Heavitree Brewery PLC said its normalized net income for the fiscal second half ended Oct. 31, 2015, came to 11 Great British pence per share, a gain of 16.2% from 9 pence per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £515,630, an increase of 15.7% from £445,630 in the year-earlier period.

Total revenue decreased on an annual basis to £3.8 million from £3.9 million, and total operating expenses declined 6.0% year over year to £2.9 million from £3.1 million.

Reported net income decreased 34.0% from the prior-year period to £623,000, or 13 pence per share, from £944,000, or 19 pence per share.

For the year, the company's normalized net income totaled 16 pence per share, a gain from 15 pence per share in the prior year.

Normalized net income was £759,380, an increase from £735,000 in the prior year.

Full-year total revenue declined from the prior-year period to £7.1 million from £7.2 million, and total operating expenses decreased year over year to £5.7 million from £5.8 million.

The company said reported net income fell 33.7% year over year to £915,000, or 19 pence per share, in the full year, from £1.4 million, or 28 pence per share.