Heavitree Brewery says that it is difficult to see any upturn in the coming year.
The Exeter-based pubs operator reported a fall in pre-tax profits from £2.68m to £1.02m, on revenues 2% lower at £13.1m, in the year to December 2008. Stripping out gains on property disposals, profits fell from £1.25m to £94,000. There are four pubs being marketed for sale and one other sale has been completed since the year end.
Net debt is £6.17m and Heavitree has agreed bank facilities with Barclays that last until 2012.
The net pensions deficit is £710,000.
A final dividend of 7p a share has been declared. Last year’s total dividend was 11.5p a share.
The ordinary shares are trading at 285p a share and the A shares at 175p each, which values Heavitree at £11.6m.
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