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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Peel Hotels Plc | LSE:PHO | London | Ordinary Share | GB0002583606 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 50.00 | 60.00 | 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
TIDMPHO
RNS Number : 7611U
Peel Hotels PLC
27 October 2017
PEEL HOTELS PLC
INTERIM RESULTS
For 28 weeks ended 13 August 2017
Hot Features
Premium
-- Sales decreased 5.1% to GBP8,648,145 (2016: GBP9,115,526)
-- Operating Profit decreased 31.3% to GBP604,556 (2016: GBP880,119)
-- Revpar decreased 4.2%. Occupancy down 3.3%, average room rate down 1.0%
-- Profit before tax decreased 46.1% to GBP319,293 (2016: GBP592,807)
-- Net Debt decreased by GBP395,437
-- Earnings per share
Basic 1.8p (2016: 3.4p)
Diluted 1.8p (2016: 3.4P)
Chairman Robert Peel said 'It is difficult to move forward from an earnings point of view without sales growth however we continue to generate sufficient cash to continually decrease our net debt and to continue the reinvestment in our properties.'
Press enquiries: 0207 266 1100 Nominated advisor and Broker: 0207 418 8900
Peel Hunt LLP
Capel Irwin
CHAIRMAN'S STATEMENT
Results
The slowdown in commercial activity experienced in the second half of last year due to uncertainties in relation to Brexit continued in the first 3 (four week) periods of the current year. These periods are historically low trading periods and due to the high operational gearing of our business, together with the impact of two increases in minimum wages and the living wage, our EBITDA decreased GBP220,265 on the previous year, in those periods. This has produced a disappointing interim result in comparison to last year's excellent interim result. However on a positive note EBITDA for the remaining 4 (four week) periods of the half year was broadly neutral in comparison to the previous year.
In the 28 weeks to 13 August 2017 hotel revenues decreased 5.1% to GBP8,648,145 (2016: GBP9,115,526). Hotel gross profit before depreciation and Group administration decreased 15.1% to GBP1,503,402 (2016: GBP1,771,160). Over the same period EBITDA (earnings before interest, tax and depreciation) decreased 19.7% to GBP1,119,749 (2016: GBP1,394,871) and operating profit decreased 31.3% to GBP604,556 (2016: GBP880,119)
Revpar (accommodation revenue per available room) decreased 4.2% with occupancy down 3.3% and average room rate down 1.0%.
Administration expenses increased 2.0% and depreciation increased 0.1% to GBP515,193.
Financial charges decreased by 0.7% to GBP285,263
Profit before tax was GBP319,293 compared to a profit of GBP592,807 last year; a decrease of 46.1%
Corporation tax has been provided at an effective rate of 20%. Basic earnings per share were 1.8p compared with 3.4p in the comparative period on a weighted average of 14,012,123 (14,012,123) shares in issue.
Finance
On 19 September 2017 the Company entered into a GBP9,900,000 five year term loan facility with Allied Irish Bank. This facility has been used to repay the Company's existing facilities with Royal Bank of Scotland as well as the remaining balances of the Directors Loan and Loan Notes. The revised financial structure will result in a significant reduction in financial charges going forward. Savings in 2018/2019 financial year are estimated to be not less than GBP160,000 provided Libor remains the same as it is currently.
On 13 August 2017 net debt stood at GBP9,159,332 representing loans totalling GBP9,582,625 less GBP423,293 cash at bank. Gearing on Shareholders' funds was 38.0% with interest covered 2.1 times. Net debt decreased by GBP395,437 compared with the previous year end.
Capital expenditure
We spent GBP369,516 in the period (2016: GBP421,216), mainly on the refurbishment of three suites and the public areas at the Norfolk Royale and the refurbishment of 12 bedrooms at the King Malcolm Hotel, Dunfermline. We have completed the refurbishment of the public areas and ballroom at the Crown and Mitre in Carlisle.
We plan to spend GBP700,000 in this financial year on our strategy of continually improving the standards offered in our portfolio of hotels and maintaining the fabric of our buildings. This sum is in addition to a significant sum expensed to the Income Statement.
Shareholders
We are always delighted to welcome Shareholders to our Hotels where they can see for themselves the progress we have made, whilst enjoying a beneficial discount of 50% of our rack rate tariff, using a special reservations number 0207 266 1100 or e-mail info@peelhotel.com Shareholders can keep in touch with progress in the company and various promotional activities by visiting our website www.peelhotels.co.uk
The Future
The comparative shortfall in EBITDA in the first three periods will be difficult to make up by the end of the financial year however sales have now stabilised, REVPAR currently is growing (reversing the trend in the half year) and costs are under control. The ongoing diminution of financial charges will be of great benefit to the Company and net debt will continue to decrease satisfactorily whilst leaving the Company sufficient surplus cash to continue the reinvestment in its Properties.
Robert Peel
Chairman
20 October 2017
DIRECTORS AND ADVISORS
Directors
Robert Edmund Guy Peel Executive Chairman
Nicholas David Lawton Parrish Financial Director
Norbert Paul Gottfried Petersen Non-executive Director
Haydn Herbert James Fentum Non-executive Director
Secretary
Thrings LLP
Kinnaird House, 1 Pall Mall East, London SW1Y 5AU
Registered Office
5(th) Floor, Kinnaird House, 1 Pall Mall East, London SW1Y 5AU
Company registration number 3473990
Auditor
Grant Thornton UK LLP
No. 1 Whitehall Riverside, Leeds, LS1 4BN
Bankers
Allied Irish Bank Plc
10 Berkeley Square, Mayfair, London W1J 6AA
Registrars
Computershare Services Plc
The Pavilions, Bridgewater Road, Bristol BS13 8AE
Solicitors
Thrings LLP
Kinnaird House, 1 Pall Mall East, London SW1Y 5AU
Stockbroker
Peel Hunt LLP
Moor House, 120, London Wall, London EC2Y 5ET
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the 28 weeks ended 13 August 2017
Unaudited Unaudited Audited
28 weeks 28 weeks Year
ended ended ended
13/08/2017 14/08/2016 29/01/2017
Note GBP GBP GBP
------------------- ------------ ------------- ------------ ------------- ------------ --------------
Revenue 8,648,145 9,115,526 16,790,320
Cost of sales (7,144,743) (7,344,366) (13,852,109)
------------------- ------------ ------------- ------------ ------------- ------------ --------------
Gross profit 1,503,402 1,771,160 2,938,211
Administration
expenses (383,653) (376,289) (687,883)
Exceptional
expense - - (170,500)
Depreciation (515,193) (898,846) (514,752) (981,594)
Total admin.
expenses (891,041) (1,839,977)
------------------- ------------ ------------- ------------ ------------- ------------ --------------
Operating profit 604,556 880,119 1,098,234
Finance expense (285,263) (287,312) (522,847)
------------------- ------------ ------------- ------------ ------------- ------------ --------------
Profit before
tax
319,293 592,807 575,387
Income tax
4 (63,856) (118,561) (140,665)
------------------- ------------ ------------- ------------ ------------- ------------ --------------
Profit and total
comprehensive
income for the period
attributable
to owners 255,437 474,246 434,722
--------------------------------- ------------- ------------ ------------- ------------ --------------
Earnings per
share
Basic & diluted
(pence) 5 1.8 3.4 3.1
------------------- ------------ ------------- ------------ ------------- ------------ --------------
GROUP STATEMENT OF CHANGES IN EQUITY
for the 28 weeks ended 13 August 2017
28 weeks ended
14 August 2016 Share Profit
Share Premium and loss
Unaudited Capital Account account Total
GBP GBP GBP GBP
----------------------- ------------ ------------ ------------- -------------
Balance brought
forward
at 1 February 2016
Profit and total
comprehensive income 1,401,213 9,743,495 12,620,907 23,765,615
for the period
Transactions with - - 474,246 474,246
owners
Dividend - - (280,242) (280,242)
----------------------- ------------ ------------ ------------- -------------
Balance at 14 August
2014 1,401,213 9,743,495 12,814,911 23,959,619
----------------------- ------------ ------------ ------------- -------------
12 months ended
29 January 2017 Share Profit
Share Premium and loss
Audited Capital Account account Total
GBP GBP GBP GBP
----------------------- ------------ ------------ ------------- -------------
Balance brought
forward
at 1 February 2016
Profit and total
comprehensive income 1,401,213 9,743,495 12,620,907 23,765,615
for the period
Transactions with - - 434,722 434,722
owners
Dividend - - (280,242) (280,242)
----------------------- ------------ ------------ ------------- -------------
Balance at 29 January
2017 1,401,213 9,743,495 12,775,387 23,920,095
----------------------- ------------ ------------ ------------- -------------
28 weeks ended
13 August 2017 Share Profit
Share Premium and loss
Unaudited Capital Account account Total
GBP GBP GBP GBP
----------------------- ------------ ------------ ------------- -------------
Balance brought
forward
at 30 January 2017
Profit and total
comprehensive income 1,401,213 9,743,495 12,775,387 23,920,095
for the period
Transactions with - - 255,437 255,437
owners
Dividend - - - -
----------------------- ------------ ------------ ------------- -------------
Balance at 13 August
2017 1,401,213 9,743,495 13,030,824 24,175,532
----------------------- ------------ ------------ ------------- -------------
GROUP BALANCE SHEET
at 13 August 2017
13/08/2017 14/08/2016 29/01/2017
Unaudited Unaudited Audited
GBP GBP GBP
------------------------------ ------------- ------------- -------------
Assets
Non-current assets
Property, plant and
equipment 35,356,887 35,679,921 35,502,564
------------------------------ ------------- ------------- -------------
Total non-current assets 35,356,887 35,679,921 35,502,564
Current assets
Inventories 119,332 119,243 114,034
Trade and other receivables 529,006 434,939 354,076
Prepayments 898,662 874,584 741,405
Cash at bank and in
hand 423,293 588,745 292,653
------------------------------ ------------- ------------- -------------
Total current assets 1,970,293 2,017,511 1,502,168
------------------------------ ------------- ------------- -------------
Total assets 37,327,180 37,697,432 37,004,732
------------------------------ ------------- ------------- -------------
Equity and liabilities
Equity attributable
to owners
Share capital 1,401,213 1,401,213 1,401,213
Share premium 9,743,495 9,743,495 9,743,495
Retained earnings 13,030,824 12,814,911 12,775,387
------------------------------ ------------- ------------- -------------
Total equity 24,175,532 23,959,619 23,920,095
Liabilities
Non-current
Borrowings (due after
one year) 765,203 9,730,747 1,030,000
Deferred tax liabilities 861,330 919,308 861,330
------------------------------ ------------- ------------- -------------
Non-current liabilities 1,626,533 10,650,055 1,891,330
Current
Trade and other payables 2,583,530 2,632,973 2,259,437
Borrowings (due within
one year) 8,817,422 260,000 8,817,422
Current tax liabilities 124,163 194,785 116,448
------------------------------ ------------- ------------- -------------
Current liabilities 11,525,115 3,087,758 11,193,307
------------------------------ ------------- ------------- -------------
Total liabilities and
equity 37,327,180 37,697,432 37,004,732
------------------------------ ------------- ------------- -------------
GROUP CASH FLOW STATEMENT
for the 28 weeks ended 13 August 2017
Unaudited Unaudited Audited
28 weeks 28 weeks Year
ended ended ended
13/08/2017 14/08/2016 29/01/2017
GBP GBP GBP
-------------------------------- ------------ ------------ ------------
Cash flows from operating
activities
Profit for the period 255,437 474,246 434,722
Adjustment for:
Finance expense 285,263 287,312 522,847
Income tax expense 63,856 118,561 140,665
Depreciation 515,193 514,752 981,594
-------------------------------- ------------ ------------ ------------
Operating profit before
changes in working capital
and provisions
1,119,749 1,394,871 2,079,828
UK corporation tax paid
(Increase)/decrease in
trade and other receivables (56,142) (69,750) (228,168)
Increase in trade and
other payables (397,013) (62,327) 149,237
Decrease in inventories 408,699 459,064 112,381
(5,298) (6,658) (1,449)
-------------------------------- ------------ ------------ ------------
Net cash from operating
activities 1,069,995 1,715,200 2,111,829
-------------------------------- ------------ ------------ ------------
Cash flows from investing
activities
Acquisition of property,
plant and equipment (369,516) (421,216) (710,701)
-------------------------------- ------------ ------------ ------------
Net cash from investing
activities (369,516) (421,216) (710,701)
-------------------------------- ------------ ------------ ------------
Cash flows from financing
activities
Interest paid (324,839) (246,987) (480,223)
Loan repayments (245,000) (240,000) (410,000)
Equity dividends paid - (280,242) (280,242)
-------------------------------- ------------ ------------ ------------
Net cash from financing
activities (569,839) (767,229) (1,170,465)
-------------------------------- ------------ ------------ ------------
Net increase in cash
and cash equivalents 130,640 526,755 230,663
-------------------------------- ------------ ------------ ------------
Cash and cash equivalents
at the
beginning of the period 292,653 61,990 61,990
-------------------------------- ------------ ------------ ------------
Cash and cash equivalents
at the
end of the period 423,293 588,745 292,653
-------------------------------- ------------ ------------ ------------
For the purposes of the
cash flow statement,
cash and cash equivalents
comprise:
Cash and bank balances 423,293 588,745 292,653
NOTES TO THE INTERIM RESULTS
for the period ended 13 August 2017
1. Basis of accounting
The interim financial information for the period ended 13 August 2017 has been prepared applying the accounting policies and presentation of the Group's published consolidated financial statements for the year ended 29 January 2017.
The financial information contained in the interim report does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006 and does not include all of the information and disclosures required for complete financial statements. The financial information in the interim report does not constitute statutory accounts as defined by section 434 of the Companies Act 2006 and has not been audited or reviewed.
The financial information relating to the year ended 29 January 2017 is an extract from the latest published financial statements on which the auditor gave an unmodified report that did not contain statements under section 498(2) or 498(3) of the Companies Act 2006 and which have been filed with the Registrar of Companies.
2. Accounting policies
The condensed, consolidated financial statements in this half-yearly financial report for the period ended 13 August 2017 have been prepared in accordance with the AIM Rules for Companies and on a basis consistent with the accounting policies and methods of computation consistent with those set out in the Annual Report and financial statements for the year ended 29 January 2017, except as described below. The Group has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing these interim financial statements and therefore the Interim financial information is not in full compliance with International Financial Reporting Standards.
In preparing the condensed, consolidated financial statements, management are required to make accounting assumptions and estimates. The assumptions and estimation methods are consistent with those applied to the Annual Report and financial statements for the year ended 29 January 2017. Additionally the principal risks and uncertainties that may have a material impact on activities and results of the Group remain materially unchanged from those described in that Annual Report.
3. Post balance sheet events
On 19 September 2017 the Company entered into a GBP9,900,000 five year term loan facility with Allied Irish Bank. This facility has been used to repay the Company's existing facilities with Royal Bank of Scotland as well as the remaining balances of the Director's Loan and Loan Notes. The revised financial structure will result in a significant reduction in financial charges going forward
4. Taxation
Tax has been provided at a rate of 20% which represents the expected effective rate for the full year.
5. Earnings per share
Earnings per share are based on the profit after taxation and on the weighted average number of shares in issue during the period.
28 weeks 28 weeks Year
ended ended ended
13/8/2017 14/8/2016 29/1/2017
Unaudited Unaudited Audited
-------------------- ------------- ------------- -------------
Average No.shares
-Basic 14,012,123 14,012,123 14,012,123
-Diluted 14,012,123 14,012,123 14,012,123
-------------------- ------------- ------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MFBATMBITBIR
(END) Dow Jones Newswires
October 27, 2017 02:00 ET (06:00 GMT)
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