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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Gourmet Hldgs | LSE:GRM | London | Ordinary Share | GB00B0NYFG99 | ORD 4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 17.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:9813Q
Gourmet Holdings PLC
28 March 2008
Gourmet Holdings plc
Preliminary results for the 27 weeks ended 30 December 2007
Gourmet Holdings plc, the owner and operator of Richoux restaurants and Amato
pasticceria today announces its December 2007 preliminary results.
27 weeks ended 52 weeks ended
30 December 2007 24 June 2007
£m £m
Turnover from continuing operations 2.70 4.74
Gross profit from continuing operations 0.33 0.71
Operating (loss)/profit on continuing operations before impairment
and reorganisation costs (0.00) 0.04
Loss attributable to shareholders from continuing and discontinued
operations (0.47) (2.84)
Key points:
* Core business remains profitable at restaurant level.
* New board aiming to drive the business forward with three to four new
sites targeted in 2008.
* Purchase of the Amato brand for £0.77 million completed.
* Focus on operational improvements.
* Cash of £5.54 million at the period end.
Neil Blows, Chairman of Gourmet Holdings plc said:
"With the raising of additional finance, the acquisition of Amato and
operational improvements in Richoux we are in a strong position to move the
business forward. We have an experienced operational team in place to embrace
our plans for expansion. A second Amato site has been acquired and we are in
advanced negotiations for a third site together with a central kitchen. In
addition we have signed a supply agreement for Amato at Heathrow terminal 5. We
are also actively seeking one or more new sites for Richoux. We believe the
foundations are in place to enable the growth of a sound and profitable
business."
28th March 2007
Enquiries
Gourmet Holdings plc
Neil Blows, Chairman (020) 7491 3791
College Hill
Matthew Smallwood (020) 7457 2020
Justine Warren
Arbuthnot Securities (020) 7012 2000
Paul Vanstone
Introduction
As announced in November 2007 the Group has changed its accounting reference
date from that last Sunday in June to the last Sunday in December, thus the
results now presented are for the 27 week period ended on 30 December 2007, and
the comparative figures are for the 52 week period ended 24 June 2007.
In addition these are the first results of the Group presented under IFRS and
the reconciliations of the Group UK GAAP income statement and balance sheet to
the IFRS income statement and balance sheet are shown in note 7.
Results
Group turnover from our continuing operations for the 27 week period ended 30
December 2007 decreased to £2.70 million (June 2007: £4.74 million) reflecting
the shorter period, and the refocusing of the business on the Richoux business.
Gross profit from continuing operations was £0.33 million (June 2007: £0.71
million). Administrative expenses for continuing operations (before impairment
and reorganisation costs) of £0.33 million (June 2007: £0.72 million) were in
line with expectations.
The impairment provision of £0.33 million is in respect of property, plant and
equipment of one marginal restaurant, which the Group intends to continue
operating and improve the performance. The £0.29 million for reorganisation
costs are £0.26 million for staff compensation and redundancy costs and £0.03
million for costs in respect of the closure of the Head Office in Putney.
In October 2007 the Group raised £2.0 million (£1.85 million net of expenses)
through a successful placing of new shares at 26 pence per share to fund the
growth of the Company.
The Directors are not recommending the payment of a dividend.
Operations
Richoux
Trading proved difficult in the last quarter of 2007, in line with the sector
generally, although sales improved in the last three weeks. We are now
undertaking a planned refurbishment programme. The Richoux franchise operation
currently forms no part of our key strategic aims as we focus on our UK
restaurant activities. The Group is actively seeking one or more additional
sites for Richoux in 2008.
Amato
In line with the Group's strategy, in October 2007 the Group acquired the Amato
business in Old Compton Street. It has been assimilated into the Group and is
performing to expectations. The Group is seeking to grow the new brand and
anticipates acquiring two to three units for Amato in 2008.
Head Office
In line with the Group's strategic aims to reduce administrative costs,
following the disposal of the pub restaurants, the size of the Head Office team
has been reduced. In addition the offices in Putney have been closed following
the expiry of the lease and temporarily relocated to the Richoux at Piccadilly.
Capital expenditure and cash flow
The board continued to tightly manage the cash resources of the Group. As at the
end of the period under review the Group held cash of £5.54 million (June 2007:
£5.53 million).
Capital expenditure of £0.73 million (June 2007: £0.42 million) was incurred in
the period, of which £0.69 was for the acquisition of Amato.
People
As announced in November 2007 Daniel Rapacioli has been appointed as Group
Operations Director, Daniel was previously a Director of Shirepond Limited,
where he was responsible for running Amato. In addition a new operations manager
has been appointed to drive the Richoux business forward.
Change of name
At its next AGM the Company intends, subject to shareholder approval, to change
its name to Richoux Group plc.
Outlook
In line with the Group's plans to streamline operational costs, it is in
advanced negotiations to purchase a freehold property that will be fitted out as
a central kitchen. On the 7 February 2008 it completed the acquisition of a new
leasehold premises in Charlotte Street, London, and this is currently being
fitted out as a new Amato restaurant. In addition, it has signed a supply
agreement for Amato at Heathrow terminal 5. The Group is also in advanced
negotiations for another leasehold premises in North London. The Group therefore
anticipates opening three to four new premises in 2008 and continues to look for
appropriate sites for both the Richoux and Amato concepts.
Neil Blows
Chairman
Gourmet Holdings plc
Consolidated income statement
for the 27 week period ended 30 December 2007
27 week 52 week
period ended period ended
30 December 2007 24 June
Notes 2007
£'000 £'000
Revenue 2,701 4,739
Cost of sales:
Excluding pre-opening costs (2,373) (4,006)
Pre-opening costs - (28)
Total cost of sales (2,373) (4,034)
Gross profit 328 705
Administrative expenses (334) (724)
Other operating income 2 58
Operating (loss)/profit before impairment and (4) 39
reorganisation costs
Impairment of property, plant and equipment (325) -
Reorganisation costs (288) (25)
Operating (loss)/profit (617) 14
Finance income 145 110
Finance expense (2) (406)
Loss before taxation (474) (282)
Taxation - -
Loss for the period from continuing operations (474) (282)
Profit/(loss) for the period from discontinued 5 (2,562)
operations
Loss for the period (469) (2,844)
Loss attributable to equity holders of the parent (469) (2,844)
Loss per share:
From continuing operations:
Loss per share 4 (1.3)p (0.8)p
Diluted loss per share 4 (1.3)p (0.8)p
From continuing and discontinued operations:
Loss per share 4 (1.3)p (8.3)p
Diluted loss per share 4 (1.3)p (8.3)p
Gourmet Holdings plc
Consolidated balance sheet
at 30 December 2007
30 December 24 June
2007 2007
£'000 £'000
Assets
Non-current assets
Goodwill 325 269
Other intangible assets 79 1
Property, plant and equipment 2,221 1,991
Total non-current assets 2,625 2,261
Current assets
Inventories 88 69
Trade and other receivables 427 458
Disposal group assets - 24
Cash and cash equivalents 5,535 5,534
Total current assets 6,050 6,085
Total assets 8,675 8,346
Liabilities
Current liabilities
Trade and other payables (959) (1,145)
Disposal group liabilities - (923)
Total liabilities (959) (2,068)
Net assets 7,716 6,278
Capital and reserves
Share capital 1,681 1,370
Share premium account 10,335 8,769
Warrants reserve 50 50
Retained earnings (4,350) (3,911)
Total equity 7,716 6,278
Gourmet Holdings plc
Consolidated cash flow statement
for the 27 week period ended 30 December 2007
27 week 52 week
period ended period ended
30 December 24 June
Notes 2007 2007
£'000 £'000
Operating activities
Cash (used in)/generated from operations 6 (1,274) 826
Taxation paid - (11)
Interest paid (2) (451)
Net cash from operating activities (1,276) 364
Investing activities
Purchase of property, plant and equipment (41) (417)
Acquisition of trade and assets (686) -
Purchase of trade marks (1) (1)
Proceeds from sale of property, plant and equipment 8 366
Interest received 145 110
Disposal of subsidiary undertakings - 8,186
Net cash sold with subsidiary - (3)
Net cash (used in)/from investing activities (575) 8,241
Financing activities
Proceeds from issue of ordinary shares 2,000 8
Transaction costs (148) -
Repayment of borrowings - (6,079)
Capital element of finance lease rentals - (9)
Interest element of finance lease rentals - (1)
Net cash from/(used in) financing activities 1,852 (6,081)
Net increase in cash and cash equivalents 1 2,524
Cash and cash equivalents at the beginning of the period 5,534 3,010
Cash and cash equivalents at the end of the period 5,535 5,534
Notes
1. The consolidated financial statements have been prepared in compliance
with International Financial Reporting Standards ("IFRS") as adopted by the
European Union and therefore the Group financial statements comply with Article
4 of the EU IAS Regulation. The financial statements have been prepared on the
historical costs basis. Historically the Group has prepared financial statements
under UK GAAP. The adjustments required on first time adoption of IFRS are
disclosed in note 7 in accordance with IFRS 1 (First Time Adoption of IFRS).
2. The financial information set out above does not constitute the
Company's statutory accounts for the periods ended 24 June 2007 or 30 December
2007 but it is derived from those accounts. Statutory accounts for 24 June 2007
have been delivered to the Registrar of Companies and those for 30 December 2007
will be delivered following the Company's Annual General Meeting. The auditors
have reported on those accounts; their reports were unqualified and did not
contain statements under section 237(2) or (3) of the Companies Act 1985.
3. Reorganisation costs
Reorganisation costs of £288,000, comprises £260,000 for staff compensation,
redundancy and related costs and £28,000 for costs in respect of the closure of
the Head Office in Putney.
4. Loss per share
The calculation of the basic and diluted loss per share is based on the
following data:
30 December 2007 24 June 2007
£000 £000
Loss
Loss from continuing operations for the purpose of basic loss per
share excluding discontinued operations (474) (282)
Profit/(loss) from discontinued operations 5 (2,562)
Loss for the purposes of basic loss per share being the net profit
attributable to equity holders of the parent (469) (2,844)
Number of shares
Weighted average number of ordinary shares for the purposes of the
basic loss per share 37,323,118 34,209,687
Effect of dilutive potential ordinary shares:
Share options and warrants 9,171 21,806
Weighted average number of ordinary shares for the purposes of diluted
loss per share 37,332,289 34,231,493
Share options and warrants not included in the diluted calculations as
per the requirements of IAS 33 (as they are anti-dilutive) 2,532,669 494,319
5. No dividend is proposed.
6. Reconciliation of operating loss to operating cash flows
27 week 52 week
period ended period ended
30 December 24 June
2007 2007
£'000 £'000
Operating (loss)/profit - continuing (617) 14
Operating loss - discontinued (3) (358)
Loss on disposal of property, plant and equipment 3 217
Depreciation charge 120 423
Amortisation charge 2 -
Impairment of intangible fixed assets - 5
Impairment of tangible fixed assets 325 266
(Increase)/decrease in stocks (19) 56
Decrease in debtors 65 5
(Decrease)/increase in creditors (1,119) 195
Equity settled share based payments (31) 3
Net cash (outflow)/inflow from operating activities (1,274) 826
7. Impact of the adoption of International Financial Reporting Standards
From the period ending 30 December 2007 the Group has prepared its financial
statements in accordance with IFRS. Below are the reconciliations of the Group
UK GAAP income statement to the IFRS income statement for the period ended 24
June 2007 and the UK GAAP balance sheet to the IFRS balance sheet as at 24 June
2007. There has been no impact on the Group cash flow statement, other than in
terms of presentation, from the transition to IFRS.
IFRS 3 Business Combinations
IFRS 3 prohibits the amortisation of goodwill. The standard requires goodwill to
be carried at cost with impairment reviews both annually and where there are
indications that the carrying value may not be recoverable.
As permitted by IFRS 1 the Group has chose to apply IFRS 3 from the date of
transition (26 June 2006) and has not chosen to restate previous business
combinations. Therefore, goodwill is stated in the opening balance sheet (at 26
June 2006) at £2,101,000 being its UK GAAP carrying value at this date.
Subsequent amortisation has been reversed, increasing operating profit by
£19,000 for the period to 24 June 2007 and increasing its carrying value at this
date to £269,000.
7. Impact of the adoption of International Financial Reporting Standards
(continued)
Reconciliation of UK GAAP to IFRS income statement for the period ended 24 June
2007
UK GAAP Goodwill
amortisation
(IFRS format) IFRS
£'000 £'000 £'000
Revenue 4,739 - 4,739
Cost of sales:
Excluding pre-opening costs (4,006) - (4,006)
Pre-opening costs (28) - (28)
Total cost of sales (4,034) - (4,034)
Gross profit 705 - 705
Administrative expenses (743) 19 (724)
Other operating income 58 - 58
Operating profit/(loss) before trading
exceptional items 20 - 39
Trading exceptional items (25) - (25)
Operating profit/(loss) (5) 19 14
Finance income 110 - 110
Finance expense (406) - (406)
Loss before taxation (301) 19 (282)
Taxation - - -
Loss for the financial period (301) 19 (282)
Discontinued operations:
Operating loss for the period on
discontinued operations (456) 98 (358)
Loss on sale of discontinued operations (2,095) (98) (2,193)
Taxation on discontinued operations (11) - (11)
Loss attributable to shareholders (2,863) 19 (2,844)
7. Impact of the adoption of International Financial Reporting
Standards (continued)
Reconciliation of UK GAAP to IFRS balance sheet as at 24 June 2007
UK GAAP (IFRS Goodwill
format) amortisation
IFRS
£'000 £'000 £'000
Assets
Non-current assets
Goodwill 250 19 269
Other intangible assets 1 - 1
Property, plant and equipment 1,991 - 1,991
Total non-current assets 2,242 19 2,261
Current assets
Inventories 69 - 69
Trade and other receivables 458 - 458
Disposal group assets 24 - 24
Cash and cash equivalents 5,534 - 5,534
Total current assets 6,085 - 6,085
Total assets 8,327 19 8,346
Liabilities
Current liabilities
Trade and other payables (1,145) - (1,145)
Disposal group liabilities (923) - (923)
Total liabilities (2,068) - (2,068)
Net assets 6,259 19 6,278
Capital and reserves
Share capital 1,370 - 1,370
Share premium account 8,769 - 8,769
Warrants reserve 50 - 50
Retained earnings (3,930) 19 (3,911)
Total equity 6,259 19 6,278
8. Report and accounts
Copies of the annual report and accounts will be posted to the shareholders
shortly and will be available at www.gourmetholdings.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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