We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Richoux | LSE:RIC | 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% | 1.125 | 0.75 | 1.50 | 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
TIDMRIC
RNS Number : 3802J
Richoux Group PLC
09 September 2016
Richoux Group plc
Interim results for the 28 weeks ended 10 July 2016
Richoux Group plc (the "Group"), the owner and operator of Richoux, Dean's Diner and Villagio restaurants today announces its unaudited interim results for the 28 week period ending 10 July 2016.
Key points:
-- Turnover increased 5.7% to GBP7.08 million
(2015: GBP6.70 million).
-- Adjusted* EBITDA decreased to GBP0.28 million
(2015: GBP0.79 million).
-- Loss after tax GBP0.58 million
(2015: profit GBP0.32 million).
-- Currently twenty-three restaurants trading. -- Two new Dean's Diners and one new Villagio opened. -- Cash of GBP3.09 million at period end.
(December 2015: GBP4.40 million).
* Excluding pre opening costs and impairment.
Philip Shotter, Chairman of Richoux Group plc said:
"In line with a number of other restaurant groups, trading conditions have been difficult during the period as we continue to face the challenge of increased competition at a number of sites as well as increased property and staff costs, the latter due largely to the impact of the living wage. We are pleased to have opened two further Dean's Diner restaurants and one further Villagio restaurant, although handover of what will be the tenth Dean's Diner site has been delayed until 2017 due to delays on the part of the developer. A decision has also been made to recognise impairment charges against three sites which are underperforming"
This announcement contains inside information.
Enquiries:
Richoux Group plc Philip Shotter, Chairman (020) 7483 7000 Cenkos Securities plc (020) 7397 8900 Bobbie Hilliam
Results
Revenue for the 28 week period ended 10 July 2016 increased 5.7% on the 28 week period ended 12 July 2015 to GBP7.08 million (2015: GBP6.70 million). Adjusted EBITDA before pre-opening costs and impairment decreased to GBP0.28 million (2015: GBP0.79 million). Adjusted operating loss before pre-opening costs and impairment decreased to GBP0.15 million (2015: profit GBP0.39 million). Pre-opening costs for the period were GBP0.09 million (2015: GBP0.08 million). The net loss for the period was GBP0.58 million (2015: profit GBP0.32 million).
The Directors are not recommending the payment of a dividend.
Operations
The Group currently has twenty-three operating restaurants, which operate under the Richoux, Dean's Diner and Villagio brands. Further details on each of the brands are set out below.
Richoux
Richoux is an all day cafe and brasserie established in London in 1909.
The Group has five Richoux restaurants in Central London - in Knightsbridge, Mayfair, Piccadilly, St John's Wood and Gloucester Arcade.
Dean's Diner
Dean's Diner is a classic 1950s American Diner.
The Group currently has nine Dean's Diner restaurants - the existing restaurants in Chatham, Port Solent, Braintree, Fareham, Bicester, Trowbridge and Hempstead Valley and new restaurants in Orpington; which opened in February 2016 and Yate; which opened in May 2016. An agreement for lease has been exchanged for a new Dean's Diners in Bromley which is due to open in late 2017. An impairment charge of GBP0.29 million has been made against the restaurants in Bicester and Trowbridge.
Villagio
Villagio is a modern local Italian family restaurant, delivering a good quality value family dining experience.
The Group currently has eight Villagio restaurants in Andover, Basildon, Hammersmith, Chislehurst, Port Solent, Chatham and High Wycombe and a new restaurant in Canterbury; which opened in July 2016. An impairment charge of GBP0.06 million has been made against the restaurant in Chislehurst.
The Group also has one Italian restaurant trading as Zippers Bar, Restaurant and Grill in Chatham.
Capital expenditure and cash flow
As at the end of the period under review the Group held cash of GBP3.09 million (December 2015: GBP4.40 million).
Capital expenditure of GBP1.71 million was incurred in the period; on the fit out of the new restaurants and some replacement equipment in the existing sites.
Outlook
The Group will be focusing on improving performance of the three principal trading formats at existing sites but will continue to evaluate new sites for further acquisitions as and when suitable opportunities present themselves.
Philip Shotter
Chairman
8 September 2016
Richoux Group plc
Condensed consolidated statement of comprehensive income
for the 28 week period ended 10 July 2016
Hot Features
Premium
28 week 28 week 52 week
period ended period ended period ended
10 July 12 July 27 December
Notes 2016 2015 2015
GBP000 GBP000 GBP000
Revenue 3 7,075 6,695 13,027
Cost of sales:
-------------- -------------- --------------
Excluding pre-opening costs (6,930) (6,006) (11,612)
Pre-opening costs (86) (75) (181)
-------------- -------------- --------------
Total cost of sales (7,016) (6,081) (11,793)
Gross profit 59 614 1,234
Administrative expenses (293) (303) (506)
Other operating income 1 3 3
Operating (loss)/profit before impairment (233) 314 731
Impairment of intangible assets 6 - - (1)
Impairment of property, plant and equipment 7 (352) - (526)
Onerous lease provision - - 150
Operating (loss)/profit (585) 314 354
Finance income 6 6 11
(Loss)/profit before taxation 3 (579) 320 365
Taxation - - -
(Loss)/profit and total comprehensive (loss)/profit for the
period (579) 320 365
(Loss)/profit and total comprehensive (loss)/profit
attributable to equity holders of the
parent (579) 320 365
(Loss)/profit and total comprehensive (loss)/profit per
share:
(Loss)/profit per share 4 (0.6)p 0.3p 0.4p
Diluted (loss)/profit per share 4 (0.6)p 0.3p 0.4p
Condensed consolidated statement of changes in equity
For the 28 week period ended 10 July 2016
Share capital Share premium account Profit and loss account
Total
GBP000 GBP000 GBP000 GBP000
At 28 December 2014 3,681 12,242 (7,483) 8,440
Profit for the period - - 320 320
Total comprehensive profit - - 320 320
Credit to equity for equity settled
share based payments - - 33 33
Total contributions by and distributions
to owners of the Company, recognised
directly in
equity - - 33 33
At 12 July 2015 3,681 12,242 (7,130) 8,793
Profit for the period - - 45 45
Total comprehensive profit - - 45 45
Credit to equity for equity settled
share based payments - - 13 13
New share capital subscribed 3 7 - 10
Total contributions by and distributions
to owners of the Company, recognised
directly in
equity 3 7 13 23
At 27 December 2015 3,684 12,249 (7,072) 8,861
Loss for the period - - (579) (579) Total comprehensive loss - - (579) (579) Credit to equity for equity settled share based payments - - 16 16 Total contributions by and distributions to owners of the Company, recognised directly in equity - - 16 16 At 10 July 2016 3,684 12,249 (7,635) 8,298
Condensed consolidated statement of financial position
at 10 July 2016
10 July 2016 12 July 27 December
2015 2015
Notes GBP000 GBP000 GBP000
Assets
Non-current assets
Goodwill 6 234 234 234
Other intangible assets 6 61 75 70
Property, plant and equipment 7 7,297 6,296 6,367
Trade and other receivables - 38 -
Total non-current assets 3 7,592 6,643 6,671
Current assets
Inventories 206 179 215
Trade and other receivables 1,105 897 893
Cash and cash equivalents 3,094 4,396 4,402
Total current assets 4,405 5,472 5.510
Total assets 11,997 12,115 12,181
Liabilities
Current liabilities
Trade and other payables (3,253) (2,775) (2,894)
Provisions - (150) -
Total current liabilities (3,253) (2,925) (2,894)
Non-current liabilities
Trade and other payables (446) (397) (426)
Total non-current liabilities (446) (397) (426)
Total liabilities (3,699) (3,322) (3,320)
Net assets 8,298 8,793 8,861
Capital and reserves
Share capital 3,684 3,681 3,684
Share premium account 12,249 12,242 12,249
Retained earnings (7,635) (7,130) (7,072)
Total equity 8,298 8,793 8,861
Condensed consolidated statement of cash flows
for the 28 week period ended 10 July 2016
Notes 28 week 28 week 52 week
period ended period ended period ended
10 July 12 July 27 December
2016 2015 2015
GBP000 GBP000 GBP000
Operating activities
Cash generated from operations 8 133 886 1,767
Interest paid - - -
Net cash from operating activities 133 886 1,767
Investing activities
Purchase of property, plant and equipment (1,445) (426) (1,307)
Purchase intangible assets (4) (17) (26)
Net proceeds from sale of property, plant and equipment 2 - -
Interest received 6 6 11
Net cash used in investing activities (1,441) (437) (1,322)
Financing activities
Proceeds from issue of ordinary shares - - 10
Net cash from financing activities - - 10
Net increase/(decrease) in cash and cash equivalents (1,308) 449 455
Cash and cash equivalents at the beginning of the period 4,402 3,947 3,947
Cash and cash equivalents at the end of the period 3,094 4,396 4,402
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 cost basis.
2. The condensed financial information for the 28 week period ended 10 July 2016 and the 28 week period ended 12 July 2015 has been prepared in accordance with IAS 34 "Interim financial reporting" and should be read in conjunction with the annual financial statements for the period ended 27 December 2015 which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The accounting policies used in preparing the condensed financial information are consistent with those of the annual financial statements for the period ended 27 December 2015. During the period various Standards and Interpretations were adopted in line with the effective dates as outlined in the annual financial statements for the period ended 27 December 2015. The condensed financial information for the 28 week period ended 10 July 2016 and the 28 week period ended 12 July 2015 has not been audited or reviewed and does not constitute full financial statements within the meaning of section 435 of the Companies Act 2006.
The financial information for the 52 week period ended 27 December 2015 does not constitute the Group's statutory accounts for that period but it is derived from those accounts. Statutory accounts for the 52 week period ended 27 December 2015 have been delivered to the Registrar of Companies. The auditors have reported on these accounts; their report was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
3. Business segments
Based on the financial information which is monitored by the board, which comprises the chief operating decision maker as defined in IFRS 8, the group has three reportable business segments based around its core restaurant brands, Dean's Diner, Villagio and Richoux. All brands are engaged in the restaurant trade so derive their revenues and results from similar products and services.
For the 28 week period ended 10 July 2016
Dean's Diner Un-allocated
Villagio Richoux Total
GBP000 GBP000 GBP000 GBP000 GBP000
Revenue 2,188 2,465 2,422 - 7,075
Segment profit/(loss) (25) 74 122 (112) 59
Administrative expenses - - - (293) (293)
Other operating income - - - 1 1
Impairment of property, plant and equipment (292) (60) - - (352)
Finance income - - - 6 6
(Loss)/profit before taxation (317) 14 122 (398) (579)
Non-current assets as at 27 December 2015 2,638 2,319 1,640 74 6,671
Additions 885 783 40 5 1,713
Depreciation and amortisation (164) (155) (93) (16) (428)
Impairment of property, plant and equipment (292) (60) - - (352)
Disposals (5) (4) (3) - (12)
Non-current assets as at 10 July 2016 3,062 2,883 1,584 63 7,592
The unallocated segment loss includes the cost of the restaurant area management, and the unallocated administrative expenses include the costs of the Group's head office.
4. (Loss)/profit per share
The calculation of the basic and diluted (loss)/profit per share is based on the following data:
10 July 12 July 27 December 2015
2016 2015
GBP000 GBP000 GBP000
(Loss)/profit
(Loss)/profit for the purposes of basic (loss)/profit per share
being the net profit attributable
to equity holders of the parent (579) 320 365
Number of shares
Weighted average number of ordinary shares for the purposes of the
basic profit per share 92,109,612 92,019,612 92,037,661
Effect of dilutive potential ordinary shares:
Share options 2,013,385 1,961,242 2,042,134
Weighted average number of ordinary shares for the purposes of the
diluted profit per share 94,122,997 93,981,854 94,079,795
Share options not included in the diluted calculations as per the
requirements of IAS 33 (as
they are anti-dilutive) 3,445,618 3,986,761 3,416,869
Basic (loss)/profit per share:
From total operations (0.6)p 0.3p 0.4p
Diluted (loss)/profit per share:
From total operations (0.6)p 0.3p 0.4p
5. No dividend is proposed.
6. Intangible fixed assets
Goodwill Trademarks Software Total
GBP000 GBP000 GBP000 GBP000
Cost
At 28 December 2014 269 23 161 453
Additions - - 17 17
Disposals - - (12) (12)
At 12 July 2015 269 23 166 458
Additions - 1 8 9
Disposals - - (4) (4)
At 27 December 2015 269 24 170 463
Additions - - 4 4
Disposals - - (4) (4)
At 10 July 2016 269 24 170 463
Accumulated amortisation and impairment
At 28 December 2014 35 7 105 147
Charge for period - 2 11 13
Disposals - - (11) (11)
At 12 July 2015 35 9 105 149
Charge for period - 1 8 9
Impairment - - 1 1
Disposals - - - -
At 27 December 2015 35 10 114 159
Charge for period - 1 10 11
Disposals - - (2) (2)
At 10 July 2016 35 11 122 168
Carrying amount
At 10 July 2016 234 13 48 295
At 27 December 2015 234 14 56 304
At 12 July 2015 234 14 61 309
Impairment testing of goodwill and intangible fixed assets
Goodwill of GBP269,000 (2015: GBP269,000) relates to the acquisition of Richoux Limited in August 2000 and is allocated to the group of cash generating units (CGUs) that comprise the business acquired with each restaurant site being treated as a single CGU.
The Group tests annually for impairment or more frequently if there are indications that the goodwill and intangible assets may be impaired. The recoverable amounts of the restaurants are calculated from value in use calculations based on cash flow projections from forecasts to December 2021 based on a sales growth rate of 2 per cent for established sites. The discount rate applied to cash flow projections is 10 per cent.
No impairment provision is required (December 2015: GBP1,000).
7. Property, plant and equipment
Short leasehold land and
buildings Fixtures, fittings, and
equipment Total
GBP000 GBP000 GBP000
Cost
At 28 December 2014 7,551 3,297 10,848
Additions 555 182 737
Disposals - (39) (39)
At 12 July 2015 8,106 3,440 11,546
Additions 576 352 928
Disposals (17) (49) (66)
At 27 December 2015 8,665 3,743 12,408
Additions 1,207 502 1,709
Disposals (2) (58) (60)
At 10 July 2016 9,870 4,187 14,057
Accumulated amortisation and
impairment
At 28 December 2014 3,069 1,826 4,895
Charge for period 178 212 390
Disposals - (35) (35)
At 12 July 2015 3,247 2,003 5,250
Charge for period 118 199 317
Impairment 443 83 526
Disposals (17) (35) (52)
At 27 December 2015 3,791 2,250 6,041
Charge for period 175 242 417
Impairment 352 - 352
Disposals (1) (49) (50)
At 10 July 2016 4,317 2,443 6,760
Carrying amount
At 10 July 2016 5,553 1,744 7,297
At 27 December 2015 4,874 1,493 6,367
At 12 July 2015 4,859 1,437 6,296
Impairment testing of property, plant and equipment
The Group considers each trading restaurant to be a cash-generating unit (CGU) and each CGU is reviewed when there are indications of impairment.
The recoverable amounts of the restaurants are calculated from value in use calculations based on cash flow projections from forecasts to December 2021 based on a sales growth rate of 2 per cent for established sites. The discount rate applied to cash flow projections is 10 per cent.
An impairment charge of GBP352,000 has been recognised in relation to the irrecoverable elements of the assets of two Dean's Diner restaurants and one Villagio restaurant (December 2015: GBP526,000).
8. Reconciliation of operating (loss)/profit to operating cash flows
28 week 28 week 52 week
period ended period ended period ended
10 July 12 July 27 December
2016 2015 2015
GBP000 GBP000 GBP000
Operating (loss)/profit (585) 314 354
Loss on disposal of intangible fixed assets 2 1 5
Loss on disposal of property, plant and equipment 8 4 18
Depreciation charge 417 390 707
Amortisation charge 11 13 22
Impairment of intangible fixed assets - - 1
Impairment of property, plant and equipment 352 - 526
Decrease/(increase) in stocks 9 19 (17)
Increase in debtors (212) (204) (162)
Increase/(decrease) in creditors 115 316 267 Equity settled share based payments 16 33 46 Net cash inflow from operating activities 133 886 1,767 9. Related party transactions
During the period the Group paid professional fees for legal services in connection with properties of GBP20,000 (July 2015: GBP32,000, December 2015: GBP45,000) to Glovers Solicitors LLP of which Philip Shotter is a member. As at the end of the period GBPnil was outstanding (December 2015: GBP5,000). This is in addition to fees included in Directors' emoluments.
Transactions with directors:
Directors' emoluments
28 week 28 week 52 week
period ended period ended period ended
10 July 12 July 27 December
2016 2015 2015
GBP000 GBP000 GBP000
Short term employee benefits 152 151 280
Share based payments 8 15 25
160 166 305
10. Report and accounts
Copies of the interim report and accounts will be posted to the shareholders shortly and will be available at www.richouxgroup.co.uk.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR AKFDPBBKBACK
(END) Dow Jones Newswires
September 09, 2016 02:00 ET (06:00 GMT)
1 Year Richoux Chart |
1 Month Richoux Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
