Devon-based pub operator Heavitree has had a few troubles, but remains profitable. It made £533,000 in the 6 months to April, against £621,000 in the first half of last year. Turnover was up from £4.7m to £5.2m. The company's estate continues to be churned, with loss-making operations sold or refurbished and other pubs bought in. The firm's prospects are said to be looking up - particularly at its loss-making managed house division. But, with EPS of 23.7p last year, the shares do not look cheap.