Interim Results

Heavitree Brewery PLC
3 July 2000


Half Year's Results
 
Group Turnover has fallen by £145,000 (3.1%) to £4,514,000. About half of
this fall was caused by the return of 4 pubs from management to tenancy
resulting in a reduction of retail sales. The other half is caused by interim
arrangements for the operation of some houses under which no rent is paid.
 
Group profit before tax is down £91,000 to £749,000 in spite of a profit of
£185,000 from the sale of the Gardeners Arms, Exeter, for redevelopment. Two
extra members of staff, higher interest charges due to our purchase of the
Castle at Lydford, reduced rents as mentioned above and pension scheme
funding as mentioned below account for most of the difference.
 
Overall we are in fact running close to our budget which should produce a
final result similar to that of last year.
 
An interim dividend of 3.5p per Ordinary and 'A' Limited Voting Ordinary
Share (unchanged) will be paid.
 
There is a cloud over the year's results arising from the Company's pension
scheme for employees. The funding rules have been changed and we have had
difficulty in getting the relevant figures from the operator of the scheme.
We now understand that it is only funded to the extent of 68% as at the 1
January, 1999. Further funding appears to be inevitable and we are working
closely with our advisors to find the best way of dealing with the situation
and, at the present time the half-year's profit is after an additional charge
of £30,000.
 
 
W.P. TUCKER
Chairman
UNAUDITED INTERIM RESULTS
for the six months ended 30 April 2000
 
These results have today been distributed to all shareholders. Copies can be
obtained from the Registered Office, Trood Lane, Matford, Exeter EX2 8YP. The
Group carries on the business of the operation of public houses.
                                                                       
                                                         2000      1999
                                                        £'000     £'000
          TURNOVER                                      4,514     4,659
          OPERATING PROFIT/(LOSS) (Note 1)                             
          Holding Company                                 845       993
          Subsidiary Companies                                         
               Heavitree Inc.                            (18)      (20)
               Heavitree Inns                           (175)     (103)
                                                      -------   -------
                                                          652       870
          Profit on Sale of Tangible Fixed Assets                      
               Holding Company                            186        35
               Subsidiary Company - Heavitree Inc.          0         0
                                                      -------   -------
                                                          838       905
          Net Interest Payable                           (89)      (65)
          PROFIT ON ORDINARY ACTIVITIES BEFORE TAX        749       840
          Taxation                                      (227)     (256)
          PROFIT ATTRIBUTABLE TO SHAREHOLDERS             522       584
          Dividends      - Non-Equity Interest:                        
               Preference Shares                          (1)       (1)
                    - Equity Interest:                                 
               Ordinary Shares (Note 2)                 (207)     (215)
                                                      -------   -------
          RETAINED PROFIT                                 314       368
                                                      -------   -------
          EARNINGS PER SHARE                             8.7p      9.5p
 
Note:
 
1.     All figures are in respect of continuing operations.
2.     The Interim Dividend of 3.5p per share will be paid on 28 July, 2000,
to shareholders registered at the close of business on 14 July, 2000.
 
By Order of the Board
G J CROCKER
Director and Company Secretary.