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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Patisserie | LSE:CAKE | London | Ordinary Share | GB00BM4NV504 | 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% | 429.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCAKE
RNS Number : 3468F
Patisserie Holdings PLC
17 May 2017
Patisserie Holdings PLC ('the Group')
Interim results for the six months ended 31 March 2017
Patisserie Holdings PLC, the leading UK branded café and casual dining group, today reports its interim results for the six months ended 31 March 2017
Financial summary
Hot Features
Premium
6 months 6 months
ended ended
---------------------- ----------- ----------- -------
31 March 31 March Change
2017 2016
---------------------- ----------- ----------- -------
GBPm GBPm
---------------------- ----------- ----------- -------
Revenue 55.5 50.0 11.0%
---------------------- ----------- ----------- -------
Gross profit 43.3 39.2 10.6%
---------------------- ----------- ----------- -------
EBITDA* 12.2 10.6 15.6%
---------------------- ----------- ----------- -------
Pre-tax profit 9.7 8.4 15.7%
---------------------- ----------- ----------- -------
Basic earnings per
share 7.95 pence 6.68 pence 19.0%
---------------------- ----------- ----------- -------
Diluted earnings per
share 7.88 pence 6.61 pence 19.2%
---------------------- ----------- ----------- -------
Interim dividend per
share 1.20 pence 1.00 pence 20.0%
---------------------- ----------- ----------- -------
* EBITDA is calculated as operating profit before depreciation and amortisation.
Highlights
-- Group revenue of GBP55.5m up by 11.0% (2016: GBP50.0m) -- Gross profit of GBP43.3m up by 10.6% (2016: GBP39.2m)
o Gross margin of 78.0% (2016: 78.3%)
-- EBITDA of GBP12.2m up by 15.6% (2016: GBP10.6m)
o EBITDA margin of 22.0% (2016: 21.1%)
-- Pre-tax profit of GBP9.7m up by 15.7% (2016: GBP8.4m) -- Operating cash flows of GBP9.3m (2016: GBP8.9m) with EBITDA cash conversion of 96% -- Strong balance sheet position with net cash at 31 March 2017 of GBP16.2m (2016: GBP8.9m)
-- 10 new stores opened to date all funded from operating cash flow with a strong pipeline of further new sites
-- Trading from 192 stores -- Diluted earnings per share of 7.88 pence up by 19.2% (2016: 6.61 pence) -- Interim dividend up 20% to 1.20 pence per share (2016: 1.00 pence per share)
Luke Johnson, Executive Chairman, said
"We have delivered another strong set of results with growth in both revenues and profit and excellent cash conversion despite the challenging market conditions and the current inflationary environment. We have opened 10 new stores including our first international store in the Republic of Ireland, and the pipeline to the end of the year to achieve our target of 20 new store openings is on track. With a strong balance sheet and an experienced management team, we remain operationally focused on the organic delivery and continue to assess acquisition opportunities. Accordingly I am confident of delivering a successful second half of the year and beyond."
Enquiries
Patisserie Holdings +44 (0)121 PLC 777 7000
Luke Johnson, Executive Chairman
Paul May, Chief Executive Officer
Chris Marsh, Finance Director
Nomad and Broker
Canaccord Genuity +44 (0)20 Limited 7523 8000
Bruce Garrow
Chris Connors
Ben Griffiths
Financial Public Relations
+44 (0) 20
Maitland 7379 5151
Dan Yea
Chief Executive's Review
Results
In the first half of the year, we have delivered another strong performance, both financially and operationally, due to our robust operating model, strong management team and appealing brands.
Revenue for the period is GBP55.5m, an increase of GBP5.5m or 11.0% (2016: GBP50.0m). EBITDA is GBP12.2m, an increase of GBP1.6m or 15.6% (2016: GBP10.6m) and pre-tax profit is GBP9.7m, an increase of GBP1.3m or 15.7% (2016: GBP8.4m).
Basic earnings per share is 7.95 pence per share (2016: 6.68 pence per share) and diluted earnings per share is 7.88 pence per share (2016: 6.61 pence per share), an increase of 19.0% and 19.2% respectively.
Revenues from our principal brand, Patisserie Valerie are GBP40.4m, up GBP5.5m or 15.7% (2016: GBP35.0m) and revenues from our other brands are GBP15.9m, up GBP0.1m or 0.6% (2016: GBP15.8m).
Revenue from our website continues to grow with digital sales in the period of GBP1.6m, up GBP0.2m or 14.3% (2016: GBP1.4m). Our Cakeclub membership increased by 22,000 members in the period, up to 383,000, with an ever increasing social media following.
Our seasonal ranges performed particularly well in the period with sales from our winter menu up over 160%, we sold over 103,000 mince pies and our new festive afternoon tea range sold over 26,000 units.
Earlier this year we ran a competition, inviting customers to design a custom gateau. We received over 11,000 entries and the chosen winner was named the Madame Valerie Gateau. The Gateau contains chocolate layers, caramel cream and honeycomb pieces and was launched for general sale in January 2017. The Madame Valerie Gateau has become our best-selling online 8" gateau with the corresponding slice becoming our fifth best seller instore.
In April, we entered into a 12 week supply only trial with Sainsbury's. The arrangement is to supply 12 nationwide Sainsbury's stores with Patisserie Valerie product which is being sold instore from Patisserie Valerie branded counters at Patisserie Valerie price points.
In the first half of the period, inflation on food costs was high, however, we are now seeing prices stabilise with the majority of core ingredients now at normalised levels. We have actively mitigated inflationary pressures resulting in only a minor impact of 0.3% on our gross profit margin which was 78.0% for the period (2016: 78.3%). We are continually working on our supply chain to ensure we buy at the best market prices and have fixed price contracts on a number of key lines. With further improvements in our supply chain and operational gearing from the growing group, we expect our gross margin to be broadly constant to the end of the year.
Pay rates continue to increase from the impact of both National Minimum and National Living Wage. However, with more effective rostering in stores, as well as making some minor central changes, we have limited the impact of pay pressures whilst maintaining an excellent customer experience.
Additional wage increases implemented in April 17 with the next stage of the National Living Wage increase will have an impact of approximately GBP0.5m on our wage bill. Again with more effective rostering and other areas of scale benefits that will come through in the second half of the year, we would hope to mitigate much of this increase.
Other costs have remained relatively benign with no material rent increases and the change in Business Rates from April 2017 likely to be neutral across our nationwide estate.
Estate Development
We continue to target 20 new store openings per year and in the period to the date of our results announcement have opened 10 new stores, which are trading strongly, and 2 closures due to leases expiring. The openings are a mixture of counter and full menu offerings with locations ranging from high-streets, retail parks and concession arrangements.
In the prior year we opened our first store in Belfast, Northern Ireland, and trading to date has been excellent. The store is fitted with a bakery to support at least a further 10 store openings. Following the success of the Belfast store, in the period we opened one additional store at Castle Lane, Belfast.
We have also opened our first International store in Blanchardstown, Republic of Ireland and the encouraging, albeit early, success in this market has highlighted to management that the brand has international potential.
In the period we opened our first store under our Philpotts brand since its acquisition in 2014. The store is located in Manchester's financial and professional services hub at Spinningfields. Sales to date have been promising.
Other notable openings in the period include Dundee, which is our 11(th) store in Scotland, and Ashford Kent which is located on the McArthur Glenn designer complex. Performance at all of our designer outlet centres continues to remain strong.
All of our new openings are profitable from the first week of trading and are all funded from operating cash flows. The new store pipeline is healthy giving confidence on our target of opening a total of 20 new stores for the full year.
We continue to believe there is considerable scope to expand the footprint of our estate and remain confident of the large addressable market in the UK and Ireland.
Cash flow & Balance sheet
The Group maintains a strong balance sheet which is funded from operating cash flow and reserves and it is the reliability and predictability of the strong cash generation that is so manifest in the business model. In the period the Group generated operating cash flows of GBP11.7m, up GBP1.5m or 15.2% (2015: GBP10.2m), GBP2.5m was used to make income tax payments and GBP4.4m was invested in capital expenditure leaving free cash flows of GBP4.9m (2015: GBP4.5m).
We invested GBP2.9m in new stores and GBP1.5m in refurbishment of the existing estate or additional bakery or fleet facilities. The return on investment from our stores remains strong with the majority of stores having a payback period of less than 24 months and the average remains 23 months.
In the period, the final dividend for the year ended 30 September 2016 of 2 pence per share or GBP2.0m in total was paid to shareholders. The Group remains cash generative and the Board has declared an interim dividend for this financial year of 1.20 pence per share representing a 20% increase year on year. The interim dividend will be paid on 7(th) July 2017 to shareholders on the register at the close of business on 2(nd) June 2017.
Net cash at the end of the first half is GBP16.2m (2015: GBP8.9m) and the group is well positioned to make acquisitions of portfolios of stores to convert to the Patisserie Valerie brand, and acquisitions of other brands which will add value to the Group.
Current trading and outlook
Performance in the six weeks after the period end has been good with a strong Easter period. We are on track with our roll-out programme and have some exciting new locations for the remainder of the year. We continue to react positively to changes in the market place and I am confident we are well positioned to deliver another period of good growth in the second half of the year.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 MARCH 2017
Six Six Year
months months to
to to 30
31 31 September
March March
2017 2016 2016
GBP'000 GBP'000 GBP'000
Total Total Total
Unaudited Unaudited Audited
Notes
Continuing operations
Revenue 55,488 49,984 104,141
Cost of sales (12,188) (10,825) (22,832)
---------- ---------- -----------
Gross profit 43,300 39,159 81,309
Administration expenses (33,599) (30,774) (64,099)
Operating profit 9,701 8,385 17,210
Finance expense - - (6)
----------
Profit before income tax 9,701 8,385 17,204
Income tax expense 4 (1,756) (1,707) (3,469)
---------- ---------- -----------
Profit after tax and total
comprehensive income for
the period attributable
to equity holders 7,945 6,678 13,735
========== ========== ===========
Earnings per share 6
Basic earnings per share
(pence) 7.95 6.68 13.74
Diluted earnings per share
(pence) 7.88 6.61 13.60
CONDENSED CONSOLIDATED BALANCE SHEET
31 MARCH 2017
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Notes
ASSETS
Non-current assets
Intangible assets 17,773 17,822 17,797
Property, plant and equipment 7 38,373 34,908 36,498
56,146 52,730 54,295
Current assets
Trade and other receivables 11,059 9,552 11,004
Corporation tax 2,537 1,286 1,896
Inventories 4,901 4,608 4,862
Cash and cash equivalents 16,176 8,922 13,273
---------- ---------- -------------
34,673 24,368 31,035
---------- ---------- -------------
Total assets 90,819 77,098 85,330
========== ========== =============
EQUITY AND LIABILITIES
Equity
Capital and reserves attributable
to the equity holders
Ordinary share capital 1,000 1,000 1,000
Share premium 33,661 33,661 33,661
Other reserves 550 216 391
Retained earnings 49,152 37,154 43,143
---------- ---------- -------------
Total equity 84,363 72,031 78,195
========== ========== =============
Non-current liabilities
Deferred tax 1,924 1,704 2,054
1,924 1,704 2,054
Current liabilities
Trade and other payables 4,532 3,363 5,081
4,532 3,363 5,081
---------- ---------- -------------
Total liabilities 6,456 5,067 7,135
---------- ---------- -------------
Total equity and liabilities 90,819 77,098 85,330
========== ========== =============
Registered no. 08963601
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 MARCH 2017
Share Share Merger Capital Share Retained Total
capital premium reserve redemption based earnings
reserve payment
reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
As at 30 September
2016 1,000 33,661 (312) 46 657 43,143 78,195
Result and total
comprehensive income
for the period 7,945 7,945
1,000 33,661 (312) 46 657 51,088 86,140
Transactions with
owners
Deferred tax credit
relating to share
option scheme - - - - - 64 64
Increase in share
based payment reserve - - - - 159 - 159
Dividends to equity
holders of the
company - - - - - (2,000) (2,000)
As at 31 March
2017 1,000 33,661 (312) 46 816 49,152 84,363
========= ========= ========= ============ ========= ========== ==========
Unaudited
As at 30 September
2015 1,000 33,661 (312) 46 324 31,979 66,698
Result and total
comprehensive income
for the period - - - - - 6,678 6,678
1,000 33,661 (312) 46 324 38,657 73,376
Transactions with
owners
Deferred tax credit
relating to share
option scheme - - - - - 167 167
Increase in share
based payment reserve - - - - 158 - 158
Dividends to equity
holders of the
company - - - - - (1,670) (1,670)
As at 31 March
2016 1,000 33,661 (312) 46 482 37,154 72,031
========= ========= ========= ============ ========= ========== ==========
Audited
As at 30 September
2015 1,000 33,661 (312) 46 324 31,979 66,698
Result and total
comprehensive income
for the year - - - - - 13,735 13,735
--------- --------- --------- ------------ --------- ---------- ----------
1,000 33,661 (312) 46 324 45,714 80,433
Transactions with
owners
Dividends to equity
holders of the
company - - - - - (2,670) (2,670)
Deferred tax credit
relating to share
option scheme - - - - - 99 99
Increase in share
based payments
reserve - - - - 333 - 333
As at 30 September
2016 1,000 33,661 (312) 46 657 43,143 78,195
========= ========= ========= ============ ========= ========== ==========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 MARCH 2017
Six months Six months Year
to to to
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Notes
Cash flows from operating
activities
Profit before income tax 9,701 8,385 17,204
Adjusted by:
Depreciation and amortisation 2,521 2,185 4,951
Net finance charges in
the consolidated statement
of comprehensive income - - 6
Other non-cash charges 159 164 333
Changes in working capital:
Inventory (39) (172) (426)
Trade and other receivables (55) 342 (1,109)
Trade and other payables (549) (719) 999
----------- ----------- --------------
Cash generated from operations 11,738 10,185 21,958
Interest paid - - (6)
Income tax paid (2,464) (1,293) (3,378)
----------- ----------- --------------
Net cash generated from
operating activities 9,274 8,892 18,574
----------- ----------- --------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (4,371) (4,395) (8,726)
Net cash used in investing
activities (4,371) (4,395) (8,726)
----------- ----------- --------------
Cash flows from financing
activities
Dividends paid to Company's
shareholders (2,000) (1,670) (2,670)
Net cash used in financing
activities (2,000) (1,670) (2,670)
----------- ----------- --------------
Net increase in cash and
cash equivalents 2,903 2,827 7,178
Cash and cash equivalents
at the beginning of the
period 13,273 6,095 6,095
Cash and cash equivalents
at the end of the period 16,176 8,922 13,273
=========== =========== ==============
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHED 31 MARCH 2017
1. General information
Patisserie Holdings plc (the Company) and its subsidiaries (collectively the Group) operate in the casual dining sector offering cakes, pastries, snacks, meals and hot and cold drinks across the UK.
The Company is a public limited company which is listed on the Alternative Investment Market (AIM) of the London Stock Exchange and incorporated and domiciled in England and Wales. The registered office of the Company is 146 - 156 Sarehole Road, Birmingham, B28 8DT. This document along with copies of the Annual Report and Accounts may be obtained from the registered office or via the Investor section of the Company's website at www. patisserie-valerie.co.uk
2. Basis of preparation
The condensed financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations as endorsed by the European Union and in accordance with IAS34 - "Interim Financial Reporting". The same accounting policies, presentation and methods of computation have been followed in the preparation of these results as were applied in the Group's latest annual audited financial statements.
The financial information for the year ended 30 September 2016 does not constitute the full statutory accounts for that period. The Annual Report and Financial Statements for 2016 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2016 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
The condensed financial statements have been prepared under the historical cost convention and financial information is presented in sterling and has been rounded to the nearest thousand (GBP'000) unless otherwise stated.
3. Segmental information
Management has determined the operating segments based on the reports reviewed by the Chief Operating Decision Maker ("CODM") comprising the Board of Directors. During the six month period to 31 March 2017, there have been no changes from prior periods in the measurement methods used to determine operating segments and reported segment profit or loss.
The segmental information is split on the basis of those same profit centres, however, management report only the contents of the consolidated statement of comprehensive income and therefore no balance sheet information is provided on a segmental basis in the following tables.
March Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total
2017 Valerie & Spice Power reported items IFRS
to
the
CODM
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 40,437 7,009 2,374 1,795 4,724 - 56,339 (851) 55,488
=========== ========= ========= ======== ========== ========= ========== ============ ========
Operating
profit 7,823 724 518 250 708 (322) 9,701 - 9,701
=========== ========= ========= ======== ========== ========= ========== ============ ========
March Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total
2016 Valerie & Spice Power reported items IFRS
to
the
CODM
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 34,953 6,851 2,231 1,830 4,903 - 50,768 (784) 49,984
=========== ========= ========= ======== ========== ========= ========== ============ ========
Operating
profit 6,575 644 523 254 619 (230) 8,385 - 8,385
=========== ========= ========= ======== ========== ========= ========== ============ ========
September Patisserie Druckers Baker Flour Philpotts Overhead As Reconciling Total
2016 Valerie & Spice Power reported items IFRS
to
the
CODM
Audited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 73,905 13,310 4,701 3,684 10,244 - 105,844 (1,703) 104,141
=========== ========= ========= ======== ========== ========= ========== ============ ========
Operating
profit 13,815 1,216 1,111 535 1,208 (675) 17,210 - 17,210
=========== ========= ========= ======== ========== ========= ========== ============ ========
The Group's segment operating profit reconciles to the Group's profit before tax as presented in its financial statements as follows:
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Total operating profit from reportable
segments 10,023 8,615 18,885
Other segment profit (322) (230) (675)
Finance expense - - (6)
Profit before income tax 9,701 8,385 17,204
4. Income tax expense
The tax charge has been calculated by reference to the expected effective current and deferred tax rates for the full financial year to 30 September 2017 applied against the profit before tax for the period ended 31 March 2017. The full year effective tax charge on the underlying trading profit is estimated to be 19.5% (2016: 20.0%).
5. Earnings before interest, tax, depreciation and amortisation (EBITDA)
31 March 31 March 30 September
2017 2016 2016
GBP'000 GBP'000 GBP'000
Unaudited Unaudited Audited
Operating profit 9,701 8,385 17,210
Depreciation and amortisation 2,521 2,185 4,951
---------- ---------- -------------
EBITDA 12,222 10,570 22,161
6. Earnings per share
31 March 2017 Earnings Weighted Earnings
GBP'000 average per
number share
of share (pence)
Unaudited
Basic earnings
per share 7,945 100,000,000 7.95
Effect of dilutive - 861,669 -
share options
--------- ------------ ---------
Diluted earnings
per share 7,945 100,861,669 7.88
========= ============ =========
31 March 2016 Earnings Weighted Earnings
GBP'000 average per
number share
of share (pence)
Unaudited
Basic earnings
per share 6,678 100,000,000 6.68
Effect of dilutive - 1,066,762 -
share options
--------- ------------ ---------
Diluted earnings
per share 6,678 101,066,762 6.61
========= ============ =========
30 September Earnings Weighted Earnings
2016 GBP'000 average per
number share
of share (pence)
Audited
Basic earnings
per share 13,735 100,000,000 13.74
Effect of dilutive - 998,163 -
share options
--------- ------------ ---------
Diluted earnings
per share 13,735 100,998,163 13.60
========= ============ =========
7. Property, plant and equipment
Unaudited Freehold Leasehold Plant, Motor Total
land property equipment, vehicles
and improvements fixtures
buildings and
fittings
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 October 2015 1,798 14,676 44,053 56 60,583
Additions - - 4,395 - 4,395
Disposals - - - (14) (14)
----------- -------------- ------------ ---------- --------
At 31 March 2016 1,798 14,676 48,448 42 64,964
Additions - 363 3,968 - 4,331
Disposals - (68) (526) (15) (609)
At 30 September 2016 1,798 14,971 51,890 27 68,686
Additions - 205 4,166 - 4,371
Disposals - - - - -
----------- -------------- ------------ ---------- --------
At 31 March 2017 1,798 15,176 56,056 27 73,057
=========== ============== ============ ========== ========
Depreciation
At 1 October 2015 255 5,490 22,122 37 27,904
Charge for the period 13 419 1,723 5 2,160
Disposals - - - (8) (8)
----------- -------------- ------------ ---------- --------
At 31 March 2016 268 5,909 23,845 34 30,056
Charge for the period 13 518 2,207 3 2,741
Disposals - (68) (526) (15) (609)
At 30 September 2016 281 6,359 25,526 22 32,188
Charge for the period 13 479 2,003 1 2,496
Disposals
----------- -------------- ------------ ---------- --------
At 31 March 2017 294 6,838 27,529 23 34,684
Net book values
At 31 March 2017 1,504 8,338 28,527 4 38,373
At 30 September 2016 1,517 8,612 26,364 5 36,498
At 31 March 2016 1,530 8,767 24,603 8 34,908
There were no assets held under finance leases during the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AFMFTMBABBIR
(END) Dow Jones Newswires
May 17, 2017 02:00 ET (06:00 GMT)
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