UK: Heavitree Brewery PLC posts first-half turnover of £STG6.14 million

Heavitree Brewery PLC said its first-half pretax profit soared to £STG1.14 million from 434,000 the year before on turnover that rose to £STG6.14 million from £STG5.83 million, AFX communicated June 29.

Chairman William Tucker said a gross profit of £STG842,000 from the sale of the company's shares in George Gale & Company boosted the results in the six months to April 30.

Excluding the Gale's windfall and all other profits on sales of fixed assets, the company made a profit of £STG298,000 against £STG193,000 previously.

Tucker said both sides of the business are performing well and said like-for-like sales at the managed houses unit rose 5.26 pct.

However, he warned that the outlook is still "heavily overshadowed" by the shortfall in the pension fund.

"The final salary scheme will be wound up but it will be several months before a final figure can be given on the amount required to meet all of our obligations under that arrangement," he said.

Tucker added that the cost of compliance with the new Licensing Act and other regulations continue to be a burden although the board believes the business is in good health.

Heavitree has raised its interim dividend by 0.5 pence to 4.0 pence, which will be paid on July 28.

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