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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| FishWorks | LSE:FSH | London | Ordinary Share | GB0009588533 | 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% | 1.625 | 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:9146F
FishWorks plc
18 October 2007
Fishworks plc
Preliminary unaudited results for the year ended 31 July 2007
The Board of Fishworks plc, the specialist seafood restaurant group, announces
its unaudited preliminary results for the year ended 31 July 2007.
Financial highlights
< Turnover up 40% to #10.7 (2006 #7.6m)
< Gross Profit up 47% to #6.8m (2006: #4.6m)
< Loss on ordinary activities before tax of #1.55m (2006 #0.52m loss)
Operational highlights
< New management team including new Chairman, new Chief Executive,
new Finance Director, new Non-Executive Director
< Founder Mitch Tonks retains Executive role.
< Two new restaurants opened in the year.
< All sites have undergone a viability review.
< Identification of new sites for potential opening programme.
Commenting on the results, Gary Ashworth, Chairman said:
"This has been a year of change with the new management team undertaking a
review of the business with the intention of growing and developing the business
going forward."
Chairman and Chief Executive's Statement
Results
The results for Fishworks plc for the year ended 31 July 2007 show a loss
attributable to shareholders of #1,857,381. This compares with a loss of
#518,673 for the corresponding year ended 30 July 2006.
The Group's business continues to be the operation of the Seafood Restaurant
chain of operating restaurants with traditional on-site fishmongers and cookery
school and a specialist fish supplier called Channel Fisheries. The Group
currently operates 12 outlets.
Turnover in the year of 2007 was #10,739,714, which is #3,123,224 more than the
turnover for the year of 2006, reflecting the additional outlets opened in the
year and the full year trading on other sites.
The loss for the year represents a loss of 3.99 pence per ordinary share
compared to a loss of 1.60 pence per ordinary share for the year ended 30 July
2006.
Consolidated net assets as at 31 July 2007 amounted to #3,869,197 with cash at
bank of #157,339.
Events during the year
The business experienced difficult trading conditions during the year.
With appointment of a new board and injection of fresh capital during the year
the group has spent 2007 re-structuring and has built a foundation that will
enable the business to develop. The business has undergone a complete
restructuring and the viability of individual sites has been reviewed.
Extensive changes have been made throughout the operation as part of an overhaul
of the business.
The board would like to extend its thanks to the entire staff of Fishworks and
appreciation for their continued support during this transition period.
Outlook
Since the year end it has been decided to close the Notting Hill site owing to
poor performance and hence its fixed assets have been fully written off in the
year and we are starting a new restaurant opening programme in larger cover
sites with one likely site identified.
In conclusion, your board believes the business has a firm foundation and is
optimistic that it will continue to progress in the current trading year.
_________________ _________________
GARY ASHWORTH PAUL GOODALE
CHAIRMAN CHIEF EXECUTIVE
Tel 07909 912800 Tel 020 7355 0366 / 07740 841048
FishWorks plc
Unaudited Consolidated profit and loss account for the year ended 31 July 2007
Total Total
Year ended Year ended
31 July 30 July
2007 2006
Note # #
Turnover
Existing operations 10,739,714 7,616,490
________ ________
10,739,714 7,616,490
Cost of sales 3,970,715 3,019,390
________ ________
Gross profit 6,768,999 4,597,100
Administrative expenses 8,023,020 4,841,511
________ ________
Operating loss
Existing operations (1,254,021) (356,657)
Acquisitions - 112,246
________ ________
(1,254,021) (244,411)
Loss on termination of an operation - (280,806)
Interest receivable and similar income - 34,731
Interest payable and similar charges (298,360) (28,187)
________ ________
Loss on ordinary activities before taxation (1,552,381) (518,673)
Taxation 2 (305,000) -
________ ________
Loss on ordinary activities after taxation (1,857,381) (518,673)
________ ________
Loss per share: 3
From continuing and discontinued
operations
Basic (3.99p) (1.60p)
Diluted (3.99p) (1.60p)
From continuing operations
Basic (3.99p) 0.69p
Diluted (3.99p) 0.65p
All recognised gains and losses are included in the profit and loss account.
FishWorks plc
Unaudted Consolidated balance sheet at 31 July 2007
Note July 2007 July 2007 July 2006 July 2006
# # # #
Fixed assets
Intangible assets 1,157,866 1,179,480
Tangible assets 4 6,101,556 5,374,820
________ ________
7,259,422 6,554,300
Current assets
Stocks 5 288,410 226,766
Debtors 6 1,109,697 1,085,363
Cash at bank
and in hand 157,339 191,860
________ ________
1,555,446 1,503,989
Creditors: amounts
falling due within
one year 7 3,073,731 3,130,992
________ ________
Net current liabilities (1,518,285) (1,627,003)
________ ________
Total assets less current
liabilities 5,741,137 4,927,297
Creditors: amounts
falling due after more
than one year 8 1,871,940 1,564,791
________ ________
3,869,197 3,362,506
________ ________
Capital and reserves
Called up share capital 742,883 326,216
Share premium account 7,450,948 5,503,543
Merger reserve 58,000 58,000
Profit and loss account (4,382,634) (2,525,253)
________ ________
Equity shareholders'
funds 3,869,197 3,362,506
________ ________
FishWorks plc
Unaudited Consolidated cash flow statement for the year ended 31 July 2007
Note Year Year Year Year
ended ended ended ended
31 July 31 July 30 July 30 July
2007 2007 2006 2006
# # # #
Net cash inflow/(outflow) from
operating activities 9 (1,503,402) 660,171
Returns on investments and
servicing of finance
Interest received - 34,731
Interest paid (222,185) (62,482)
Finance lease charges (76,175) (75,750)
________ ________
Net cash outflow from
returns on investments and
servicing of finance (298,360) (103,501)
Capital expenditure and
financial investment
Payments to acquire
tangible fixed assets (1,606,949) (3,523,491)
Acquisitions
Purchase of a subsidiary
undertaking (-) (691,265)
Cash acquired with
subsidiary undertaking - 3,600
Overdraft acquired with
subsidiary undertaking (-) (230,931)
________ ________
Net cash outflow from
acquisitions (-) (918,596)
________ ________
Net cash outflow before
financing (3,408,711) (3,885,417)
Financing
Proceeds from issues
of shares net of costs 2,364,072 (13,053)
Increase/(decrease) in
borrowings 526,829 1,869,500
Finance lease capital
repayments 171,110 (322,843)
Director's loan repaid - -
________ ________
Net cash inflow from financing 3,062,011 1,533,604
________ ________
(Decrease)/increase in cash
in the year 10 (346,700) (2,351,813)
________ ________
Fishworks plc
Notes to the Preliminary Announcement on the unaudited accounts
For the year ended 31 July 2007.
1 Basis of Preparation
Principal accounting policies
The accounting policies of the Group are set out in the GroupOs 2006 Financial
Statements. These policies remain unchanged except for the incorporation of FRS
20 for Share Options.
Financial Information
The financial information set out in this preliminary announcement does not
constitute Statutory Accounts as defined in Section of the Companies Act 1985.
The consolidated balance sheet at 31 July 2007 and the consolidated profit and
loss account, consolidated cash flow statement and associated notes for the
group and company for the year then ended have been extracted from the GroupOs
financial statements. These financial statements have not yet been delivered to
the Registrar, nor have the auditors reported on them. The financial information
relating to the year ended 30 July 2006 is extracted from the statutory accounts
which have been filed with the Register of Companies.
2 Taxation on profit from ordinary activities
Year Year
ended ended
31 July 30 July
2007 2006
# #
Current tax
Current tax charge - -
Deferred tax charge 305,000 -
________ ________
305,000 -
________ ________
Deferred tax
The total potential deferred tax asset carried forward at 30 July 2006 was #
305,000 (comprising tax losses carried forward) and thus for prudence has been
written back to the Profit and Loss account.
3. Earnings per share
The basic earnings per ordinary share has been calculated using the loss/profit
for the year and the weighted average number of ordinary shares in issue during
the year as follows:
Year Year
ended ended
31 July 30 July
2007 2006
# #
From continuing and discontinued operations
Numerator
Earnings used for calculation of basic and
diluted EPS (1,857,381) (518,673)
________ ________
Number Number
Denominator
Weighted average number of shares used in
basic EPS 46,510,520 32,476,973
Dilutive effect of share options - 2,357,502
_________ _________
Weighted average number of shares used in
diluted EPS 46,510,520 34,834,475
_________ _________
Basic earnings (pence per share) (3.99p) (1.60p)
_______ _______
Diluted earnings (pence per share) (3.99p) (1.60p)
_______ _______
From continuing operations
Numerator
Earnings used for calculation of basic and
diluted EPS (1,857,381) 225,511
________ ________
Denominator
The number of shares are the same as those calculated for continuing and
discontinued operations.
Basic earnings (pence per share) (3.99p) 0.69p
_______ _______
Diluted earnings (pence per share) (3.99p) 0.65p
_______ _______
4 Tangible fixed assets
Leasehold Fixtures,
property and fittings and Motor
improvements equipment Vehicles Total
Group # # # #
Cost
At 31 July 2006 4,674,759 1,548,640 33,215 6,256,614
Additions 1,012,987 564,348 16,634 1,593,969
Disposals - - - -
________ ________ ________ ________
At 31 July 2007 5,687,746 2,112,988 49,849 7,850,583
________ ________ ________ ________
Depreciation
At 31 July 2006 422,396 436,260 23,138 881,794
Charge for the year 238,921 178,046 9,821 426,788
Impairment of Assets 318,823 121,622 - 440,445
________ ________ ________ ________
At 31 July 2007 980,140 735,928 32,959 1,749,027
________ ________ ________ ________
Net book value
At 31 July 2007 4,707,606 1,377,060 16,890 6,101,556
________ ________ ________ ________
At 30 July 2006 4,252,363 1,112,380 10,077 5,374,820
________ ________ ________ ________
5 Stocks
Group Group Company Company
2007 2006 2007 2006
# # # #
Food and drinks 151,537 121,409 - -
Crockery, cutlery
and glassware 96,657 70,000 - -
Books 40,216 35,357 3,693 154
________ ________ ________ ________
288,410 226,766 3,693 154
________ ________ ________ ________
6 Debtors
Group Group Company Company
2007 2006 2007 2006
# # # #
Trade debtors 453,568 270,585 - 2,728
Amount due from
subsidiary
undertakings - - 4,585,085 4,306,625
Other debtors 279,238 81,626 48,597 3,249
Prepayments and
accrued income 376,891 428,152 45,794 153,118
Deferred tax
asset (note 9) - 305,000 - 305,000
________ ________ ________ ________
1,109,697 1,085,363 4,679,476 4,770,720
________ ________ ________ ________
The deferred tax asset in 2006 was recoverable after a period of more than one
year. Included in trade debtors are factored debts of #335,913 (2006 -
#231,146).
7 Creditors: amounts falling due within one year
Group Group Company Company
2007 2006 2007 2006
# # # #
Bank overdraft 814,453 502,274 - 235,294
Bank loan 619,393 306,000 619,393 306,000
Obligations under
finance leases 161,642 84,245 161,642 82,494
Trade creditors 961,584 1,249,499 - 53,217
Taxation and
social security
costs 240,696 175,693 22,493 77,047
Other creditors 100,232 463,310 89,000 259,335
Accruals and
deferred income 175,734 349,971 57,327 97,242
________ ________ ________ ________
3,073,731 3,130,992 949,855 1,110,629
________ ________ ________ ________
The bank overdrafts are secured by a floating charge over the assets of the
group and company. Bank loans are secured by a fixed charge over leasehold
properties and a floating charge over the other assets of the group and company.
Obligations under finance leases are secured against the assets financed.
8 Creditors: amounts falling due after more than one year
Group Group Company Company
2007 2006 2007 2006
# # # #
Bank loan 1,776,936 1,563,500 1,776,936 1,563,500
Obligations under
finance leases 95,004 1,291 95,004 1,291
________ ________ ________ ________
1,871,940 1,564,791 1,871,940 1,564,791
________ ________ ________ _______
9 Reconciliation of operating profit to net cash flow from operating activities
Year Year
ended ended
31 July 30 July
2007 2006
# #
Operating (loss)/profit (1,254,021) (244,411)
Depreciation 426,788 259,679
Amortisation of goodwill 34,594 34,129
Movement in stocks (61,644) (104,843)
Movement in debtors (329,334) (205,361)
Movement in creditors (760,230) 909,729
Impairment of tangible fixed assets 440,445 11,249
________ ________
(1,503,402) 660,171
________ ________
10 Analysis of changes in net debt
31 July Non-cash 31 July
2006 Cash flows movements 2007
# # # #
Cash at bank and
in hand 191,860 (34,521) - 157,339
Bank overdrafts (502,274) (312,179) - (814,453)
________ ________ ________ ________
Net cash (310,414) (346,700) - (657,114)
________ ________ ________ ________
Bank loan (1,869,500) (526,829) - (2,396,329)
Obligations
under finance
leases (85,536) (171,110) (-) (256,646)
________ ________ ________ ________
(1,955,036) (697,939) (-) (2,652,975)
________ ________ ________ ________
Total net (debt) (2,265,450) (1,044,639) (-) (3,310,089)
________ ________ ________ ________
11 Reconciliation of net cash flow to movement in net funds
Year Year
ended ended
31 July 30 July
2007 2006
# #
Decrease in cash in the year (346,700) (2,351,813)
Cash outflow from movements in debt (697,939) (1,546,657)
________ ________
Change in net debt resulting from cash
flows (1,044,639) (3,898,470)
New finance lease arrangements (-) (10,093)
________ ________
Movement in net debt (1,044,639) (3,908,563)
Opening net funds/(debt) (2,265,450) 1,643,113
________ ________
Closing net debt (3,310,089) (2,265,450)
________ ________
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR DDBDGXSBGGRR
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