Slight annual profits dip for Heavitree Brewery but proposed shareholder dividend is unchanged
Exeter-based pub chain Heavitree Brewery has recorded a slight fall in annual profits, but there will be no change on last year in terms of shareholder dividend payout.
The family owned business, announced a 1.14% turnover decrease to £7,268,000 in the preliminary results for its financial year to October 31, 2012.
Its operating profits stood at £1,245,000 – down from £1,408,000 in 2011, due to "consolidation adjustments" within its estate.
The group said that gross margins and rental income had held up well across its portfolio, but that heavy repair costs in the year, combined with additional costs directly attributable to dealing with a small number of "problematic houses" accounted for reduced profits.
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The company's directors have recommend a final dividend payout of 3.5p per ordinary share, making a total for the year of 7p, which is unchanged from last year. The dividend will be paid on 19 April, subject to shareholder approval at the annual general meeting on April 12 .