

The Group has returned an operating profit of £624,000 (2018: 631,000). After allowing for finance costs of £92,000 (2018: £132,000) and book profit mostly generated by the sale of one unlicensed property (£173,000), the Group Profit before taxation is £705,000 (2018: £1,329,000).  Although this reflects a significant decrease on the previous year it needs to be remembered that 2018's half year Group Profit contained a book profit of £830,000 as a result of the sale of four properties in that period.

 

Dividend

 

The Directors have resolved to pay an unchanged interim dividend of 3.675p per Ordinary Share and 'A' Limited Voting Ordinary Share (2018: 3.675p).  The dividend will be paid on 2 August 2019 to shareholders on the register at the close of business on 19 July 2019.

 

 

Property

 

A house on the old St.Loye's Hotel site in Exeter has been sold having completed on 19 February 2019.  Following the sale of a small block of flats on the site last year, the sale of this last house completes the sale of the properties developed on the garden area of the pub in 2012.

The second phase of our refurbishment of the Church House Inn in Stokenham comprising of a new bar, a small extension and a new fire escape for bed and breakfast rooms has been completed.  We look forward to a healthy contribution from this house over the summer months.  

 

Prospects

 

I am pleased with this steady performance for the half year with the Company trading in line with last year and I feel, despite the continuing political uncertainty, we are well-positioned going into the second half of the year.

 

 

 

N H P TUCKER

Chairman

Group income statement (unaudited)

For the six months ended 30 April 2019

 

 

 

6 months

to

30 April
2019

 

6 months

to

30 April

2018

Audited

12 months

to

31 October

2018

 

Note

£' 000

£' 000

£' 000

Revenue

 

3,427

3,398

7,614

Change in stocks

 

-

-

-

Other operating income

 

131

139

279

Purchase of inventories

 

(1,362)

(1,342)

(3,109)

Staff costs

 

(706)

(697)

(1,407)

Depreciation of property, plant and equipment

 

(111)

(115)

(235)

Other operating charges

 

(755)

(752)

(1,510)

 

 

(2,803)

(2,767)

(5,982)

Group operating profit

 

624

631

1,632

Profit on sale of property, plant and equipment

 

173

830

824

Movements in valuation of estate and related assets

 

          -

          -

          -

Group profit before finance costs and taxation

 

797

1,461

2,456

Finance income

 

2

2

5

Finance costs

 

(94)

(93)

(175)

Other finance costs-pensions

 

        -

(41)

(35)


 

(92)

(132)

(205)

Profit before taxation

 

705

1,329

2,251

Tax expense

 

(141)

(189)

(324)

Profit for the period

 

564

1,140

1,927

Earnings per share

- basic
- diluted

2

 

11.8p
11.8p

 

23.4p
23.4p

 

39.6p
39.6p

 

 

Group statement of comprehensive income (unaudited)

For the six months ended 30 April 2019

 

 

 

6 months

to

30 April
2019

 

6 months

to

30 April

2018

    Audited

   12months

    to

 31 October

      2018


 

£' 000

  £' 000

       £' 000

Profit for the period


        564

          1,140

          1,927

Items that will not be reclassified to profit or loss

Actuarial (losses)/gains on defined benefit pension plans

Tax relating to items that will not be reclassified

 


 

-

             -

-

 

 

(254)

             99

(155)

 

(248)

             42

(206)

 

Items that may be reclassified to profit or loss

Fair value adjustment

Exchange rate differences on translation of subsidiary undertaking

Tax relating to items that may be reclassified

 

 


 

(6)

 

(5)

              -

(11)

 

(5)

 

(6)

                  -

(11)

 

(4)

 

(2)

                  -

(6)

 





Other comprehensive income for the year, net of tax


            553

             974

         1,715

Total comprehensive income attributable to:

Equity holders of the parent


 

             553

 

             974

 

          1,715






 

 

 

 

Dividends

The Directors declare an interim dividend of 3.675p per share (2018 - 3.675p) on the Ordinary and 'A' Limited Voting Ordinary Shares. This dividend will be paid on 02 August 2019 to shareholders on the register at 19 July 2019.

 

 

Group balance sheet (unaudited)

at 30 April 2019

 

 

30 April

2019

£' 000

 

30 April

2018

£' 000

Audited

31 October 2018

£'000

Non-current assets





Property, plant and equipment

 


19,064

 

18,163

18,906

Financial assets


42

47

47

 

Deferred tax asset


            38

              230

             38

 


       19,144

          18,440

        18,991

Current assets





Trade and other receivables


1,322

1,861

1,292

Inventories


10

10

10

Cash and short-term deposits


          61

               113

               44



         1,393

            1,984

          1,346

Assets held for sale


-

328

 

62

Total assets


      20,537

          20,752

        20,399

Current liabilities





Trade and other payables


(918)

(747)

(1,078)

Financial liabilities


(977)

(529)

(818)

Income tax payable


         (268)

            (281)

           (131)



      (2,163)

         (1,557)

        (2,027)

Non-current liabilities





Other payables


(274)

(319)

(311)

Financial liabilities


(6,011)

(6,011)

(6,067)

Deferred tax liabilities


(300)

(345)

(300)

Defined benefit pension plan


      (40)

         (1,352)

        (39)



      (6,625)

         (8,027)

        (6,717)

Total liabilities


    (8,788)

       (9,584)

      (8,744)

Net assets


    11,749

          11,168

        11,655

Capital and reserves





Equity share capital


264

264

264

Capital redemption reserve


673

673

673

Treasury shares


(1,573)

(1,240)

(1,317)

Fair value adjustments reserve


17

22

23

Currency translation


10

11

15

Retained earnings


12,358

          11,438

        11,997

Total equity


      11,749

          11,168

       11,655

 

 

 

 

Group statement of cash flows (unaudited)

for the six months ended 30 April 2019                                                           

 

 

 

6 months

to

30 April
2019

 

6 months

to

30 April

2018

Audited

12months

 to

31 October

2018

Operating activities

 

£' 000

£' 000

£' 000

Profit for the period


564

1,140

1,927

Tax expense


141

189

324

Net finance costs


92

132

206

(Profit) on disposal of non-current assets and assets held for sale


 

(173)

 

(830)

 

(824)

Depreciation and impairment of property, plant and equipment

 

165

115

235

Exchange gain on cash, liquid resources and loan

 

5

5

5

Difference between pension contributions paid and recognised in the income statement


 

-

 

(240)

 

(1,544)

(Increase)/decrease in trade and other receivables


(30)

(131)

284

(Decrease)/increase in trade and other payables


         (199)

           (60)

          380

Cash generated from operations


565

320

993

Income taxes paid


5

(8)

(188)

Interest paid


      (94)

        (93)

          (176)

Net cash inflow from operating activities


          466

          219

             629

Investing activities





Interest received


2

2

6

Proceeds from sale of property, plant and equipment and assets held for sale


229

1,441

1,454

Payments to acquire property, plant and equipment


       (323)

       (249)

       (777)

Net cash(outflow)/ inflow from investing activities


       (92)

       1,194

           683

Financing activities





Preference dividend paid


(1)

(1)

(1)

Equity dividends paid


(203)

(211)

(373)

Consideration received by EBT on sale of shares


-

53

54

Consideration paid by EBT on purchase of shares


(256)

(68)

(145)

Capital element of finance lease rental payments


(1)

(7)

(68)

Net cash outflow from financing activities


          (461)

         (234)

        (533)

(Decrease)/increase in cash and cash equivalents


(87)

(1,179)

779

Cash and cash equivalents at the beginning of the period


 (757)

       (1,536)

      (1,536)

Cash and cash equivalents at the period end


       (844)

        (357)

       (757)

 

Represented by:





Cash and short term deposits


61

113

44

Overdraft


(905)

(470)

(801)

 


(844)

(357)

(757)

 





 

 

 

Group reconciliation of movements in equity (unaudited)

 

 

 

6 months to

Equity

Capital

 

Fair

 

 

 

30 April 2019

share

redemption

Treasury

value

Currency

Retained

Total

 

capital

reserve

shares

adjustment

Translation

earnings

equity

 

£' 000

£' 000

 £' 000

£' 000

£' 000

£' 000

£' 000

 

 

 

 

 

 

 

 

At 1November 2018

264

673

(1,317)

23

15

11,997

11,655

Profit for the period

-

-

-

-

-

564

564

Other comprehensive income for the period, net of income tax

-

-

-

(6)

(5)

-

(11)

Total     comprehensive income for the period

-

-

-

(6)

(5)

564

553

Consideration

received by EBT on sale of shares                                  

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

Consideration paid by EBT on purchase of shares

-

-

(256)

-

-

-

(256)

 

 

 

 

 

 

 

 

Gain by EBT on sale of shares

-

-

-

-

-

-

-

Equity dividend paid

-

-

-

-

-

(203)

(203)

 

 

 

 

 

 

 

 

At 30 April 2019

264

673

(1,573)

17

10

12,358

11,749

 

 

 

 

Group reconciliation of movements in equity (unaudited) - continued

 

6 months to

Equity

Capital

 

Fair

 

 

 

30 April 2018

share

redemption

Treasury

value

Currency

Retained

Total

 

capital

reserve

shares

adjustment

Translation

earnings

equity

 

£' 000

£' 000

 £' 000

£' 000

£' 000

£' 000

£' 000

 

 

 

 

 

 

 

 

At 1November 2017

264

673

(1,223)

27

      17

10,646

10,404

Profit for the period

-

-

          -

         -

        -

      1,140

      1,140

Other comprehensive income for the period, net of income tax

-

-

          -

  (5)    

     (6)

      (155)

     (166)

Total     comprehensive income for the period

-

-

-

(5)

(6)

985

974

Consideration

received by EBT on sale of shares    

 

 

 

-

 

 

 

-

 

 

 

53

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

53

Consideration paid by EBT on purchase of shares

-

-

(68)

-

-

-

(68)

Gain by EBT on sale of shares

-

-

(2)

-

-

2

-

 

 

 

 

 

 

 

 

Equity dividend paid

-

-

-

-

-

(195)

(195)

 

 

 

 

 

 

 

 

At 30 April 2018

264

673

(1,240)

22

11

11,438

11,168

 

 

 

 

 

 

 

Group reconciliation of movements in equity (unaudited) - continued

 

 

 

 

12 months to 31 October 2018

Audited

 

 

Equity share capital

£000

Capital redemption reserve

£000

 

Treasury shares

£000

Fair value adjustment reserve

£000

 

Currency translation

£000

 

Retained earnings

£000

 

Total equity

£000

At 1 November 2017

264

673

(1,223)

27

17

10,646

10,404









Profit for the year

-

-

-

-

-

1,927

1,927

Other comprehensive income for the year

net of income tax

-

-

-

(4)

(2)

(206)

(212)

Total comprehensive








income for the year

-

-

-

(4)

(2)

1,721

1,715

Consideration received by EBT on sale of shares

 

-

 

-

 

54

 

-

 

-

 

-

 

54

Consideration paid by








EBT on purchase of shares       

-

-

(145)

-

-

-

(145)

Gain by EBT on sale of shares

-

-

(3)

-

-

3

-

Equity dividends paid

-

-

-

-

-

(373)

(373)

At 31 October 2018

264

673

(1,317)

23

15

11,997

11,655

                                                               

 

 

 

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 have been prepared in accordance with IAS34 "interim financial reporting" and do not constitute statutory accounts as defined in section 434 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 2018 except for the adoption of new accounting standards as set out below. The accounting policies are drawn up in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as adopted by the European Union.

These unaudited financial statements were approved and authorised for issue by a duly appointed and authorised committee of the Board of Directors on 26 June 2019.

 

The following new standards have been adopted, both effective from 1 November 2018:

 

IFRS15: Revenue from contracts with customers.  The Group's revenue primarily consists of drink and food sales to the leased estate, together with rental income from both the leased estate and investment properties.  Rental income is outside the scope of IFRS15.  The Directors have concluded that the existing method for recognising revenue from drink and food sales is in accordance with IFRS15, being the point in time at which control of those goods is passed to the customer.  There is therefore no impact upon adoption of the new standard.

 

IFRS9: Financial instruments.  The Group does not hold any complex financial instruments, and financial assets consist primarily of short term trade and other receivables.  IFRS9 introduces a new expected loss approach for determining impairment of financial assets.  The Directors have considered this against the current method for bad debt provisioning and no material change has been required.

 

 

 

 

2.  Basic and diluted earnings per share

The calculation of basic earnings per ordinary share is based on earnings of £564,000 (2018: £1,140,000), being profit after taxation for the period, and on 4,786,818 (2018: 4,876,995) 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.

 

 

 

 

Notes to the interim results - continued

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 2019 has been posted to shareholders today and will be available on our website at www.heavitreebrewery.co.uk.

 

Ends.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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