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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:8599D
Gourmet Holdings PLC
14 September 2007
Gourmet Holdings plc
Preliminary results for the 52 weeks ended 24 June 2007
Gourmet Holdings plc, the owner and operator of Richoux restaurants today
announces its 2007 preliminary results.
52 weeks ended 52 weeks ended
24 June 2007 25 June 2006
(restated)
#m #m
Turnover 10.02 10.24
Gross profit 1.22 0.89
Operating profit/(loss) before trading exceptional items 0.47 (0.05)
Loss before taxation (2.85) (1.50)
Key points:
Strategic review
* New board focussed on driving Richoux brand.
* Aim to acquire/develop one or more complementary concepts in cafe/
patisserie space.
* Focus on operational improvements to current business.
Results
* Increased turnover and operating profit at Richoux.
* Disposal of all pub restaurants completed.
* Cash of #5.53 million at year end.
Neil Blows, Chairman of Gourmet Holdings plc said:
"As a result of the business restructuring undertaken by the previous board, we
are in a strong position to enhance the Richoux brand and acquire/develop one or
more complementary cafe/patisserie concepts in order to drive the business
forward."
Enquiries
Gourmet Holdings plc
Neil Blows, Chairman (020) 7491 3791
College Hill
Matthew Smallwood (020) 7457 2020
Justine Warren
Arbuthnot Securities (020) 7012 2000
Nick Marsh
Paul Vanstone
Introduction
Following disappointing trade at the Bel and the Dragon sites and the Company's
other non-branded pub restaurants, the previous board of Gourmet took the
decision to dispose of these sites. This was in line with its strategic aim to
simplify the business and focus upon the existing Richoux offering, which
continues to deliver a strong, cash generative performance.
The new board believes that further refinement to the existing Richoux brand
along with the acquisition/development of one or more cafe/patisserie concepts
in central London will create shareholder value and will be the principal focus
of Gourmet.
The new board intends to further streamline operational costs including
establishing a central kitchen, which will produce cost effective synergies for
Richoux and any new concept we introduce.
Results
Group turnover from our operations for the 52 week period ended 24 June 2007
decreased to #10.02 million (2006: #10.24 million) reflecting the disposals
during the period. Gross profit was #1.22 million (2006: #0.89 million).
Administrative expenses (before amortisation and trading exceptional items) of
#0.69 million (2006 restated: #0.84 million) were in line with expectations
following the Board's decision to reduce its administrative cost base.
The trading exceptional items of #0.71 million are; #0.30 million in respect of
an FRS12 onerous lease provision in respect of the Highwayman, #0.27 million
impairment provision in respect of the tangible and intangible fixed assets of
the Highwayman, which has now been disposed, #0.11 million of bad debts written
off in respect of the non-completion of a business transfer, and #0.03 million
of professional and other reorganisation costs.
The net loss on disposal of fixed assets of #0.22 million are; #0.33 million
loss on the disposal of the Group's two unbranded pub restaurants in December
2006, #0.15 million profit on the disposal of the rotunda at one of the Bel and
the Dragon pub restaurants, and #0.04 million loss on the disposal of other
tangible fixed assets.
The loss on disposal of discontinued operations of #2.10 million arose on the
disposal of BDC Holdings, which holds the Bel and the Dragon chain of four
restaurants to Ultimate Leisure PLC on 15 June 2007.
The Directors are not recommending the payment of a dividend.
Operations
Richoux
Richoux had a successful year, and for the second year running has recorded an
increase in profit at the restaurant operating level. A committed and stable
management team continue to operate the Richoux restaurants.
As announced in our interim statement in March 2007, a new franchise has been
signed to develop a Richoux restaurant in Egypt and we have received net other
operating income of #0.06 million in respect of this.
We aim to further enhance the Richoux brand through menu development and
concentrating on our core operational skills to improve performance.
Pub restaurants
In September last year, the Board announced that, following a strategic review,
it had put in place a sale process for the Group's entire pub restaurant
operation. I am pleased to announce that this process has now been completed, on
22 December 2006 with the disposal of the two unbranded pub restaurants the
Talkhouse in Stanton St John, near Oxford and the Five Bells in Stanbridge,
Hertfordshire. Then on 15 June 2007 the disposal of the four Bel and the Dragon
pub restaurants, and then on 10 September 2007 the disposal of the final pub
restaurant the Highwayman in Checkendon, Oxfordshire.
Outlook
Following the sale of all the Group's pub restaurants and the successful
restructuring of the Company, our principal priorities are to concentrate on the
core business of Richoux restaurants, acquire/develop one or more complementary
cafe/patisserie concepts and roll out units across central London. There is also
the intention to appoint a Chief Operating Officer in due course.
I would like to take this opportunity of thanking the outgoing board for their
efforts in successfully restructuring the business and for the service they gave
to the Company.
I am delighted that Richard Scott is staying on with us on a consultancy basis
until the end of December 2007.
Neil Blows
Chairman
Gourmet Holdings plc
Consolidated profit and loss account
for the 52 week period ended 24 June 2007
52 week 52 week
period ended period ended
24 June 25 June
2007 2006
(restated)
Notes Continuing Discontinued Total Continuing Discontinued Total
#'000 #'000 #'000 #'000 #'000 #'000
Turnover 4,739 5,284 10,023 4,467 5,773 10,240
Cost of sales:
Excluding pre-opening (4,006) (4,768) (8,774) (3,908) (5,440) (9,348)
costs
Pre-opening costs 4 (28) - (28) - - -
(4,034) (4,768) (8,802) (3,908) (5,440) (9,348)
Gross profit 705 516 1,221 559 333 892
Administrative expenses:
Administrative expenses (693) - (693) (842) - (842)
Amortisation (19) (98) (117) (19) (78) (97)
(712) (98) (810) (861) (78) (939)
Other operating income 5 58 - 58 - - -
Operating profit/(loss) 51 418 469 (302) 255 (47)
before trading
exceptional items
Trading exceptional 6 (25) (688) (713) (339) (830) (1,169)
items
Operating profit/(loss) 26 (270) (244) (641) (575) (1,216)
after trading
exceptional items
Net loss on disposal of (31) (186) (217) - (15) (15)
fixed assets
Loss on sale of 9 - (2,095) (2,095) - - -
discontinued operation
Loss on ordinary (5) (2,551) (2,556) (641) (590) (1,231)
activities before
interest
Interest receivable 110 73
Interest payable and (406) (338)
similar charges
Loss on ordinary (2,852) (1,496)
activities before
taxation
Taxation on loss on (11) -
ordinary activities
Loss for the financial (2,863) (1,496)
period
Loss per share 7 (8.4)p (5.4)p
Diluted loss per share 7 (8.4)p (5.4)p
There are no differences between the historic cost profit and that recorded in
the profit and loss account (2006: #nil).
The consolidated profit and loss account for the 52 week period ended 25 June
2006 has been restated to reflect the adoption of FRS20 "Share based payments".
Gourmet Holdings plc
Consolidated balance sheet
at 24 June 2007
24 June 2007 25 June 2006
#'000 #'000 #'000 #'000
Fixed assets
Intangible assets 251 2,101
Tangible assets 1,991 11,820
2,242 13,921
Current assets
Stocks 69 210
Debtors 482 601
Cash at bank and in hand 5,534 3,010
6,085 3,821
Creditors: amounts falling due within one year (2,068) (2,842)
Net current assets 4,017 979
Total assets less current liabilities 6,259 14,900
Creditors: amounts falling due after more than
one year
- (5,789)
Net assets 6,259 9,111
Capital and reserves
Equity share capital 1,370 1,368
Share premium account 8,769 8,763
Warrants reserve 50 50
Profit and loss account (3,930) (1,070)
Shareholders' funds 6,259 9,111
Gourmet Holdings plc
Consolidated cash flow statement
for the 52 week period ended 24 June 2007
Note 52 week 52 week
period period
ended ended
24 June 25 June
2007 2006
#'000 #'000
Cash inflow/(outflow) from operating activities 11 826 (91)
Returns on investments and servicing of finance (342) (289)
Taxation (11) -
Capital expenditure and financial investment (52) (517)
Acquisitions and disposals 8,183 (2,874)
Cash inflow/(outflow) before financing 8,604 (3,771)
Financing (6,080) 5,656
Increase in cash in the period 2,524 1,885
Reconciliation of net cash flow to movement in net funds
For the 52 week period ended 24 June 2007
52 week 52 week
period period
ended ended
24 June 25 June
2007 2006
#'000 #'000
Increase in cash in the period 2,524 1,885
Cash outflow/(inflow) from changes in debt and lease financing 6,088 (1,398)
Change in net funds resulting from cash flows 8,612 487
Loans and finance leases acquired with subsidiary undertakings - (750)
Movement in net funds/(debt) in the period 8,612 (263)
Net debt at the start of the period (3,079) (2,816)
Net funds/(debt) at the end of the period 5,533 (3,079)
Gourmet Holdings plc
Consolidated statement of total recognised gains and losses
for the 52 week period ended 24 June 2007
52 week 52 week
period period
ended ended
24 June 25 June
2007 2006
(restated)
#'000 #'000
Loss for the financial period (2,863) (1,496)
Gain on redemption of preference shares - 408
Reduction in share premium - 7,411
Total recognised gains and losses relating to the
financial period
(2,863) 6,323
The consolidated statement of total recognised gains and losses for the 52 week
period ended 25 June 2006 has been restated to reflect the adoption of FRS20 "
Share based payments".
Reconciliation of movement in shareholders' funds
for the 52 week period ended 24 June 2007
52 week 52 week
period period
ended ended
24 June 25 June
2007 2006
(restated)
#'000 #'000
Loss for the financial period (2,863) (1,496)
New share capital subscribed (net of issue costs) 8 4,938
Redemption of preference shares - 408
Credit in respect of share options 3 24
Net (reduction)/increase in shareholder's funds (2,852) 3,874
Opening shareholders' funds 9,111 5,237
Closing shareholders' funds 6,259 9,111
The reconciliation of movement in shareholders' funds for the 52 week period
ended 25 June 2006 has been restated to reflect the adoption of FRS20 "Share
based payments".
Notes
1. The financial information for the 52 week period ended 24 June 2007 has been
prepared in accordance with the company's accounting policies as disclosed
in the financial statements for the period ended 25 June 2006, except for
the adoption of FRS20 'Share based payments', in line with that standard's
effective date. FRS20 requires a charge to be recognised in staff costs
based on the fair value of options granted to employees. This fair value is
established at the date of grant and recognised over the option vesting
period. Adjustment is made to the charge recognised based on an assessment
of whether non-market vesting conditions will be met. The comparative
figures have been restated to reflect this change in policy. The effect of
the adoption of FRS20 is discussed in note 10.
2. The financial information set out above does not constitute the
Company's statutory accounts for the years ended 25 June 2006 or 24 June 2007
but it is derived from those accounts. Statutory accounts for 25 June 2006 have
been delivered to the Registrar of Companies and those for 24 June 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. The consolidated financial statements include the financial statements
of the Company and its subsidiary undertakings made up to 24 June 2007.
The results of all subsidiary undertakings are consolidated. Intra-group sales
are fully eliminated on consolidation.
4. Pre-opening costs
Property rentals and related costs together with promotional and training costs
incurred up to the date of the opening of a new or refurbished restaurant are
written off to the profit and loss account in the year in which they are
incurred.
5. Other operating income
Other operating income includes franchise fees, net of all associated costs and
charges, derived from the Middle East. Initial license fees are recognised at
the time the license is granted, ongoing income is recognised in line with
performance.
6. Trading exceptional items
The trading exceptional charge of #713,000 comprises #303,000 FRS12 provision
for an onerous lease for the Highwayman in Oxfordshire (the provision is based
on the surrender of the leasehold interest and the payment of a reverse premium
of #260,000 and costs of #43,000, this pub restaurant was disposed of on 10
September 2007), #271,000 impairment provision in respect of the tangible and
intangible fixed assets of the Highwayman in Oxfordshire, the impairment
provision has been based on the net realisable value of the assets in question,
#113,000 bad debts write off in respect of the non-completion of a business
transfer, #26,000 for professional and other reorganisation costs.
7. Loss per share
The loss per share is calculated by reference to the loss after taxation and the
weighted average number of ordinary shares in issue during the period of
34,209,687 (2006 restated: 27,784,505).
The loss per share for both the basic and fully diluted loss per share is
calculated on the basis of a loss for the period of #2,863,000 (2006 restated:
#1,496,000).
The diluted loss per share is calculated by reference to the loss after taxation
and the weighted average number of ordinary shares and share options in issue
during the period of 34,231,493 (2006: 27,889,358). Share options and warrants
not included in the diluted calculations as per the requirements of FRS14 (as
they are anti-dilutive) totalled 494,319 (2006: 721,522).
8. No dividend is proposed.
9. Disposal of BDC Holdings Limited
On the 15 June 2007 the Company disposed of the entire share capital of BDC
Holdings Limited (and its subsidiary companies) and Bel and the Dragon (Hampton
Court) Limited (formerly Gourmet Trading Limited) for #8,750,000 (adjusted for
the repayment of an inter company loan of #2,408,000 and working capital of
#124,000). The fair value of the consideration received for the share capital of
the companies was:
Book value at date
of disposal
Group #'000
Intangible fixed assets 1,717
Tangible fixed assets 8,985
Stock 85
Debtors 114
Cash and overdrafts 3
Liabilities (623)
Net assets 10,281
Costs of disposal 440
Sale proceeds (8,626)
Loss on disposal 2,095
10. Impact of FRS20
The adoption of FRS20 has no effect on net assets at any reporting date as the
credit/charge to the profit and loss account is offset by an equal and opposite
charge/credit recognised directly in reserves.
The loss after taxation for the 52 week period ended 25 June 2006 was increased
by #24,000 as a result of FRS20, leading to an increase in the loss per share of
0.1p.
11. Reconciliation of operating loss to operating cash flows
52 week 52 week
period period
ended ended
24 June 25 June
2007 2006
#'000 #'000
Operating loss (244) (1,216)
Depreciation charge 423 419
Amortisation charge 117 97
Impairment of intangible fixed assets 5 -
Impairment of tangible fixed assets 266 450
Decrease in stocks 56 22
Decrease/(increase) in debtors 5 (15)
Increase in creditors 195 128
Equity settled share based payments 3 24
Net cash inflow/(outflow) from operating 826 (91)
activities
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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