Hydro Hotel Eastbourne Plc Interim Results for the Half Year ended 30 April 2023

 
TIDMHYDP 
 
12 July 2023 
 
Hydro Hotel, Eastbourne, Plc 
 
("Hydro Hotel" or the "Company") 
 
Interim Results for the Half Year ended 30 April 2023 
 
YOUR CHAIRMAN'S LETTER 
 
Dear Shareholder, 
 
SIX MONTHS TO 30 APRIL 2023 
 
I am pleased to report on the company's results for the six months to 30 April 
2023. The total turnover for the six month period to 30 April 2023 was 
£1,799,816 compared to £1,822,411 for the same period the previous year, a 
decrease of 1% (compared to an increase in the six months to 30 April 2022 of 
882%). 
 
The gross profit percentage for the period was 3% lower than in the six months 
to 30 April 2022 and staff costs (excluding grants received for the Coronavirus 
Job Retention Scheme) increased by 3% compared to the figure for the period to 
30 April 2022 (73% increase in the half year to 30 April 2022). 
 
Overheads increased by 17% (77% increase in the half year ended 30 April 2022). 
Essential repair work to the fabric of the building was undertaken during the 
six months to 30 April 2023, with only routine maintenance carried out during 
the period to 30 April 2022. Consequently, there was an increase in repair costs 
of £83,847 for this period compared to the same period in the previous year, 
contributing to the increase in overhead expenses. This in turn has led to a 
loss for the half year to 30 April 2023 of £171,469 compared to a  profit of 
£22,277 for the half year to 30 April 2022. 
 
The updating of the décor and furniture of the Crystal Restaurant continued 
during the period, together with the refurbishment of some bedrooms and public 
areas. New solar panels were installed on the hotel roof, to save energy costs 
and in keeping with the company's green policy. 
 
The Board and the management of the company continue to monitor cash resources 
and have paid the dividend of £138,000 declared on 19 January 2023. No further 
dividends were declared in the period. 
 
The Board wishes to express its thanks to the management and staff of the hotel 
for their co-operation and efforts during the period. The Hydro team look 
forward to welcoming new and returning guests in this our 128th year of 
operation. 
 
Yours sincerely, 
 
Graeme C King, MA, CA 
 
11 July 2023 
 
STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 APRIL 2023 
 
                               Half year to   Half year to     Year ended 
                               30 April 2023  30 April 2022    31 October 2022 
                               (Unaudited)      (Unaudited)      (Audited) 
                               £                £                £ 
TURNOVER                       1,799,816        1,822,411        4,402,288 
 
OPERATING (LOSS)/PROFIT        (192,313)        17,580           429,300 
INTEREST RECEIVABLE            20,844           4,697            15,911 
 
(LOSS)/PROFIT BEFORE TAXATION  (171,469)        22,277           445,211 
 
TAXATION                       -                -                (108,511) 
 
(LOSS)/PROFIT FOR PERIOD       £(171,469)       £22,277          £336,700 
 
(Loss)/Earnings per share      (28.58)p         3.71p            56.12p 
 
STATEMENT OF FINANCIAL POSITION AT 30 APRIL 2023 
 
                       30 April 2023  30 April 2022  31 October 2022 
                       (Unaudited)      (Unaudited)    (Audited) 
                       £                £              £ 
FIXED ASSETS 
Tangible Assets        2,565,055        2,504,821      2,456,700 
 
CURRENT ASSETS 
Stocks                 40,321           40,200         36,645 
Debtors                156,803          124,131        214,131 
Investments - 3 month  459,798          451,946        453,924 
notice deposit 
accounts 
Cash at bank and in    1,146,320        1,353,406      1,585,647 
hand 
 
                       1,803,242        1,969,683      2,290,347 
CREDITORS 
Amounts falling due    (761,721)        (817,611)      (831,002) 
within one year 
NET CURRENT ASSETS     1,041,521        1,152,072      1,459,345 
 
TOTAL ASSETS LESS 
CURRENT LIABILITIES    3,606,576        3,656,893      3,916,045 
PROVISION FOR          (123,109)        (94,380)       (123,109) 
LIABILITIES 
 
NET ASSETS             £3,483,467       £3,562,513     £3,792,936 
 
CAPITAL AND RESERVES 
Called up share        600,000          600,000        600,000 
capital 
 
Revaluation reserve    398,372          402,651        398,372 
 
Profit and loss        2,485,095        2,559,862      2,794,564 
reserves 
 
                       £3,483,467       £3,562,513     £3,792,936 
 
STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 APRIL 2023 
 
                                Half year to       Half year to  Year ended 
                                30 April 2023    30 April 2022   31 October 2022 
                                (Unaudited)      (Unaudited)       (Audited) 
                                £                £                 £ 
NET CASH (USED IN)/INFLOW FROM  (133,517)        238,289           597,959 
 
OPERATING ACTIVITIES (Note 1) 
 
NET CASH (USED IN) INVESTING    (167,810)        (93,236)          (136,665) 
 
ACTIVITIES (Note 2) 
 
FINANCING ACTIVITIES 
Dividends paid                       (138,000)     (120,000)     (204,000) 
 
NET (DECREASE)/INCREASE IN CASH AND  (439,327)     25,053        257,294 
 
CASH EQUIVALENTS 
 
CASH AND CASH EQUIVALENTS AT THE     1,585,647     1,328,353     1,328,353 
 
BEGINNING OF THE PERIOD 
 
CASH AND CASH EQUIVALENTS AT THE     £1,146,320    £1,353,406    £1,585,647 
 
END OF THE PERIOD 
 
RELATING TO: 
Cash at bank and in hand             £1,146,320    £1,353,406    £1,585,647 
 
NOTES TO THE STATEMENT OF CASH FLOWS  FOR THE HALF YEAR ENDED 30 APRIL 2023 
 
                     Half year            Half year to        Year ended 
                     to 
                     30 April             30 April 2022  31 October 2022 
                     2023 
                     (Unaudited)      (Unaudited)            (Audited) 
                     £                £                      £ 
Note 1 
CASH FLOWS FROM 
OPERATING 
ACTIVITIES 
(Loss)/profit after  (171,469)        22,277                 336,700 
tax 
Adjustments for: 
Taxation             -                -                      108,511 
Depreciation         95,450           92,102                 192,714 
Loss/(gain) on       3,625            289                    463 
disposal of fixed 
assets 
Interest receivable  (20,844)         (4,697)                (15,911) 
OPERATING CASH FLOW  (93,238)         109,971                622,477 
BEFORE 
 
WORKING CAPITAL 
CHANGES 
MOVEMENTS IN 
WORKING CAPITAL 
(Increase)/decrease  (3,676)          (3,543)                12 
in stocks 
Decrease/(increase)  57,328           (8,459)                (98,459) 
in debtors 
(Decrease)/increase  (93,931)         140,320                183,783 
in creditors 
Income taxes paid    -                -                      (109,854) 
NET CASH (USED       £(133,517)       £238,289               £597,959 
IN)/GENERATED FROM 
 
OPERATING 
ACTIVITIES 
Note 2 
 
INVESTING 
ACTIVITIES 
Purchase of          (182,780)          (97,001)           (149,666) 
tangible fixed 
assets 
Interest received    20,844             4,697              15,911 
Payment for other    (5,874)            (932)              (2,910) 
investments 
NET CASH FLOW (USED  £(167,810)         £(93,236)          £(136,665) 
IN) INVESTING 
 
ACTIVITIES 
 
NOTES TO THE ACCOUNTS 
 
1  The results are prepared on the basis of the accounting policies set out in 
   the Company's Annual Report and Accounts for the year ended 31 October 
   2022. 
 
2  The earnings per share are based on a loss of £171,469 (2022 profit of 
   £22,277) being the loss on ordinary activities after taxation. 
 
3  The movement in retained Profit and Loss Reserves from £2,794,564 at 31 
   October 2022 to £2,485,095 at 30 April 2023 includes the loss for the 
   period and dividends paid of £138,000 (2022: £120,000 paid in the period 
   and £Nil accrued). 
 
4  All dividends in 2023 were paid in the period and no accrual is included in 
   creditors, amounts falling due within one year as at 30 April 2023 (2022: 
   £120,000 dividends paid and no accrual included in creditors, amounts 
   falling due within one year as at 30 April 2022). 
5  A copy of the interim report and accounts and the Chairman's statement 
   thereto, which were approved by the Board of Directors on 11 July 2023, 
   will be posted to all registered shareholders shortly thereafter. 
 
6  The financial information set out above does not constitute statutory 
   accounts as defined in section 434 of the Companies Act 2006.  Statutory 
   accounts for the year ended 31 October 2022, on which the report of the 
   auditor was unqualified and did not contain a statement under section 498 
   of the Companies Act 2006, have been filed with the Registrar of Companies. 
7  The company's auditor, UHY Hacker Young LLP, has not reviewed these 
   unaudited interim accounts. 
 
Enquiries: 
 
Hydro Hotel, Eastbourne, Plc  Telephone: [phone] 
 
Sally Gausden 
 
Company Secretary 
Peterhouse Capital Limited    Telephone: [phone] 
 
AQSE Corporate Adviser 
 
Mark Anwyl 
 
Market Abuse Regulation (MAR) Disclosure 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as 
defined in the European Union (Withdrawal) Act 2018). 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/hydro-hotel-eastbourne-plc/r/interim-results-for-the-half-year-ended-30-april-2023,c3804058 
 
 
END 
 
 

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July 12, 2023 08:12 ET (12:12 GMT)