Heavitree sales increase 2.1% despite wet weather
However, profit before tax decreased to £761,000 from £947,000 in 2023, which includes the book profit of £300,000 realised on the sale of non-core asset
Pub group Heavitree Brewery has reported a turnover increase of 2.1% to £3.3m for the six months ended 30 April.
The company said to have “performed well” despite the combination of weeks of cold and wet weather conditions and a very early Easter weekend which could have had an adverse effect on number comparisons.
Operating profit for the group reached £540,000, a 3% improvement on the £523,000 reported in the previous year.
However, profit before tax decreased to £761,000 from £947,000 in 2023, which includes the book profit of £300,000 realised on the sale of non-core assets. The reduction in profit before tax reflects greater non-core asset sales for the corresponding period of 2023.
During the period, the pub group sold The Exeter Inn in Honiton Clyst as well as finishing the new accommodation block at The Ley Arms in Kenn.
Nicholas Tucker, chairman, said: “A retirement planned for the end of this year of one of our longstanding tenants has meant that we have just one pub under notice with no further vacancies within the estate. This should position us well for the second half of the year and we hope for a boost in sales from the Euros football competition and the summer Olympics, both of which will be broadcast at times favourable to licensed hours.”