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| 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 | 0.00 | 08:00:04 |
| 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 : 8247Q
Comptoir Group PLC
15 September 2017
Comptoir Group plc
("Comptoir", the "Company" or the "Group")
Half-yearly report for the period ending 30 June 2017
Highlights
-- Group revenue of GBP13.1m up by 36.1% (2016: GBP9.6m). -- Gross profit of GBP9.5 m up by 36.4% (2016: GBP7m). -- Adjusted EBITDA* before highlighted items of GBP0.2m down by 81% (2016: GBP1.0m). -- Net cash and cash equivalents at the period end of GBP0.1m (30 June 2016: GBP8.0m).
-- Comptoir Gloucester Road opened in January 2017 and Comptoir Reading opened in July 2017 and trading in line with Board expectation.
-- Currently own and operate 23 restaurants, with a further 2 franchise restaurants.
*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 12).
Richard Kleiner, Non-Executive Chairman, said: "Notwithstanding the challenging environment that has subsisted since early 2017, I am pleased to see that, over the last few months, the business revenue has stabilised. The Company is therefore in a good position to take advantage of the opportunities that the board believe will arise over the foreseeable future. I would also like to thank my fellow directors and the whole of the Comptoir Group team for their efforts over the interim period to the end of June 2017."
15(th) September 2017
Enquiries:
Comptoir Group plc
Chaker Hanna Tel: 0207 486 1111
Cenkos Securities plc (NOMAD and Broker)
Bobbie Hilliam Tel: 020 7397 8900
Alex Aylen
This announcement contains inside information.
Chief executive's review
I am pleased to report the results for the 6-month period ended 30 June 2017. The performance of the Group's various brands and restaurants, during the first six months of the year, has been steady despite some challenging conditions. The Group ended the period owning and operating 23 restaurants, with a further 2 franchise restaurants. The Company has opened 1 further restaurant post period end. Revenue for the period was GBP13.1m, an increase of GBP3.5m or 36.1% (2016: GBP9.6m) over the comparative period. Adjusted EBITDA was GBP0.2m, a decrease of GBP813k or 81% (2016: GBP1.0m). Following various adjustments including highlighted items, the income statement shows a pre-tax loss of GBP756k.
The Group has successfully opened two new sites during 2017 to date, namely Comptoir Gloucester Road in January 2017 and Comptoir Reading in July 2017. The Company currently owns and trades from 24 restaurants (17 Comptoir Libanais, 3 Yalla Yalla, 2 Shawa, 1 Levant and 1 Kenza). The Company's 2 current franchise restaurants are located in Heathrow and Gatwick.
During the period, we focused heavily on quality and consistency of our operation with a major drive in training and improving the consistency of our food offering.
We have observed a significant increase in level of promotional activity within the restaurant sector. The Board has decided not to discount but improve our offering to bring more value for money for the Group's customers.
During the 6-month period to 30 June 2017, and as previously announced, the Group did experience a number of additional cost pressures including higher supplier costs due to currency exchange rate variations, consumer spending impacting on average spend per transaction, increase in business rates and the National living Wage, which was implemented at the beginning of April 2017. The management team have worked hard during the period to mitigate these various cost pressures through efficiencies and implementing initiatives to improve the Group's gross margin and labour.
The Group has seen a noticeable improvement in trading during the last few months as the 9 new restaurant opened in the second half of 2016 have bedded in. The growing maturity of these restaurants has led to increased sales, which also has a positive impact on the labour cost margin and therefore the profitability of the Group. I am confident therefore that the Company is moving in the right direction and Directors' expectations for the full year will be met. In line with this, the Company expects a second half weighting to its financial performance in 2017.
The basic loss per share for the period was 0.55 pence (2016: basic earnings per share 3.97 pence) and diluted loss per share was 0.55 pence (2016: diluted earnings per share 3.97 pence).
Estate Roll-out
It is anticipated that the Group will open 3 new sites before the end of December 2017. These new sites will be Comptoir Oxford and Shawa Oxford, both expected to be opened in late October 2017. In addition the Company is opening its first International Comptoir in Utrecht as a franchise operation with HMS Host.
Cash Flows & Balance Sheet
Cash and cash equivalents decreased in the period by GBP0.7m, principally used for new sites opening and payments relating to the acquisition of the CPU in Q4 of 2016. The Group's cash balance at the end of the reporting period was GBP0.1m (2016: GBP0.8m). As at 30 June 2017 the Group had bank borrowings of GBP1.7m (2016: GBP2.0m).
The Company has previously announced that it expected to conclude a sale and leaseback of its freehold central processing unit (CPU), the net proceeds of which were to be used to strengthen the Group's working capital position. It remains the Board's intention to undertake a sale and leaseback in order to release funds, albeit the timing to complete the transaction is expected to take longer. The Board now believes approximately GBP2.0m could be raised via a sale and leaseback.
Not including any funds received from the sale and leaseback of its CPU, the Board have concluded that the Company requires further funds of approximately GBP2.0m to meet the financing needs associated with the 2 new owner sites due to open before the end of the current financial year. The Board and connected parties, which account for approximately 76%. of the current issued share capital, have indicated that it would be their intention to meet this funding requirement through an equity placing at a small discount to the share price of the Company. The Board intends to consult with its key shareholders and its advisors on the proposed fundraising and, if there is demand, to allow certain investors to also invest alongside the Directors on the same terms.
If the Company raises any funds above the proposed GBP2.0m, either through an enlarged fundraise or the sale and leaseback of the CPU, these funds would be used to open new restaurants in 2018.
Management Team Enhancements
The Group has appointed a new Chief Operating Officer, Conrad Patterson, who joined in July 2017 and who is assisting the operations team and head office with improvements in efficiencies and other related issues. It also remains the firm intention of the board to seek an appropriate candidate to be appointed as Chief Financial Officer as soon as possible.
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 of recent stronger trading that the Group has experienced in July and August, there is a degree of confidence of achieving the board's current expectations for the full 2017 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.
The pipeline for 2018 is currently under consideration and is dependent on site availability and funds available. The Group's focus however remains on improving the performance of the current estate. Although the Group does continue to assess new sites and acquisition opportunities which may be a strategic fit and add value to the Group's overall operations.
Chaker Hanna
Chief Executive
Consolidated statement of comprehensive income
For the half-year ended 30 June 2017
Hot Features
Premium
Notes Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2017 June 2016 2016
GBP GBP GBP
Revenue
13,135,881 9,649,207 21,513,813
Cost of sales (3,644,404) (2,690,156) (5,818,647)
--------------------------- ------- ------------- ------------- -------------------------
Gross profit 9,491,477 6,959,051 15,695,166
Distribution expenses (3,864,456) (2,570,795) (5,551,084)
Administrative expenses (6,350,455) (4,850,378) (11,025,955)
Other income 436 93,190 2,114
Operating loss 2 (722,998) (368,932) (879,759)
Finance costs (32,835) (66,522) (125,237)
--------------------------- ------- ------------- ------------- -------------------------
Loss before tax (755,833) (435,454) (1,004,996)
Taxation credit/(charge) 224,332 (25,895) 86,883
--------------------------- ------- ------------- ------------- -------------------------
Loss for the period (531,501) (461,349) (918,113)
Other comprehensive - - -
income
-------------------------- --------------------- ------------- -------------------------
Total comprehensive loss
for the period (531,501) (461,349) (918,113)
------------------------------------ ------------- ------------- -------------------------
Basic (loss)/earnings
per share (pence) 6 (0.55) (3.97) (1.70)
Diluted (loss)/earnings
per share (pence) 6 (0.55) (3.97) (1.70)
---------------------------- ------ ------------- --------------
Adjusted EBITDA:
Operating loss -
as above (722,998) (368,932) (879,759)
Add back:
Depreciation and
amortisation 730,852 473,632 979,583
Non-trading items 2 1,826 710,371 1,183,592
Restaurant opening
costs 2 181,386 189,135 1,401,546
------------- ----------------------------- ----------
Adjusted EBITDA 12 191,066 1,004,206 2,684,962
---------------------------- ------ ------------- ----------------------------- ----------
All of the above results are derived from continuing operations.
Consolidated balance sheet
At 30 June 2017
30 June 30 June 31 December
2017 2016 2016
Notes GBP GBP GBP
Assets
Non-current assets
7
Property, plant
and equipment 8 11,376,393 7,434,965 11,114,999
Intangibles assets 1,061,437 - 1,121,021
Deferred tax asset 565,889 267,495 304,995
----------------------------- ------ ------------ ------------- -------------
13,003,719 7,702,460 12,541,015
----------------------------- ------ ------------ ------------- -------------
Current asset
Inventories 544,300 315,393 479,830
Trade and other
receivables 2,622,780 1,716,232 2,197,315
Cash and cash
equivalents 140,866 8,002,286 813,207
----------------------------- ------ ------------ ------------- -------------
3,307,946 10,033,911 3,490,352
----------------------------- ------ ------------ ------------- -------------
Total assets 16,311,665 17,736,371 16,031,367
----------------------------- ------ ------------ ------------- -------------
Liabilities
Current liabilities
Borrowings (624,398) (2,152,192) (632,041)
Trade and other
payables (4,662,292) (2,687,825) (3,557,649)
Current tax liabilities (85,459) (341,899) (94,024)
----------------------------- ------ ------------ ------------- -------------
(5,372,149) (5,181,916) (4,283,714)
----------------------------- ------ ------------ ------------- -------------
Non-current liabilities
Borrowings (1,061,648) (1,691,902) (1,380,407)
Provisions for
liabilities (40,613) (326,380) (35,050)
Deferred tax liability (323,847) - (287,287)
----------------------------- ------ ------------ ------------- -------------
(1,426,108) (2,018,282) (1,702,744)
----------------------------- ------ ------------ ------------- -------------
Total liabilities (6,798,257) (7,200,198) (5,986,458)
----------------------------- ------ ------------ ------------- -------------
Net assets 9,513,408 10,536,173 10,044,909
----------------------------- ------ ------------ ------------- -------------
Equity
Share capital 10 960,000 960,000 960,000
Share premium 6,465,687 6,465,587 6,465,687
Other reserves 415,200 513,810 479,210
Retained earnings 1,672,521 2,596,776 2,140,012
----------------------------- ------ ------------ ------------- -------------
Total equity - attributable
to equity shareholders
of the company 9,513,408 10,536,173 10,044,909
----------------------------- ------ ------------ ------------- -------------
Consolidated statement of changes in equity
For the half-year ended 30 June 2017
Share Share Other Retained Total
capital premium reserves earnings equity
Notes GBP GBP GBP GBP GBP
Half year ended
30 June 2017
At 1 January
2017 960,000 6,465,687 479,210 2,140,012 10,044,909
Total comprehensive
income - - - (531,501) (531,501)
----------------------- ------ ---------- ------------ ---------- ------------ ------------
Transactions
with owners
Reserve transfer
on cancellation
of options 5 - - (64,010) 64,010 -
Total transactions
with owners - - (64,010) 64,010 -
----------------------- ------ ---------- ------------ ---------- ------------ ------------
At 30 June 2017 960,000 6,465,687 415,200 1,672,521 9,513,408
----------------------- ------ ---------- ------------ ---------- ------------ ------------
Half-year ended
30 June 2016
At 1 January
2016 100 - - 3,136,500 3,136,600
Total comprehensive
income - - - (461,349) (461,349)
----------------------- ------ ---------- ------------ ---------- ------------ ------------
Transactions
with owners
Equity dividends 9 - - - (78,375) (78,375)
Share-based payments 5 - - 513,810 - 513,810
Issue of shares 10 959,900 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 2,596,776 10,536,173
----------------------- ------ ---------- ------------ ---------- ------------ ------------
Year ended 31
December 2016
At 1 January
2016 100 - - 3,136,500 3,136,600
Total comprehensive
income - - - (918,113) (918,113)
----------------------- ------ ---------- ------------ ---------- ------------ ------------
Transactions
with owners
Equity dividends 9 - - - (78,375) (78,375)
Share-based payments 5 - - 479,210 - 479,210
Issue of shares 10 959,900 6,465,687 - - 7,425,587
Total transactions
with owners 959,900 6,465,687 479,210 (78,375) 7,826,422
----------------------- ------ ---------- ------------ ---------- ------------ ------------
At 31 December
2016 960,000 6,465,687 479,210 2,140,012 10,044,909
----------------------- ------ ---------- ------------ ---------- ------------ ------------
Consolidated statement of cash flows
For the half-year ended 30 June 2017
Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2017 June 2016 2016
Notes GBP GBP GBP
Operating activities
Cash flow from/(used
by) operations 11 582,123 (221,651) 370,022
Interest paid (32,835) (66,522) (125,237)
Tax (paid)/received (8,566) 18,409 (199,397)
---------------------------- ------ ----------- ------------ -------------
Net cash from/(used
by) operating activities 540,722 (269,764) 45,388
---------------------------- ------ ----------- ------------ -------------
Investing activities
Purchase of property,
plant & equipment (934,489) (270,190) (4,496,844)
Payments for lease
premiums - - (1,075,000)
Purchase of business - - (400,000) ---------------------------- ------ ----------- ------------ ------------- Net cash used in investing activities (934,489) (270,190) (5,971,844) ---------------------------- ------ ----------- ------------ ------------- Financing activities Proceeds from issue of shares - 7,425,487 7,425,587 Dividends paid to equity shareholders - (78,375) (78,375) Drawdown of new bank - 825,000 - borrowings Repayment of bank borrowings (304,480) (239,216) (537,729) Increase in other borrowings - - 825,000 Payment of finance lease obligations (21,921) (45,487) (1,549,651) ---------------------------- ------ ----------- ------------ ------------- Net cash (used in)/from financing activities (326,401) 7,887,409 6,084,832 ---------------------------- ------ ----------- ------------ ------------- (Decrease)/increase in cash and cash equivalents (720,168) 7,347,455 158,376 Cash and cash equivalents at beginning of period 813,207 654,831 654,831 ---------------------------- ------ ----------- ------------ ------------- Cash and cash equivalents at end of period 93,039 8,002,286 813,207 ---------------------------- ------ ----------- ------------ ------------- Cash and cash equivalents: Cash at bank and in hand 140,866 8,002,286 813,207 Bank overdrafts included (47,827) - - in creditors payable within one year ---------------------------- ------ ----------- ------------ -------------
Notes to the financial information
For the half-year ended 30 June 2017
1. Basis of preparation
The consolidated half-yearly financial information for the half-year ended 30 June 2017, has been prepared in accordance with the accounting policies which the group applied in the Company's latest annual audited financial statements and are expected to be applied in the annual financial statements for the year ending 31 December 2017. These accounting policies are based on the EU-adopted International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretation Committee ("IFRIC") interpretations. The consolidated half-yearly information for the half-year ended 30 June 2017 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 2017 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 2016 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. The annual report and accounts for the year ended 31 December 2016 has been filed with the Registrar of Companies.
The group's financial risk management objectives and policies are consistent with those disclosed in the 2016 annual report and accounts.
The half-yearly report was approved by the board of directors on 14 September 2017. The half-yearly report is available on the Comptoir Libanais website, www.comptoirlibanais.com, and at Comptoir Group's registered office, Suite 4 Strata House, 34a Waterloo Road, London, NW2 7UH.
Going concern
The group currently plans to open two new restaurant sites by the end of 2017 which will require capital expenditure of GBP1.2m. The group's current cash reserves are not sufficient to fund these opening costs. The group intends to raise additional funds by way of an equity placing. The directors have confirmed that they will participate in the planned equity placing with GBP2m being raised from the directors. The placing is open to other investors as well as the directors and the total raised may be more than GBP2m. Following the fund raising, and by utilising available overdraft facilities, the group will have sufficient funds for the two new openings and for working capital requirements for the next 12 months.
2. Group operating loss
Half-year Half-year Year ended
ended ended 31 December
30 June 30 June 2016
2017 2016 GBP
GBP GBP
This is stated after charging:
AIM admission costs (see
note 3) - 196,561 232,586
Impairment of assets (see
note 7) 1,826 - 471,796
Share based payments (see
note 5) - 513,810 479,210
Opening costs (see below) 181,386 189,135 1,401,546
Amortisation of intangible
assets (see note 8) 59,583 - 28,958
Depreciation of property,
plant & equipment (see note
7) 671,269 473,632 950,625
-------------------------------- ---------- ---------- -------------
For the initial trading period following opening
of a new restaurant, the performance of that
restaurant will be lower than that achieved by
other, similar, mature restaurants. The difference
in this performance, which is calculated by reference
to gross profit margins amongst other key metrics
is quantified and included within opening costs.
The breakdown of opening costs, between pre-opening
costs and post-opening costs is shown below:
Half-year Half-year Year ended
ended ended 31 December
30 June 30 June 2016
2017 2016 GBP
GBP GBP
Pre-opening costs 65,073 142,799 907,045
Post-opening costs 116,313 46,336 494,501
---------------------------- -------------- -------------- -------------
181,386 189,135 1,401,546
---------------------------- -------------- -------------- -------------
3. AIM admission costs
During the year ended 31 December 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, before issue costs.
The expenses of GBP574,513 incurred directly on the issue of the new shares were debited to the share premium account, whilst the costs incurred relating to the admission of the Company's existing shares to trading on AIM, which totalled GBP232,586, were included within AIM admission costs and are shown separately on the face of the statement of comprehensive income.
4. 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.
None of the Group's customers individually contribute over 10% of the total revenue.
5. 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 been exercised and 570,000 had been cancelled.
The total share-based payment charge for the period was GBPnil (half-year ended 30 June 2016: GBP513,810 and year ended 31 December 2016: GBP479,210).
6. (Loss)/earnings per share
At 31 December 2015, the Company had 5,000 ordinary shares of GBP0.01 each and 5,000 B ordinary shares of GBP0.01 each in issue. 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 the date of the IPO the company issued a further 16,000,000 new shares, bringing the total shares in issue to 96,000,000, as at 30 June 2016. No further shares have been issued up to 30 June 2017.
6. (Loss)/earnings per share (continued)
For the purpose of our non-weighted EPS calculations, we have assumed there to have been 96,000,000 shares in issue at each of the reporting dates.
Half-year Half-year Year ended
ended 30 ended 30 31 December
June June 2016 2016
2017 GBP GBP
GBP
(Loss)/profit attributable
to shareholders (531,501) (461,349) (918,113)
---------------------------- ----------- ----------- -------------
Number Number Number
Assumed number of shares
For basic earnings per
share 96,000,000 96,000,000 96,000,000
Adjustment for options
outstanding 76,050 1,043,588 1,159,276
---------------------------- ----------- ----------- -------------
For diluted earnings
per share 96,076,050 97,043,588 97,159,276
---------------------------- ----------- ----------- -------------
Pence per Pence per Pence per
share share share
(Loss)/earnings per share:
Basic (loss)/earnings
per share (0.55) (0.48) (0.96)
Diluted (loss)/earnings
per share (0.55) (0.48) (0.96)
The weighted average number of shares reflects the shares during the period ending 30 June 2016 and the year ending 31 December 2016.
Number Number Number
Weighted average number
of shares
For basic earnings per
share 96,000,000 11,613,187 54,037,158
Adjustment for options
outstanding 76,050 1,043,588 1,159,276
------------------------- ----------- ----------- -----------
For diluted earnings
per share 96,076,050 12,656,755 55,196,276
------------------------- ----------- ----------- -----------
Pence per Pence per Pence per
share share share
Earnings per share:
Basic (pence)
From (loss)/profit for
the period (0.55) (3.97) (1.70)
Diluted (pence)
From (loss)/profit for
the period (0.55) (3.97) (1.70)
For both of the above earnings per share calculations, the 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 2017 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.
7. Property, plant and equipment
Group Freehold Leasehold Motor
As at 30 June land land Plant Fixtures, vehicles
2017 and and and fittings
buildings buildings machinery & equipment Total
GBP GBP GBP GBP GBP GBP
Cost
At 1 January
2017 1,562,015 8,385,944 3,973,629 2,139,835 - 16,061,423
Additions - 415,592 418,810 84,967 15,120 934,489
-------------------- ------------ ------------- ------------- ------------- ---------- -------------
At 30 June
2017 1,562,015 8,801,536 4,392,439 2,224,802 15,120 16,995,912
-------------------- ------------ ------------- ------------- ------------- ---------- -------------
Accumulated
depreciation
and impairment
At 1 January
2017
Depreciation (118,550) (2,798,137) (1,294,841) (734,896) - (4,946,424)
Impairment
adjustment (33,603) (349,505) (216,427) (70,222) (1,512) (671,269)
- - (1,457) (369) - (1,826)
-------------------- ------------ ------------- ------------- ------------- ---------- -------------
At 30 June
2017 (152,153) (3,147,642) (1,512,725) (805,487) (1,512) (5,619,519)
-------------------- ------------ ------------- ------------- ------------- ---------- -------------
NBV
As at 30 June
2017 1,409,862 5,653,894 2,879,714 1,419,315 13,608 11,376,393
As at 30 June
2016 1,317,830 3,508,438 1,507,251 1,101,446 - 7,434,965
As at 31 December
2016 1,443,465 5,587,807 2,678,788 1,404,939 - 11,114,999
-------------------- ------------ ------------- ------------- ------------- ---------- -------------
8. Intangible assets
Intangible fixed assets consist of lease premiums and goodwill from the acquisition of Agushia Limited. During the period, the group spent GBPnil on intangible assets (half-year ended 30 June 2016: GBPnil and year ended 31 December 2016: GBP1,149,979). During the period amortisation charges of GBP59,583 were recognised in respect of these assets.
9. Dividends
Amounts recognised as distributable to equity holders in the period:
Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2017 June 2016 2016
GBP GBP GBP
Dividend for the
year ending 31 December
2016 of GBP7.84
per share - 78,375 78,375
-------------------------- ------------ ----------- -------------
During 2016, 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.
10. Share capital
Allotted and fully paid
Number of ordinary 1p shares
30 June 2017 30 June 2016 31 December
2016
Brought forward 96,000,000 10,000 10,000
Issued in the period - 95,990,000 95,990,000
---------------------- ------------- ------------- ------------
Carried forward 96,000,000 96,000,000 96,000,000
---------------------- ------------- ------------- ------------
Nominal value
30 June 2017 30 June 2016 31 December
GBP GBP 2016
GBP
Brought forward 960,000 100 100
Issued in the period - 959,900 959,900
---------------------- ------------- ------------- ------------
Carried forward 960,000 960,000 960,000
---------------------- ------------- ------------- ------------
On 31 December 2015, the company had 5,000 ordinary shares of GBP0.01 each and 5,000 B ordinary shares of GBP0.01 each in issue. 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.
11. Cash flow from operations
Half-year Half-year Year ended
ended 30 ended 30 31 December
June 2017 June 2016 2016
GBP GBP GBP
Loss for the period (531,501) (461,349) (918,113)
Income tax expense (224,332) 25,895 (86,883)
Finance costs 32,835 66,522 125,237
Depreciation 671,269 473,632 950,628
Amortisation of
intangible assets 59,583 - 28,958
Impairment of assets 1,826 - 471,796
Share-based payment
charge - 513,810 479,210
Movements in working
capital
Increase in inventories (64,470) (11,194) (175,631)
Increase in trade
and other receivables (425,465) (112,599) (560,175)
Increase/(decrease)
in trade and other
payables and provisions 1,062,378 (716,368) 54,995
Cash from/(used
by) operations 582,123 (221,651) 370,022
-------------------------- ----------- ----------- -------------
12. 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 2016
2017
GBP GBP
Operating (loss)/profit (722,998) (368,932)
Add back:
Amortisation (see note 8) 59,583 473,632
Depreciation (see note 7) 671,269 -
---------- -----------
EBITDA 7,854 104,700
Non-trading items:
AIM admission costs - 196,561
Share-based payments - 513,810
Non-recurring costs incurred
in opening new sites (see
note 2) 181,386 189,135
Impairment of assets (see 1,826 -
note 7)
Adjusted EBITDA 191,066 1,004,206
------------------------------- ---------- -----------
13. Prior period adjustment at 30 June 2016
Changes to the balance As previously Adjustment Adjustment As restated
sheet - Group reported at 1 January at 30
2016 June 2016
GBP GBP GBP
GBP
Non-current assets
Property, plant
& equipment 6,081,515 1,412,725 (59,275) 7,434,965
Current liabilities
Finance lease liabilities - (1,461,043) (28,969) (1,490,012)
6,081,515 (48,318) (88,244) 5,944,953
--------------------------- -------------- -------------- ----------- ------------
Capital and reserves
Retained earnings 2,733,338 (48,318) (88,244) 2,596,776
--------------------------- -------------- -------------- ----------- ------------
13. Prior period adjustment (continued)
Changes to the profit and As previously Adjustment As restated
loss account- Group reported
GBP GBP GBP
Profit/(loss) for the financial
period (373,105) (88,244) (461,349)
--------------------------------- -------------- ----------- ------------
In order to adjust a treatment of a lease made in prior periods with respect to the classification of a leasehold interest in a property held by the Group, during the current year a prior year adjustment has been made to change the historical treatment of the lease. Previously, the lease had been treated as an operating lease and rental payments were recognised within the income statement of a subsidiary entity. Following a review of the facts, the lease is now considered to have more closely met the definitions of a finance lease rather than that of an operating lease and as such the carrying value of the property has been retrospectively recognised in the accounts from the date the lease was entered, being September 2014. The comparative figures shown in these accounts have been adjusted to include the leasehold investment at its fair value of GBP1,412,725 brought forward as at 1 January 2016, as well as a finance lease liability outstanding at 30 June 2016 of GBP1,490,012. The impact on the results for the half-year ended 30 June 2016 and on retained earnings is reflected in the table above.
Independent review report by the auditors
For the half-year ended 30 June 2017
Introduction
We have been engaged by the company to review the condensed set of financial information in the half-yearly financial report for the half-year ended 30 June 2017 which comprises the consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated balance sheet, consolidated statement of cash flows and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34: 'Interim Financial Reporting', as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410: 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the half-year ended 30 June 2017 is not prepared, in all material respects, in accordance with International Accounting Standard 34, as adopted by the European Union, and the AIM Rules for Companies.
Going concern
We have considered the adequacy of the disclosures made in note 1 concerning the group's ability to continue as a going concern. The directors have confirmed that they will participate in the planned placing and this is expected to raise GBP2m from the directors. This fund raising is required to fund the opening of two new sites to the end of 2017. The group's ability to continue as a going concern is dependent on the receipt of the new funds.
UHY Hacker Young
Chartered Accountants
Quadrant House
4 Thomas More Square
London E1W 1YW
15 September 2017
Notes
1. The maintenance and integrity of the Comptoir Group plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the half-yearly report or the auditors' review report since they were initially presented on the website.
2. Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFSTAIISLID
(END) Dow Jones Newswires
September 15, 2017 02:00 ET (06:00 GMT)
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