Heavitree Brewery plc AIM:HVT
- Incorporated
- United Kingdom
- Chief executive
- T Wheatley
- Employees
- 15
- Reports in
- GBP
- Companies House
- 00030800
Read straight from the annual reports
295p at close on 8 Oct 2026 · 11 reported years, 2015–2025
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GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Heavitree Brewery owns 59 pubs in South West England, earning rents and selling drinks to the tenants who run them. In the year to 31 October 2025, revenue edged up to £7.6m from £7.5m, and profit before tax almost doubled to £3.0m from £1.6m. Most of that jump came from one-off gains: selling property, mainly the Locomotive Inn in Exeter, and an insurance payout for the Jolly Sailor pub, destroyed by fire in 2020. Two properties were also written down in value. Profit from everyday trading was little changed at £1.4m, held back by higher staff costs while a new managing director and finance director took over. Cash at the year end rose to £2.3m and borrowings fell to £1.5m. The dividend for the year was raised to 6.6p a share. Management warned of mounting costs for pubs, including alcohol duty, energy, employer National Insurance, the minimum wage and business rates, and plans no property sales next year. The auditor raised no doubts about the accounts or the company's ability to keep going.
Wet sales (tied drink supply) to tenants
Sale of goods £5,229k and machine revenue £104k, totalling £5,333k of revenue recognised under contracts with customers
page 41Rents receivable from licensed properties
Rents from licensed properties £2,295k (2024: £2,219k)
page 41Increased payroll costs following Managing Director/Finance Director transition
Operating profit decreased 3.3% to £1,377,000 (2024: £1,424,000) due to increased payroll costs during the transition following T Wheatley's and N McLean's appointments
page 6Reduced repairs and maintenance spend
Programme of repairs resulted in a reduced spend of £801,000 in the year (2024: £890,000)
page 6£1.1m credit: Profit on sale of property, plant and equipment (mainly the Locomotive Inn, Exeter)
page 29Turnover increased 1.7% to £7,628,000 but operating profit decreased 3.3% to £1,377,000, due to increased payroll costs during the Managing Director/Finance Director transition period; margins continue to be squeezed by cost pressures on tenants.
page 6Board considers the Company's ability to generate cash, level of distributable reserves and reserves required for investment when setting dividends, aiming for a sustainable long-term policy. Final dividend of 3.85p recommended (2024: 3.85p, unchanged), interim dividend paid of 2.75p (2024: 2.25p), representing an 8.1% increase in the total dividend for the year. Final dividend to be paid 24 April 2026 to shareholders on the register 13 March 2026.
page 6Directors adopt the going concern basis; forecasts to April 2027 show minimum headroom of over £2.5m on a £3m overdraft facility, and the Company is within its debt service cover (no less than 2x; actual 3.91) and leverage (gross borrowings:EBITDA no more than 2:1; actual 0.95) covenants under a new 5-year banking facility agreed at the start of the year. The auditor (PKF Francis Clark) issued an unqualified/unmodified opinion that the financial statements give a true and fair view, with key audit matters on impairment of property and revenue recognition; concluded no material uncertainty over going concern. Overall materiality £250k (1% of gross assets).
page 25- Reliance on a limited number of key suppliers for tied wet trade products; supply disruption could affect tenant/customer satisfaction and revenuep.11
- Risk of not attracting/retaining the best tenants for the estate, reducing revenue and profitsp.11
- Fluctuations in UK property market values, though mitigated by the policy of holding properties at depreciated cost rather than market valuation; £200,000 impairment recognised in the yearp.11
- General economic conditions - cost of living crisis, employer NI increases, business rate changes, persistent food cost inflation, and staff recruitment/retention pressures across the sectorp.12
Read from C000608-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 26 Feb 2027