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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Daniel Thwaites PLC | AQSE:THW | Aquis Stock Exchange | Ordinary Share | GB0008910779 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 73.50 | 62.00 | 77.00 | 73.50 | 69.50 | 73.50 | 18,000 | 15:29:43 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMTHW
INTERIM RESULTS FOR THE SIX MONTHSED 30 SEPTEMBER 2016
CHAIRMAN'S STATEMENT
Results
The first half of the year has been challenging due to the impact of the
implementation of the National Living Wage from April 2016 and the UK's
decision to leave the European Union.
Turnover for the period of GBP44.0m (2015: GBP41.8m) represents a 5% increase
in our continuing operations. Operating profit of GBP7.4m (2015: GBP7.1m)
represents an increase of 6% in our continuing operations. The impact of the
returns on the investments we made in our properties last year, in particular
the additional 30 bedrooms at Cottons Hotel & Spa in Knutsford, have helped to
mitigate the impact of the National Living Wage. The success of this and the
other investments we have made over the past few years has given us the
confidence to embark on a major investment programme to underpin our future
growth.
The surprise decision to leave the European Union has not had any adverse
impact on our trading performance to date. However, the subsequent reduction in
bank base rate to 0.25% and the market expectation of a prolonged period of low
interest rates has had an adverse impact on the fair value of our interest rate
swaps, requiring a further provision of GBP5.7m at the half year.
Net debt at 30 September 2016 was GBP34.9m (2015: GBP29.1m), which has
increased due to a number of investment projects that are underway.
We have finalised the plans for our new offices, brewery and stables and have
submitted them to Ribble Valley Planning Department. We hope to be in a
position to start the building work before the year end, with the objective of
relocating in 2018.
We have refreshed our brand identity to help better reflect our operations and
have constructed and launched a new website. Shire Hotels and Inns of Character
have been brought together under the Thwaites umbrella. Whilst these businesses
operated independently in the marketplace, and did so very successfully, we
felt that a simpler structure would be clearer for our customers. We have
brought together all our pubs, inns, hotels & spas and lodges under one roof,
with a single website selling all guest rooms, restaurants, conference and spa
facilities. Furthermore this allows more structured development of our team
members by facilitating movement between the different parts of the business.
Pubs
In the Pubs, the investments in our properties, together with disposing of
poorer quality pubs, continues to improve the quality of our estate and raise
the average contribution per pub.
Our focus continues to be on improving the scale of food sales within the
estate, adding letting bedrooms where possible and attracting the very best
individuals to partner with. Sales growth has been 5% in the first half of the
year, and operating profits have grown by 4%.
We have sold eight poor quality pubs and a piece of land for GBP1.4m, at
valuations that were broadly in line with their net book values.
We have spent GBP2.3m on pub investment projects in the first half year,
including extending and refurbishing The Bonny Inn, at Salesbury near
Blackburn, together with major refurbishments at The George at Torrisholme,
near Morecambe, and The White Boar, in Bury.
There are several large pub projects currently underway which will be completed
in the second half of the year. Last year we acquired The Royal, a characterful
property in the old village of Heysham on the Lancashire coast, which is being
fully refurbished to include 11 letting bedrooms and a large outdoor trading
area. The Boot and Shoe, which is situated to the south of Lancaster, and was
also acquired last year, is being extended and fully refurbished to include a
wood-fired pizza oven. At The Boatyard Inn, near Blackburn we are developing an
existing canalside site with a new concept, Grill & Grain, which will include a
micro-brewery and a large wood-fired grill.
Inns
In the Inns sales have increased by 5% compared to last year, aided by major
refurbishment schemes at The Lion at Settle and The Toll House, Lancaster,
which were completed in the second half of last year.
Operating profits are in line year on year due to the impact of implementing
the National Living Wage.
Last year we acquired a derelict property close to The Lister Arms, Malham,
which we are currently converting into 'The Lister Barn' which will provide an
additional eight letting bedrooms, a communal area for families and large
groups, and some staff accommodation. The construction work is nearing
completion and it will open this month.
The Crown Inn, Pooley Bridge, was also acquired last year and is currently
under development to add 18 letting bedrooms, a riverside dining room and a
roof terrace overlooking Ullswater.
We have submitted plans for the complete renovation of The Beverley Arms,
Beverley, which we acquired earlier in the year. We hope to start work early in
the New Year and open in the late summer of 2017.
In the past month we have been named by Chester Council as their preferred
partner to redevelop Dee House, a Grade II listed Georgian building which
overlooks the amphitheatre in Chester. This is a very exciting project, the
details of which will develop over the coming months.
Hotels & Spas
In September we were delighted to be named AA Hotel Group of the Year 2016-17.
The award is presented to hotel groups that have a proven track record of
providing the very best levels of service, food and accommodation across a
number of properties.
It is the second time we have won the award, a feat only achieved by a small
handful of hotel groups.
In the Hotels & Spas sales for the first half of the year have grown by 7%,
which includes the benefit of the additional 30 bedrooms that were completed in
December 2015 at Cottons Hotel & Spa, Knutsford. Operating profits have grown
by only 2% due to the impact of implementing the National Living Wage.
In August the building work started on a new 54 bedroom lodge, which is on part
of the site at The Solent Hotel & Spa, Fareham, it is scheduled to open in time
for Easter 2017.
Elsewhere in the hotels we have continued with our accelerated programme to
refurbish our bedrooms, completing 37 bedrooms in the half year. This will
allow us to take full advantage of the potential increase in incoming and
domestic tourism following the devaluation of the pound following the decision
to leave the European Union.
Board
As recently announced, Nick Mackenzie was appointed as an independent
non-executive director on 1 November. Nick is currently the Managing Director
of Merlin Entertainments plc's Midway Attractions operating group which
operates over 100 attractions across 21 countries with 40 million visitors last
year. We are delighted that he has agreed to join our Board and his experience
will help us as we continue to develop our business.
Earnings per Share
Due to the impact of the interest rate swaps we have reported a basic loss per
share of 0.5p per share (2015: 7.2p).
Dividend
The Board recommends an interim dividend of 1.10p (2015: 1.10p) to be paid on 3
January 2017 to shareholders on the register on 2 December 2016.
Summary
The first half of the financial year has provided us with good underlying
growth in all areas of the business. During this period we have started work on
a number of development projects that, once completed, should help the company
continue to grow.
Whilst the decision to leave the European Union has created some uncertainty in
the financial markets, particularly around inflation and interest rates, we
have a well invested business that is in a strong position to weather any
further economic or political storms and take advantage of opportunities as
they arise.
We continue to develop a pipeline of potential freehold properties to acquire
and hope to be able to add further properties to our portfolio in the second
half of the year.
Mrs A J M Yerburgh
Chairman
14 November 2016
Profit and Loss Account for the six months ended 30 September 2016
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 September 30 September 31 March
2016 2015 2016
GBP'm GBP'm GBP'm
Turnover - continuing operations 44.0 41.8 81.4
Turnover - discontinued operations - 3.2 3.2
______ ______ ______
Turnover 44.0 45.0 84.6
Operating profit - continuing operations 7.4 7.0 11.4
Operating profit - discontinued operations - 0.1 0.1
______ ______ ______
Operating profit 7.4 7.1 11.5
Property disposals 0.1 (0.1) (0.2)
______ ______ ______
Profit before interest 7.5 7.0 11.3
Net interest payable (1.6) (1.6) (3.0)
(Loss) gain on interest rate swaps
measured at fair value (5.7) 0.8 (2.6)
Finance charge on pension liability (0.5) (0.5) (0.9)
______ ______ ______
(Loss) profit on ordinary activities (0.3) 5.7 4.8
before taxation
Taxation (Note 2) - (1.4) (0.2)
______ ______ ______
(Loss) profit on ordinary activities after (0.3) 4.3 4.6
taxation
______ ______ ______
Basic earnings per share (0.5)p 7.2p 7.7p
Diluted earnings per share (0.5)p 7.2p 7.7p
Balance Sheet as at 30 September 2016
Unaudited Unaudited Audited
30 September 30 September 31 March
2016 2015 2016
GBP'm GBP'm GBP'm
Fixed assets
Tangible assets 257.6 252.5 255.8
Investments 3.3 3.9 3.4
______ ______ ______
260.9 256.4 259.2
Current assets
Stocks 0.6 0.6 0.6
Trade and other debtors 12.5 12.1 11.7
Cash at bank and in hand 10.1 15.9 10.9
______ ______ ______
23.2 28.6 23.2
Creditors due within one year
Trade and other creditors (12.9) (15.7) (13.0)
______ ______ ______
Net current assets 10.3 12.9 10.2
______ ______ ______
Total assets less current liabilities 271.2 269.3 269.4
Creditors due after one year (71.0) (63.8) (66.2)
______ ______ ______
Net assets excluding pension liability 200.2 205.5 203.2
Pension liability (32.6) (27.9) (33.3)
______ ______ ______
Net assets including pension liability 167.6 177.6 169.9
______ ______ ______
Capital and reserves
Called up share capital 14.7 14.9 14.7
Capital redemption reserve 1.1 0.9 1.1
Revaluation reserve 78.9 80.8 79.2
Profit and loss account 72.9 81.0 74.9
______ ______ ______
Equity shareholders' funds 167.6 177.6 169.9
______ ______ ______
NOTES:-
1. Basis of preparation
The interim accounts, which have not been audited, have been prepared on the
basis of the accounting policies set out in the Annual Report and Accounts for
the year ended 31 March 2016.
2. Taxation
The taxation charge is based on the estimated tax rate for the year.
END
(END) Dow Jones Newswires
November 14, 2016 04:00 ET (09:00 GMT)
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