Interim Results

Heavitree Brewery PLC
25 June 2004

The Heavitree Brewery PLC
Trood Lane
Matford
Exeter
Devon EX2 8YP

Tel: [phone]
Contact: Mr G.J.Crocker - Finance Director and Company Secretary
Date: 25 June 2004


Interim Results


                                      UNAUDITED INTERIM RESULTS
                              for the six months ended 30 April 2004

           These Results have today been distributed to all shareholders.Copies can be
           obtained from the Registered Office, Trood Lane, Matford, Exeter EX2  8YP.
           The Group carries on the business of the operation of public houses.

                                                                         2004       2003
                                                                        £,000      £,000

           TURNOVER                                                      5742       5824

           OPERATING PROFIT/(LOSS)                (Note 1)
           Holding Company                                               544        694
           Susidiary Companies - Heavitree Inc.                          (4)         4
                               - Heavitree Inns                        (104)      (344)
                                                                         436        354

           Profit on Sale of Tangible Fixed Assets                        11        217
                                                                         447        571
           Net Interest Payable                                         (131)      (118)

           PROFIT ON ORDINARY ACTIVITIES BEFORE TAX                      316        453

           Taxation                                                      (92)       (71)

           PROFIT ATTRIBUTABLE TO SHAREHOLDERS                           224        382
           Dividends  -  Non - Equity Interest :
                             Preference Shares                           (1)        (1)
                            -  Equity Interest :
                             Ordinary Shares     (Note 2)               (190)      (193)

           RETAINED PROFIT                                                33        188

           BASIC AND DILUTED EARNINGS PER SHARE                          4.1p       6.8p


           Notes:   1  All figures are in respect of continuing operations.
                     2 The Interim Dividend of 3.5p per share will be paid on 30 July,
                       2004, to shareholders registered at the close of business on
                       09 July, 2004.

           By Order of The Board
           G.J.CROCKER
           Finance Director and Company Secretary.





Result:  The reduction in turnover is due to the fact that seven pubs, which
were under management, have been returned to tenancy.  Retail sales were
therefore lower. Operating profit is up by £82,000 but profit before tax is down 
by £137,000 because the previous first half-year benefited from a profit of 
£217,000 from asset sales.

Heavitree Inns - the Managed Houses - have made a further excellent improvement.
Losses in the period are down by £240,000.


Directors:  Two of the non-executive Directors have left during this period.
Len Wood, who joined us in the transport office in 1963, moved to the tenancy
side in 1970 when we stopped brewing and joined the Board in 1981.  He served as
Managing Director from 1992 to 2002.  His contribution has been lasting and
invaluable.  On behalf of the Company I extend to him our thanks and warmest
wishes for a long and happy retirement.

Mark Evans has also retired from the Board on reaching the age of 70.  His
professional career was with stockbrokers Laing & Cruickshank, later to become
Credit Lyonnais Laing.  We had benefited from his advice for many years and I
was delighted when, on retiring from Laings, he accepted our invitation in 1995
to join the Board.  His knowledge and experience of a wider world than ours has
been a great asset and he has earned our thanks and gratitude.

Prospects for the year:  Our performance so far deserves a year of all round
improvement.  However, I am sorry to report that the cost, this year, of
implementing the legislation of which I warned in my 2003 statement looks like
being about £400,000.  Some of this has already been incurred.  More will
follow.  Bad news for us but good news for the fast growing army of bureaucrats
whose jobs depend on the invention of costly schemes.

Dividend:  An interim dividend of 3.5p on the Ordinary and 'A' Limited Voting
Ordinary Shares will be paid.  This is the same as last year.



W.P.TUCKER
Chairman



Ends.

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