We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Comptoir Group Plc | LSE:COM | London | Ordinary Share | GB00BYT1L205 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.75 | 6.50 | 7.00 | 6.75 | 6.75 | 6.75 | 15,518 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Eating Places | 31.05M | 588k | 0.0048 | 14.06 | 8.28M |
From Apr 2019 to Apr 2024
TIDMCOM
RNS Number : 3825J
Comptoir Group PLC
09 September 2016
Comptoir Group plc
("Comptoir", the "Company" or the "Group")
Half-yearly report for the period ending 30 June 2016
Highlights
-- Group revenue of GBP9.7m up by 24.6% (2015: GBP7.7m) -- Gross profit of GBP3.79m up by 10.2% (2015: GBP3.4m) -- Adjusted EBITDA* before highlighted items of GBP1.0m up by 9.2% (2015: GBP0.9m) -- Net cash and cash equivalents at the period end of GBP8.0m (30/06/2015: GBP1.3m)
-- Following the IPO, the company now has a balance sheet position from which it can pursue its intended expansion and growth.
-- With the current pipeline, it is hoped that the balance of 2016 will see 8 new sites opened which will be funded from the Group's operating cash flow and the proceeds from the IPO.
*Adjusted EBITDA was calculated from the profit/(loss) before taxation adding back interest, depreciation, the costs arising from the flotation (IPO), share-based payments and non-recurring costs incurred in opening new sites (note 10).
Richard Kleiner, Non-Executive Chairman, said: "We are delighted to announce Comptoir Group Plc's maiden set of results as a quoted company in respect of the 6 month period to 30 June 2016. The Group's pipeline for new sites is well developed and we look forward to another period of strong growth in the second half of the year. I would like to thank my fellow directors and the whole of the Comptoir Group team for their efforts over the interim period and for seeing the Group through its IPO in June 2016."
9(th) September 2016
Enquiries:
Comptoir Group plc
Chaker Hanna Tel: 0207 486 1111
Cenkos Securities plc (NOMAD and Broker)
Bobbie Hilliam Tel: 020 7397 8900
Alex Aylen
Chief executive's review
I am pleased to report the results for the 6-month period ended 30 June 2016. The performance of the Group's various brands and restaurants, during the first six months of the year, was strong. As reported at the IPO, the Group ended the period owning and operating 15 restaurants based in the Greater London and Manchester area. Revenue for the period was GBP9.7m, an increase of GBP2m or 26% (GBP7.7m). Adjusted EBITDA was GBP1.0m, an increase of GBP0.1m or 9.2% (2015: GBP0.9m). Following various adjustments including the company's flotation on the AIM market and other highlighted items, the income statement shows a pre-tax loss of GBP0.4m.
The Group's largest brand, Comptoir Libanais, had revenues of GBP6.9m (2015: GBP5.6m), an increase of GBP1.3m or 23.2%. Other sites in the Group delivered revenues of GBP2.5m (2015: GBP2.0m), an increase of GBP0.5m or 25%. During the 6-month period to 30 June, the Group did experience a number of additional cost pressures including the National Living Wage, which was implemented at the beginning of April 2016. The management team have worked hard during the period to mitigate these various costs pressures through efficiencies and looking at improving the Group's gross margin.
The basic loss per share for the period was 0.47 pence (2015: basic earnings per share 0.44 pence) and diluted loss per share was 0.47 pence (2015: diluted earnings per share 0.44 pence).
Estate Roll-out
It is anticipated that the Group will open 8 new sites before the end of December 2016. The pipeline for 2017 and even 2018 has already started being developed and includes a number of other sites, the contract for one of which has already been exchanged but is not due to be completed until Q2 of 2017.
Cash Flows & Balance Sheet
Cash and cash equivalents increased in the period by GBP7.4m (2015: cash used GBP0.4m), principally from shares issued as part of the IPO. The group's cash balance at the end of the reporting period was GBP8.0m (2015: GBP1.3m). As at 30 June 2016 the Group had bank borrowings of GBP2.3m (2015: GBP1.9m) from sites that opened prior to the AIM admission.
The Group's focus remains on expanding the number of operational sites through a programme of expansion although the Group does continue to assess acquisition opportunities which may be a strategic fit and add value to the Group's overall operations.
Current Trading and Outlook
As indicated above, the Group continues to control its costs and improve its operational efficiencies and margins and, with the quality of the new site openings planned for the remainder of the financial year, together with the continuing solid trading that the Group has experienced in July and August, there is a degree of confidence of achieving the board's expectations for the full 2016 financial year.
However, this does assume that there are no material factors which could impact on the results including significant delays in the opening of the new sites or macro-economic factors outside the Group's control.
Subsequent Events
After the period end, the Group exercised its option to acquire the building occupied by the Group's central production unit. As at the date of this report the Group was still in negotiations with the current owner of the property in respect of the final acquisition cost, although a ceiling of GBP1.6m has previously been agreed.
Chaker Hanna
Chief Executive
Consolidated statement of comprehensive income
For the half-year ended 30 June 2016
Hot Features
Premium
Half-year Half-year Year ended
ended ended 30 31 December
30 June 2016 June 2015 2015
Notes GBP GBP GBP
Revenue 9,649,207 7,744,356 17,727,212
Cost of sales (5,862,402) (4,299,697) (9,172,904)
------------------------- ------ -------------- -------------- --------------
Gross profit 3,786,805 3,444,659 8,554,308
Operating expenses
- Depreciation (414,357) (287,313) (696,258)
- Administrative
expenses (3,064,924) (2,655,280) (6,523,451)
AIM admission
costs 2 (196,561) - -
Share-based payment
charge 4 (513,810) - -
Other income 93,190 2,066 50,000
------------------------- ------ -------------- -------------- --------------
Operating (loss)/profit (309,657) 504,132 1,384,599
Finance costs (37,553) (29,261) (68,242)
------------------------- ------ -------------- -------------- --------------
(Loss)/profit
before tax (347,210) 474,871 1,316,357
Tax (25,895) (120,838) (317,706)
------------------------- ------ -------------- -------------- --------------
(Loss)/profit
for the period (373,105) 354,033 998,651
Other comprehensive - - -
income
------------------------- ------ -------------- -------------- --------------
Total comprehensive
income for the
period (373,105) 354,033 998,651
------------------------- ------ -------------- -------------- --------------
Basic (loss)/earnings
per share (pence) 5 (0.47) 0.44 1.25
Diluted (loss)/earnings
per share (pence) 5 (0.47) 0.44 1.25
All of the above results are derived from continuing operations
Consolidated balance sheet
At 30 June 2016
30 June 30 June 31 December
2016 2015 2015
Notes GBP GBP GBP
Assets
Non-current assets
Property, plant
and equipment 6 6,081,515 5,026,723 6,225,681
--------------------------- ------ ------------- ------------ ------------
Current asset
Inventories 315,393 208,131 304,199
Trade and other
receivables 1,716,232 1,557,668 1,637,140
Deferred taxation
asset 267,495 164,733 164,733
Cash and cash
equivalents 8,002,286 1,332,160 667,247
--------------------------- ------ ------------- ------------ ------------
10,301,406 3,262,692 2,773,319
--------------------------- ------ ------------- ------------ ------------
Total assets 16,382,921 8,289,415 8,999,000
--------------------------- ------ ------------- ------------ ------------
Liabilities
Current liabilities
Borrowings (662,180) (575,347) (1,162,543)
Trade and other
payables (2,687,825) (2,594,561) (2,860,563)
Current tax liabilities (341,899) (238,868) (273,341)
(3,691,904) (3,408,776) (4,296,447)
Non-current liabilities
Borrowings (1,691,902) (1,522,577) (1,236,258)
Provisions for
liabilities (326,380) (234,698) (281,377)
--------------------------- ------ ------------- ------------ ------------
(2,018,282) (1,757,275) (1,517,635)
--------------------------- ------ ------------- ------------ ------------
Total liabilities (5,710,186) (5,166,051) (5,814,082) --------------------------- ------ ------------- ------------ ------------ Net assets 10,672,735 3,123,364 3,184,918 --------------------------- ------ ------------- ------------ ------------ Equity Share capital 8 960,000 100 100 Share premium 8 6,465,587 - - Other reserves 513,810 - - Retained earnings 2,733,338 3,123,264 3,184,818 --------------------------- ------ ------------- ------------ ------------ Total equity - attributable to equity shareholders of the company 10,672,735 3,123,364 3,184,918 --------------------------- ------ ------------- ------------ ------------
Consolidated statement of changes in equity
For the half-year ended 30 June 2016
Share Share Other Retained Total
capital premium reserves earnings equity
Notes GBP GBP GBP GBP GBP
Half year ended
30 June 2016
At 1 January
2016 100 - - 3,184,818 3,184,918
Total comprehensive
income - - - (373,105) (373,105)
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Transactions
with owners
Equity dividends 7 - - - (78,375) (78,375)
Share based-payments 4 - - 513,810 - 513,810
Issue of shares 2 959,900 6,465,587 - - 7,425,487
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Total transactions
with owners 959,900 6,465,587 513,810 (78,375) 7,860,922
---------------------- ------ ---------- ------------ ---------- ------------ -------------
At 30 June 2016 960,000 6,465,587 513,810 2,733,338 10,672,735
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Half-year ended
30 June 2015
At 1 January
2015 100 - - 2,855,842 2,855,942
Total comprehensive
income - - - 354,033 354,033
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Transactions
with owners
Equity dividends 7 - - - (86,611) (86,611)
Total transactions
with owners - - - (86,611) (86,611)
---------------------- ------ ---------- ------------ ---------- ------------ -------------
At 30 June 2015 100 - - 3,123,264 3,123,364
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Year ended 31
December 2015
At 1 January
2015 100 - - 2,855,842 2,855,942
Total comprehensive
income - - - 998,651 998,651
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Transactions
with owners
Equity dividends 7 - - - (669,675) (669,675)
Total transactions
with owners - - - (669,675) (669,675)
---------------------- ------ ---------- ------------ ---------- ------------ -------------
At 31 December
2015 100 - - 3,184,818 3,184,918
---------------------- ------ ---------- ------------ ---------- ------------ -------------
Consolidated statement of cash flows
For the half-year ended 30 June 2016
Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
Notes GBP GBP GBP
Operating activities
Cash flow (used by)/from
operations 9 (250,620) 434,976 1,935,265
Interest paid (37,553) (29,261) (68,242)
Tax received/(paid) 18,409 (118,101) (218,547)
---------------------------- ------ ------------ ------------ -------------
Net cash (used by)/from
operating activities (269,764) 287,614 1,648,476
Investing activities
Purchase of property,
plant & equipment (270,190) (1,404,380) (3,012,283)
Net cash used in
investing activities (270,190) (1,404,380) (3,012,283)
---------------------------- ------ ------------ ------------ -------------
Financing activities
Proceeds from issue
of shares 7,425,487 - (100)
Dividends paid to
equity shareholders (78,375) (86,611) (669,675)
Drawdown of new bank
borrowings 825,000 1,000,000 1,000,000
Repayment of bank
borrowings (239,216) (177,367) (418,891)
Increase in other
borrowings - - 437,016
Payment of finance
lease obligations (45,487) (51,156) (93,772)
---------------------------- ------ ------------ ------------ -------------
Net cash outflow
from financing activities 7,887,409 684,866 254,578
---------------------------- ------ ------------ ------------ -------------
Increase/(decrease)
in cash and cash
equivalents 7,347,455 (431,900) (1,109,229)
Cash and cash equivalents
at beginning of period 654,831 1,764,060 1,764,060
---------------------------- ------ ------------ ------------ -------------
Cash and cash equivalents
at end of period 8,002,286 1,332,160 654,831
---------------------------- ------ ------------ ------------ -------------
Cash and cash equivalents:
Cash at bank and
in hand 8,002,286 1,332,160 667,247
Bank overdrafts included
in creditors payable
within one year - - (12,416)
---------------------------- ------ ------------ ------------ -------------
Notes to the financial information
For the half-year ended 30 June 2016
1. Basis of preparation
The consolidated half-yearly financial information for the half-year ended 30 June 2016, has been prepared in accordance with the accounting policies which the group expects to adopt in its next annual report for the year ending 31 December 2016 and is consistent with those adopted in the consolidated historical financial information presented in the company's Alternative Investment Market ("AIM") Admission Document. These accounting policies are based on the EU-adopted International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretation Committee ("IFRIC") interpretations that the group expects to be applicable at 31 December 2016. This consolidated half-yearly information for the half-year ended 30 June 2016 has been prepared in accordance with IAS 34: 'Interim Financial Reporting', as adopted by the EU, and under the historical cost convention.
The financial information relating to the half-year ended 30 June 2016 is unaudited and does not constitute statutory financial statements as defined in section 434 of the Companies Act 2006. It has, however, been reviewed by the company's auditors and their report is set out at the end of this document. The comparative figures for the year ended 31 December 2015 have been extracted from the consolidated financial statements, on which the auditors gave an unqualified audit opinion and did not include a statement under section 498 (2) or (3) of the Companies Act 2006. Whilst those financial statements were not prepared under IFRS, but under UK Generally Accepted Accounting Practice ("UK GAAP"), no accounting adjustments were required in order to align the UK GAAP financial information with IFRS. The annual report and accounts for the year ended 31 December 2015 has been filed with the Registrar of Companies.
The group's financial risk management objectives and policies are consistent with those disclosed in the 2015 annual report and accounts.
The half-yearly report was approved by the board of directors on 8 September 2016. The half-yearly report is available on the Comptoir Libanais website, www.comptoirlibanais.com, and is being sent to shareholders. Further copies are available at Comptoir Group's registered office, Suite 4 Strata House, 34a Waterloo Road, London, NW2 7UH.
Going concern
The directors are satisfied that the group has sufficient cash resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
2. AIM admission costs
During the six-month period to 30 June 2016, the company carried out an initial public offering ("IPO") of its ordinary shares and on 21 June 2016 the ordinary shares of the company were admitted to trading on London's Alternative Investment Market ("AIM"). At the time of the IPO the company issued 16,000,000 new shares to the public at an IPO price of GBP0.50 each, raising GBP8,000,000 of new capital for the group.
The expenses incurred directly in the issue of the new shares have been debited to the share premium account, whilst the costs incurred relating to the admission of the company's existing shares to trading on AIM have been included within AIM admission costs and are shown separately on the face of the income statement.
3. Operating segments
The Group has only one operating segment: the operation of restaurants with Lebanese and Middle Eastern offering and one geographical segment (the United Kingdom). The Group's brands meet the aggregation criteria set out in paragraph 22 of IFRS 8 "Operating Segments" and as such the Group reports the business as one reportable segment.
4. Share options and share-based payment charge
On 14 June 2016 the company established an Enterprise Management Incentive ("EMI") share option scheme and on the same day granted 2,970,000 EMI share options to certain key employees. The exercise price of all of the options is GBP0.50, the term to expiration is 10 years and all of the options have the same vesting conditions attached to them.
On 21 June 2016, as a result of the company's IPO, all 2,970,000 of the EMI options in issue vested, resulting in a charge to the income statement equal to the fair value of the options on the date of grant. Since vesting and to the date of approval of this financial information none of the options had either been exercised or had lapsed.
The total share-based payment charge for the period was GBP513,810 (half-year ended 30 June 2015: GBPNil and year ended 31 December 2015: GBPNil).
5. (Loss)/earnings per share
As at 30 June 2015 and 31 December 2015 the company had 10,000 ordinary shares in issue. In June 2016, these shares were sub-divided into 80,000,000 shares. The basic and diluted earnings per share figures, which are set out below, have been calculated assuming 80,000,000 shares were in issue at each of those prior period end dates.
Half-year Half-year Year ended
ended ended 31 December
30 June 2016 30 June 2015 2015
GBP GBP GBP
(Loss)/profit attributable
to shareholders (373,105) 354,033 998,651
---------------------------- -------------- -------------- -------------
Assumed number of Number Number Number
shares
For basic earnings
per share 80,000,000 80,000,000 80,000,000
Adjustment for options 1,043,588 - -
outstanding
---------------------------- -------------- -------------- -------------
For diluted earnings
per share 81,043,588 80,000,000 80,000,000
---------------------------- -------------- -------------- -------------
Pence per Pence per Pence per
share share share
(Loss)/earnings
per share:
Basic (loss)/earnings
per share (0.47) 0.44 1.25
Diluted (loss)/earnings
per share (0.47) 0.44 1.25
On the date of the IPO the company issued a further 16,000,000 new shares. The basic and diluted earnings per share figures, based on the weighted average number of shares in issue during the period ended 30 June 2016 and the actual number of shares in issue at June 2015 and December 2015, are set out below.
Weighted average Number Number Number
number of shares
For basic earnings
per share 11,613,187 10,000 10,000
Adjustment for options 1,043,588 - -
outstanding
------------------------ ----------- ---------- ----------
For diluted earnings
per share 12,656,775 10,000 10,000
------------------------ ----------- ---------- ----------
Pence per Pence per Pence per
share share share
Earnings per share:
Basic (pence)
From (loss)/profit
for the period (3.21) 3,540 9,987
Diluted (pence)
From (loss)/profit
for the period (3.21) 3,540 9,987
------------------------ ----------- ---------- ----------
Diluted earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders by the weighted average number of shares and 'in the money' share options in issue. Share options are classified as 'in the money' if their exercise price is lower than the average share price for the period. As required by IAS 33, this calculation assumes that the proceeds receivable from the exercise of 'in the money' options would be used to purchase shares in the open market in order to reduce the number of new shares that would need to be issued.
The diluted loss per share for the period ended 30 June 2016 has been kept the same as the basic loss per share as the conversion of share options decreases the basic loss per share, thus being anti-dilutive.
6. Property, plant and equipment
During the period the group spent GBP83,007 (half-year ended 30 June 2015: GBP537,192 and year ended 31 December 2015: GBP998,736) on plant and machinery. During the period depreciation charges of GBP118,628 were recognised in respect of these assets.
During the period the group spent GBP115,158 (half-year ended 30 June 2015: GBP751,202 and year ended 31 December 2015: GBP1,646,617) on leasehold improvements. During the period depreciation charges of GBP239,336 were recognised in respect of these assets.
During the period the group spent GBP72,025 (half-year ended 30 June 2015: GBP115,986 and year ended 31 December 2015: GBP366,930) on fixtures, fittings and equipment. During the period depreciation charges of GBP56,393 were recognised in respect of these assets.
7. Dividends
Amounts recognised as distributable to equity holders in the period:
Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
GBP GBP GBP
Dividend for the
year ended 31 December
2015 of GBP8.66
per share N/A 86,611 86,611
Dividend for the
year ended 31 December
2015 of GBP58.31
per share N/A - 583,064
Dividend for the 78,375 N/A N/A
year ending 31 December
2016 of GBP7.84
per share
-------------------------- ------------ ----------- -------------
Prior to the company's IPO, its Chief Executive, C Hanna, and its Creative and Founding Director, A Kitous, were remunerated by way of dividends in lieu of market rate salaries. Since the company's IPO, these directors have taken market rate salaries instead of such dividends.
8. Share capital
Allotted and fully paid
Number of ordinary 1p shares
30 June 2016 30 June 2015 31 December
2015
Brought forward 10,000 10,000 10,000
Issued in the period 95,990,000 - -
---------------------- ------------- ------------- ------------
Carried forward 96,000,000 10,000 10,000
---------------------- ------------- ------------- ------------
Nominal value
30 June 2016 30 June 2015 31 December
GBP GBP 2015
GBP
Brought forward 100 100 100
Issued in the period 959,900 - -
---------------------- ------------- ------------- ------------
Carried forward 960,000 100 100
---------------------- ------------- ------------- ------------
The company had 5,000 ordinary shares of GBP0.01 each and 5,000 B ordinary shares of GBP0.01 each in issue as at 30 June 2015 and 31 December 2015. In June 2016, the 5,000 B ordinary shares were re-designated as ordinary shares of GBP0.01 each and 79,990,000 new ordinary shares of GBP0.01 each were allotted and issued to the existing shareholders as a bonus issue of shares. On 21 June 2016 the company issued 16,000,000 new shares to the public as part of the IPO and admission of the shares to the AIM market of the London Stock Exchange, raising GBP8 million, before costs of the share issue.
9. Cash flow from operations
Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2016 June 2015 2015
GBP GBP GBP
(Loss)/profit for
the period (373,105) 354,033 998,651
Income tax expense 25,895 120,838 317,706
Finance costs 37,553 29,261 68,242
Depreciation 414,357 287,313 696,258
Share-based payment 513,810 - - charge Movements in working capital Increase in inventories (11,194) (34,753) (130,821) Increase in trade and other receivables (112,599) (459,804) (536,884) (Decrease)/increase in trade and other payables and provisions (745,337) 138,088 522,113 Cash (used by)/from operations (250,620) 434,976 1,935,265 -------------------------- ------------ ----------- ------------- 10. Adjusted EBITDA
Adjusted EBITDA was calculated from the profit/loss before taxation adding back interest, depreciation, the costs arising from the flotation (IPO), share-based payments and non-recurring costs incurred in opening new sites, as follows:
6 months 6 months
ended ended 30
30 June June 2015
2016
GBP GBP
(Loss)/profit before
tax (347,210) 474,871
Add back:
Interest 37,553 29,261
Depreciation 414,357 287,313
---------- -----------
EBITDA 104,700 791,445
Non-trading items:
AIM admission costs 196,561 -
Share-based payments 513,810 -
Non-recurring costs incurred
in opening new sites 189,135 128,313
------------------------------- ---------- -----------
Adjusted EBITDA 1,004,206 919,758
------------------------------- ---------- -----------
11. Subsequent events
After the period end, the Group exercised its option to acquire the building occupied by the Group's central production unit. As at the date of this report the Group was still in negotiations with the current owner of the property in respect of the final acquisition cost, although a ceiling of GBP1.6m had previously been agreed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFIVALITIIR
(END) Dow Jones Newswires
September 09, 2016 02:00 ET (06:00 GMT)
1 Year Comptoir Chart |
1 Month Comptoir Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
