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EXETER - Heavitree Brewery PLC reported a 96.47% increase in profit before tax to £1.51 million for the six months ended April 30, driven primarily by the sale of non-core property assets, according to a press release statement issued Friday.
The UK-based pub operator’s operating profit declined 4.02% to £524,000 compared to the same period last year, despite a 3.62% increase in turnover to £3.52 million. The company attributed the operating profit decrease to costs associated with a February transition of directors.
The significant profit boost came largely from the disposal of the closed Locomotive Inn in Exeter, which generated a £1.06 million profit. Overall, asset disposals contributed £1.05 million to the company’s bottom line during the period.
Heavitree’s board recommended an interim dividend of 2.75 pence per share, representing a 22.22% increase from last year’s interim dividend of 2.25 pence. The dividend will be payable on August 1 to shareholders on the register as of July 11.
The company noted that its pubs are experiencing "strong top line trading" with beer and cider sales ahead of budget and previous year figures. A prolonged period of good weather during spring boosted performance at locations with outdoor dining and drinking areas.
Heavitree reported only two vacancies within its estate, both of which remain open while new tenants are being sought. The company plans to open a new American diner operation in Exmouth later this month following an extensive rebranding and refurbishment.
The company highlighted cost pressures facing the sector, including living wage increases, reduced business rates support, and higher employer’s National Insurance contributions implemented in April following the Chancellor’s Autumn Budget.
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