Interim Results

Heavitree Brewery PLC
27 June 2003



The Heavitree Brewery PLC
Trood Lane
Matford
Exeter
Devon  EX2 8YP



Contact: Mr G.J.Crocker - Finance Director and Company Secretary

Telephone: [phone]

Date: 27 June 2003




Interim Results


  UNAUDITED INTERIM RESULTS - for the six months ended 30 April 2003



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.



                                                                            2003     2002   
                                                                           £,000    £,000  
TURNOVER                                                                    5824     5196   
OPERATING PROFIT/(LOSS)                                        (Note 1)                    
Holding Company                                                             694      694   
Susidiary Companies - Heavitree Inc.                                          4       (4)   
                    - Heavitree Inns                                       (344)    (255)  
                                                                            354      435   

Profit on Sale of Tangible Fixed Assets                                     217      185   
                                                                            571      620   
Net Interest Payable                                                       (118)     (87)  
                                                                                                                      
PROFIT ON ORDINARY ACTIVITIES BEFORE TAX                                    453      533   

Taxation                                                                    (71)    (182)  
                                                                                                                      
PROFIT ATTRIBUTABLE TO SHAREHOLDERS                                         382      351   

Dividends - Non - Equity Interest :                                                        
                                   Preference Shares                         (1)      (1)   
                - Equity Interest :                                                                        
                                   Ordinary Shares             (Note 2)    (193)    (199)  
                                                                                                                      
RETAINED PROFIT                                                             188      151   

BASIC AND DILUTED EARNINGS PER SHARE                                        6.8p     6.2p  


Notes: 1      All figures are in respect of continuing operations.                                             
       2      The Interim Dividend of 3.5p per share will be paid on  
              25 July, 2003, to shareholders registered at the close of                                                 
              business on 11 July, 2003.                                          


                           By Order of The Board                                                                      
                           G.J.CROCKER                                                                                
                           Director and Company Secretary.                                                            
 

I said in my 2001/02 year end statement that things were not as bad as the
results suggested. While we are not yet free from the difficulties which have
been holding us back, the way forward continues to become clearer.



The half-year under review shows a fall in profit on ordinary activities before
tax to £453,000 from £533,000 last year. This is largely due to a heavier
weighting on repairs for the first six months (£599,000 against £508,000 in
2002), which is in line with expectation.



The Group as a whole is ahead of its internal budget at this stage and a
worthwhile improvement in the full year is forecast. Provided that no unforeseen
catastrophes occur in the next four months this should be achieved.



An interim dividend of 3.5p per Ordinary and 'A' Limited Voting Ordinary Share,
the same as last year, will be paid.



W.P.TUCKER
Chairman

Ends.
 
END  


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